Tue, May 14, 6:30 PM (276 days ago)
Marine Petroleum Trust's quarterly report for the period ending March 31, 2024, reveals a decline in financial performance compared to the same period in the previous year. Key highlights include: 1. **Revenue Decline**: Oil and natural gas royalties decreased to $234,500 from $288,614, reflecting lower production volumes and decreased commodity prices. 2. **Distributable Income**: Dropped to $115,524 from $215,803, translating to $0.06 per unit, down from $0.11 per unit. 3. **Production**: Oil production fell to 2,964 barrels from 3,390 barrels, and natural gas production increased slightly to 2,176 mcf from 1,914 mcf. 4. **Price Realization**: The average price per barrel of oil decreased to $78.67 from $81.85, and natural gas prices dropped significantly to $0.60 per mcf from $5.82 per mcf. 5. **Expenses**: General and administrative expenses rose to $132,046 from $84,804, primarily due to higher professional fees. 6. **Future Outlook**: The Trust remains exposed to fluctuations in oil and gas prices and production volumes, with no new well completions or drilling activities reported. Overall, the Trust's financial health has weakened due to lower commodity prices and production volumes, coupled with higher administrative costs.