Mon, Sep 30, 7:16 PM (81 days ago)
For the fiscal year ending June 30, 2024, Marine Petroleum Trust reported a significant decrease in financial performance, with total income of $1,045,000, down from $1,649,000 in the previous year. This decline was primarily driven by lower oil prices and reduced production, leading to a 38% decrease in royalty income from oil, which constituted 99% of revenues. Net income for the year was $713,000 ($0.36 per unit), compared to $1,375,000 ($0.69 per unit) in 2023. Operating expenses rose to $332,000, attributed to increased professional fees and administrative costs. The Trust's market position remains stable, holding overriding royalty interests primarily in oil leases in the Gulf of Mexico, with 75 active wells. However, risks associated with fluctuating oil prices, geopolitical tensions, and potential collection issues from working interest owners may impact future distributions. The Trust's financial condition is sound, with cash reserves of $965,000 as of June 30, 2024. Future outlook remains cautious due to the inherent volatility in oil and gas markets and the depleting nature of its assets, with distributions expected to fluctuate based on market conditions.