Here are the 10-K annual reports from Mesa Royalty Trust (MTR) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow MTR and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MTR filings page.
Mesa Royalty Trust files its annual report describing its gas-weighted royalty interests in the Hugoton field and the San Juan Basin. The Trust holds an overriding royalty equal to 11.44% of 90% of Net Proceeds from these properties and has no operations of its own.
The Trust had 1,863,590 Units of Beneficial Interest outstanding as of March 24, 2026, with nonaffiliate units valued at about $10.2 million as of June 30, 2025. An independent engineer estimated total proved reserves of 5,885 MMcf of natural gas plus small associated liquids, with a standardized measure of future net royalty income of $11.0 million.
The Trust distributes cash quarterly from royalty income after expenses and reserves, and will terminate if royalty income stays below $250,000 for two successive years or if unitholders vote to end it. Key risks center on volatile natural gas prices, rising production costs, limited control over operators, regulatory and environmental requirements, and potential cyber or operational disruptions that could reduce Net Proceeds and distributions.