MARINE PETROLEUM TRUST ANNOUNCES SECOND QUARTER CASH DISTRIBUTION

Rhea-AI Summary

Marine Petroleum Trust (NASDAQ: MARPS) announced a second-quarter cash distribution of $0.055961 per unit, payable on June 28, 2024, to unitholders of record on May 31, 2024. This distribution is lower than the previous quarter's $0.101611 per unit and the comparable quarter in 2023 at $0.110168 per unit.

The decrease in distribution is attributed to lower realized prices for both oil and natural gas despite an increase in natural gas production. Conversely, oil production decreased compared to the same quarter last year.

Marine's distributions are determined by royalties, which are received two months after oil production and three months after natural gas production.

Positive

• Increased production volumes for natural gas.
• Distributions to unitholders determined by predictable royalty income.
• Financial data and historical reports are accessible on Marine's website.

Negative

• Quarterly distribution decreased to $0.055961 per unit from $0.101611 in the previous quarter.
• Lower distribution compared to $0.110168 in the same quarter of 2023.
• Realized prices for both oil and natural gas have decreased.
• Decreased oil production compared to the same quarter last year.

DALLAS, May 20, 2024 /PRNewswire/ -- Marine Petroleum Trust (NASDAQ: MARPS) ("Marine") today declared a quarterly cash distribution to the holders of its units of beneficial interest of $0.055961 per unit, payable on June 28, 2024, to unitholders of record on May 31, 2024.  Marine's 2023 tax information, cash distribution history, current and prior year financial reports, a link to filings made with the Securities and Exchange Commission and more can be found on its website at http://www.marps-marine.com/.  Additionally, printed reports can be requested and are mailed free of charge.

This distribution of $0.055961 per unit is lower than the $0.101611 per unit distributed last quarter.  Volumes of both oil and natural gas produced this quarter increased while the  price realized on both oil and natural gas included in this distribution have decreased. This distribution is lower than the $0.110168 per unit distributed in the comparable quarter in 2023.  As compared to the comparable quarter in 2023, the volume of oil produced decreased this year while production for natural gas increased. As compared to the comparable quarter in 2023, the price realized for both oil and natural gas have decreased.

Marine's distributions to unitholders are determined by royalties received up to the date the distribution amount is declared. In general, Marine receives royalties two months after oil production and three months after natural gas production. 

Contact:

Jana Egeler VP, Royalty Trust Services Argent Trust Company, Trustee Toll Free – 1.855.588-7839

 

View original content:https://www.prnewswire.com/news-releases/marine-petroleum-trust-announces-second-quarter-cash-distribution-302148293.html

SOURCE Marine Petroleum Trust

FAQ

What is the second-quarter cash distribution for MARPS?

The second-quarter cash distribution for MARPS is $0.055961 per unit.

When is the payout date for MARPS's second-quarter distribution?

The payout date for MARPS's second-quarter distribution is June 28, 2024.

How does the second-quarter distribution compare to the previous quarter for MARPS?

The second-quarter distribution of $0.055961 per unit is lower compared to the previous quarter's $0.101611 per unit.

What factors contributed to the lower distribution for MARPS this quarter?

Lower realized prices for oil and natural gas, and decreased oil production compared to the same quarter last year contributed to the lower distribution.

What was the distribution for MARPS in the comparable quarter of 2023?

The distribution for MARPS in the comparable quarter of 2023 was $0.110168 per unit.