Chesapeake Granite Wash Trust reported its financial results for the three and nine months ended September 30, 2024, revealing notable changes in revenue and profitability compared to the same periods in 2023.

For the third quarter of 2024, the Trust generated royalty income of $1.731 million, a decrease of approximately $147,000 from $1.878 million in the prior year. For the nine-month period, royalty income fell significantly to $4.878 million from $8.762 million, reflecting a decline of $3.884 million primarily due to lower sales volumes and commodity pricing. Total sales volumes for the third quarter were 74 Mboe, down from 94 Mboe in 2023, with estimated oil sales volumes decreasing from 12 MBbl to 11 MBbl and natural gas sales volumes dropping from 333 MMcf to 253 MMcf. Despite the decrease in volumes, the average price received for oil increased to $78.75 per Bbl from $70.45 per Bbl, while the average price for natural gas decreased to $1.04 per Mcf from $1.63 per Mcf.

Total expenses for the third quarter of 2024 were $786,000, down from $1.046 million in 2023, contributing to an increase in distributable income available to unitholders, which rose to $945,000 from $832,000, marking a 14% increase. Distributable income per common unit also increased to $0.0202 from $0.0178. However, for the nine-month period, distributable income available to unitholders decreased by 55% to $2.979 million from $6.643 million, with per unit income dropping to $0.0637 from $0.1421.

The Trust's cash and cash equivalents increased to $3.273 million as of September 30, 2024, compared to $2.688 million at the end of 2023. Total assets remained relatively stable at $10.306 million, up from $10.204 million. The Trust continues to maintain a minimum cash reserve of $1.0 million.

Administrative expenses for the Trust increased, with a total of $225,000 more incurred in the nine months ended September 30, 2024, compared to the same period in 2023. The Trust pays an annual administrative fee of $210,712 to the Trustee, which has seen a 20.4% increase since its inception.

Chesapeake Granite Wash Trust operates under a modified cash basis of accounting and is set to dissolve and liquidate by June 30, 2031, unless certain conditions are met. The Trust's common units trade on the OTC Pink market under the symbol "CHKR."