Marine Petroleum Trust reported its financial results for the three months ended September 30, 2024, showing a slight decrease in total income to $302,192 compared to $304,675 in the same period of 2023. However, the Trust's distributable income increased to $233,552 from $228,057 year-over-year, resulting in a rise in distributable income per unit to $0.12 from $0.11.
The Trust's distributions to unitholders for the quarter were $189,772, a significant decrease from $243,663 in the prior year. This reduction in distributions is attributed to a total estimated reserve for future expenses of $104,500 deducted from the distributable income. The Trust's corpus also grew, reaching $1,009,000 as of September 30, 2024, up from $962,577 a year earlier.
Marine Petroleum Trust's revenue is primarily derived from royalties from offshore Texas and Louisiana leases, with 92% of royalty income for the quarter coming from oil sales, down from 97% in the previous year. The Trust holds an overriding royalty interest in 19 oil and natural gas leases covering 87,326 gross acres in the Gulf of Mexico. During the quarter, oil production decreased to 3,265 barrels from 3,964 barrels in Q3 2023, while natural gas volumes sold increased to 5,095 thousand cubic feet from 3,148 thousand cubic feet, and natural gas liquids sold rose to 8,437 mcf from 5,512 mcf.
The average realized price for oil increased to $81.11 per barrel from $72.19, while the average price for natural gas rose to $3.02 per thousand cubic feet from $2.28, and natural gas liquids increased to $0.75 per mcf from $0.51. Despite the increase in prices, total income from oil and natural gas royalties decreased to $286,498 from $291,021, primarily due to lower oil production.
General and administrative expenses decreased to $68,640 from $76,618, attributed to the timing of professional fee payments. As of September 30, 2024, the Trust's disclosure controls and procedures were evaluated and deemed effective, with no changes in internal control over financial reporting reported during the quarter.
About MARINE PETROLEUM TRUST
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