As of September 30, 2024, VOC Energy Trust reported cash and cash equivalents of $1.78 million, an increase from $1.43 million at the end of 2023. However, total assets decreased to $12.36 million from $13.37 million over the same period. The Trust's income from net profits interest for the three months ended September 30, 2024, was $3.40 million, down from $3.79 million in the same quarter of 2023. For the nine-month period, income from net profits interest also declined to $10.38 million from $12.34 million year-over-year.
Cash distributions for the third quarter of 2024 amounted to $3.06 million, a decrease from $3.57 million in the prior year. For the nine months ended September 30, 2024, cash distributions totaled $9.35 million, down from $11.39 million in 2023. The Trust's corpus remained unchanged at $12.36 million compared to the same date in 2023.
Sales volumes for the third quarter of 2024 included 116,006 barrels of oil, a decrease of 8.2% from 126,373 barrels in 2023, and natural gas sales of 65,815 Mcf, down 7.3% from 70,964 Mcf. Total sales volumes for the quarter were 126,975 BOE, down from 138,200 BOE in the previous year. Despite the decline in sales volumes, the average sales price for oil increased to $78.36 per barrel, up 9.6% from $71.49 in Q3 2023, while the average price for natural gas fell to $2.74 per Mcf, a decrease of 5.8%.
For the nine months ended September 30, 2024, oil sales totaled 342,945 barrels, down 8.5% from 374,744 barrels in 2023, and natural gas sales were 198,544 Mcf, a decrease of 13.3%. Total gross proceeds for the nine-month period were $27.04 million, a decline of 9.2% from $29.79 million in 2023. The Trust's total costs for the nine months decreased slightly to $14.07 million from $14.37 million in the previous year.
The excess of revenues over direct operating expenses for the third quarter was $4.25 million, down from $4.73 million in 2023, while for the nine months, it decreased to $12.98 million from $15.42 million. General and administrative expenses for the nine months ended September 30, 2024, were $679,784, a decrease from $868,648 in 2023. The Trust's cash reserve remained stable at $1 million as of September 30, 2024, with no borrowings reported during the periods.
About VOC Energy Trust
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