Marine Petroleum Trust reported its financial results for the six months ending December 31, 2024, revealing a decline in both revenue and profitability compared to the same period in the previous year. Total income for the six months was $468,088, down from $567,589 in 2023, primarily due to a decrease in oil and natural gas royalties, which fell to $445,562 from $540,221. The Trust's distributable income also decreased significantly, totaling $314,690, compared to $427,295 in the prior year. This resulted in a decrease in distributable income per unit to $0.16 from $0.21.
The Trust's financial position showed a decrease in total assets, which amounted to $884,292 as of December 31, 2024, down from $965,220 at the end of June 2024. The decline in assets was attributed to a combination of lower distributable income and distributions to unitholders, which totaled $395,618 for the six months, slightly down from $410,984 in the previous year. The Trust's general and administrative expenses increased to $153,398 from $140,294, primarily due to the timing of professional fee payments.
Operationally, the Trust experienced a decrease in oil production, with sales dropping to 5,263 barrels for the six months ended December 31, 2024, compared to 7,041 barrels in the same period in 2023. However, natural gas production increased, with volumes sold rising to 8,438 thousand cubic feet from 5,439 thousand cubic feet, and natural gas liquids sales also increased to 14,930 thousand cubic feet from 10,983 thousand cubic feet. The average price realized for oil increased to $79.17 per barrel, while natural gas and natural gas liquids prices also saw significant increases.
Looking ahead, the Trust's financial performance remains closely tied to commodity prices, which are subject to fluctuations due to various external factors, including geopolitical events and market conditions. The Trust's management noted that while they cannot predict future commodity price movements, they anticipate that changes in production levels and prices will continue to impact distributable income and distributions to unitholders. The Trust's operational strategy remains focused on managing its royalty interests effectively while navigating the challenges posed by the oil and gas market.
About MARINE PETROLEUM TRUST
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