MV Oil Trust Reports Increased Income and Cash Distributions for Third Quarter and Nine Months Ended September 30, 2024

For the three months ended September 30, 2024, MV Oil Trust reported an income from net profits interest of $4,949,064, reflecting an increase from $3,939,158 in the same period of 2023. For the nine months ended September 30, 2024, this income rose to $14,527,482, compared to $13,514,958 for the corresponding period in 2023. The increase in income is attributed to higher production sales volumes and improved average prices for crude oil and natural gas.

Cash distributions for the third quarter of 2024 totaled $(4,715,000), up from $(3,737,500) in the third quarter of 2023. For the nine-month period, cash distributions increased to $(13,857,500) from $(12,420,000) in the prior year. The Trust's total assets decreased to $4,241,142 as of September 30, 2024, down from $5,456,085 at the end of 2023, while the trust corpus also declined from $6,014,418 in September 2023.

As of September 30, 2024, the Trust has received payment for 80% of the net proceeds from the sale of 14.6 million barrels of oil equivalent (MMBoe) from its underlying properties, which translates to 11.6 MMBoe concerning the Trust’s net profits interest. The net profits interest is set to terminate on June 30, 2026, as the minimum production amount of 14.4 MMBoe has been met.

The Trust reported an excess of revenues over direct operating expenses and lease equipment and development costs of $6,186,330 for the third quarter of 2024, an increase from $4,923,948 in the same quarter of 2023. For the nine months ended September 30, 2024, this figure rose to $18,159,352, compared to $16,893,698 in 2023. The reserve balance for future capital expenditures remained stable at $1.0 million for both September 30, 2024, and September 30, 2023.

The average price received for crude oil sold from April 1, 2024, to June 30, 2024, was $77.13 per barrel, compared to $70.33 per barrel for the same period in 2023. Natural gas prices also saw a decline, averaging $2.07 per Mcf in 2024 versus $3.58 per Mcf in 2023. Production sales volumes for the same periods were 120,912 barrels of oil equivalent in 2024, down from 123,919 barrels in 2023.

As of September 30, 2024, the Trust held cash and cash equivalents of $1,257,594 and maintained a capital reserve of $1.0 million to address uneven capital expenditure timing. MV Partners provided a letter of credit for $1.8 million to ensure sufficient cash for future expenses. The Trust did not engage in any borrowings during the reported periods.