Mesa Royalty Trust sets April 2026 distribution

Mesa Royalty Trust reported its April 2026 distribution and highlighted ongoing pressure on future payouts.

Accepted by SEC EDGAR 04/17/2026 - 04:42 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Mesa Royalty Trust reported its April 2026 distribution and highlighted ongoing pressure on future payouts. Unitholders of record on April 30, 2026 will receive $0.040259155 per unit, payable July 31, 2026. The Trust received $96,591 in April, all from the New Mexico portion of its San Juan Basin properties operated by Hilcorp San Juan LP, with no income from other working interest owners. After administrative expenses, distributable net profits were $75,027.

The Trust reiterates that monthly distributions fluctuate with production volumes, oil and gas prices, and expenses. It also reminds investors that, as described in its filings, distributions are expected to be materially reduced until cash reserves reach $2.0 million. Substantial accumulated excess production costs and ongoing volatility in revenues and expenses could further reduce, or in some periods eliminate, distributions to unitholders.

Positive

• None.

Negative

• Distributions expected to be materially reduced until the Trust builds cash reserves to $2.0 million, and substantial accumulated excess production costs may further depress or eliminate future payouts.

Insights

Royalty trust and energy income analyst

Small April payout, with guidance that future Mesa Royalty Trust distributions remain under pressure.

Mesa Royalty Trust declared an April 2026 distribution of $0.040259155 per unit, funded by $96,591 of income solely from New Mexico San Juan Basin properties. After administrative expenses, distributable net profits were $75,027, underscoring the trust’s limited current cash generation.

The Trust emphasizes that distributions will be materially reduced until it builds cash reserves to $2.0 million. It also flags substantial accumulated excess production costs and volatile revenues and expenses from working interest owners, which can further depress, or occasionally eliminate, distributions.

For income-focused holders, the key takeaway is that April’s cash payment does not signal normalization. Distributions are tightly linked to commodity pricing, operating costs and reserve-building priorities already outlined in the Trust’s Form 10-K for the year ended December 31, 2025.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

April 2026 distribution per unit: $0.040259155 per unit Income received: $96,591 Distributable net profits: $75,027 +1 more

4 metrics

April 2026 distribution per unit $0.040259155 per unit Payable July 31, 2026 to unitholders of record April 30, 2026

Income received $96,591 Trust income for April 2026, all from New Mexico San Juan Basin properties

Distributable net profits $75,027 After payment of administrative expenses for April 2026

Target cash reserves $2.0 million Reserve level the Trust aims to reach, during which distributions are expected to be materially reduced

Key Terms

overriding royalty interest, distributable net profits, excess production costs, working interest owners, +1 more

5 terms

overriding royalty interest financial

"The Trust was formed to own an overriding royalty interest of the net proceeds attributable to certain producing oil and gas properties"

An overriding royalty interest is a contractual right to receive a fixed percentage of production revenue from an oil, gas, or mineral lease without paying operating or development costs. Think of it like owning a slice of a bakery’s daily sales — you get a steady cut of revenue but don’t own the oven or pay the bills. For investors, it means predictable cash flow exposure to commodity prices and production levels with lower operational risk but limited upside from cost reductions.

distributable net profits financial

"This month, after payment of administrative expenses, income from the distributable net profits was $75,027."

excess production costs financial

"production and development costs for the royalty interest have resulted in substantial accumulated excess production costs, which will decrease Trust distributions"

Extra money a company spends when making more goods than needed, producing under inefficient conditions, or when materials and labor are wasted during manufacturing. Like baking too many cakes that go stale or using an expensive oven for a small batch, these costs raise the price of each item and tie up cash in unsold inventory. Investors care because higher excess production costs reduce profit margins, can signal poor planning, and may pressure future earnings and cash flow.

working interest owners financial

"The amount of proceeds, if any, received or expected to be received by the Trust ... has been and will continue to be directly affected ... by ... revenues and expenses reported to the Trust by working interest owners."

Owners with a working interest hold a direct share of an oil or gas project that entitles them to a portion of production revenue but also obligates them to pay their share of operating and development costs. Think of it like co-owning a rental property: you earn rent in proportion to your stake, but you also cover your share of repairs and bills, so returns depend on both output and ongoing expenses — important for assessing cash flow and risk.

forward-looking statements regulatory

"This press release contains forward-looking statements. No assurances can be given that the expectations contained in this press release will prove to be correct."

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What April 2026 distribution did Mesa Royalty Trust (MTR) declare?

Mesa Royalty Trust declared an April 2026 income distribution of $0.040259155 per unit. Unitholders of record on April 30, 2026 will receive this cash payment on July 31, 2026, based on royalty income received and net of administrative expenses.

How much income did Mesa Royalty Trust earn for the April 2026 distribution?

For April 2026, Mesa Royalty Trust received $96,591 in income. After payment of administrative expenses, this resulted in $75,027 of distributable net profits, which supports the declared per-unit distribution to unitholders for that month.

From which properties did Mesa Royalty Trust’s April 2026 income come?

All April 2026 income of $96,591 came from the New Mexico portion of the Trust’s San Juan Basin properties operated by Hilcorp San Juan LP. The press release states that no income was received from any other working interest owner that month.

Why are Mesa Royalty Trust distributions expected to be materially reduced?

Distributions are expected to be materially reduced while Mesa Royalty Trust increases its cash reserves to $2.0 million. The Trust also cites substantial accumulated excess production costs that decrease net proceeds and can lead to periods with no distributions to unitholders.

What risks could further affect Mesa Royalty Trust (MTR) distributions?

The Trust notes risks from excess production costs, volatility in oil and gas prices, production levels, and expenses reported by working interest owners. Additional expenses, adjustments or commodity price declines can reduce proceeds and, in some periods, result in no distributions.

What type of assets does Mesa Royalty Trust hold?

Mesa Royalty Trust holds an overriding royalty interest in net proceeds from producing oil and gas properties. These are located in the Hugoton field of Kansas and the San Juan Basin fields of New Mexico and Colorado, providing the basis for its monthly royalty income distributions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 17, 2026

Mesa Royalty Trust

(Exact name of registrant as specified in its charter)

Texas		1-7884		76-6284806
(State or other jurisdiction of		(Commission		(IRS Employer
incorporation )		File Number)		Identification No.)

The Bank of New York Mellon Trust Company, N.A., Trustee
Global Corporate Trust
601 Travis Street, Floor 16
Houston, Texas		77002
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (713) 483-6020

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Units of Beneficial Interest	MTR	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02 Results of Operations and Financial Condition.

On April 17, 2026 Mesa Royalty Trust issued a press release announcing Mesa Royalty Trust’s royalty income and income distribution for the month of April 2026. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.

Pursuant to General Instruction B.2 of Form 8-K and Securities and Exchange Commission Release No. 33-8176, the press release attached as Exhibit 99.1 is not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, but is instead furnished for purposes of that instruction.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit		Description
99.1		Mesa Royalty Trust Press Release dated April 17, 2026.

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Mesa Royalty Trust
	By:	The Bank of New York Mellon Trust Company, N.A., as
		Trustee
Date: April 17, 2026	By:	/s/ Elaina Rodgers
		Elaina Rodgers
		Vice President

3

Exhibit 99.1

Mesa-Royalty-Trust

Mesa Royalty Trust Announces Trust Income for April 2026

MESA ROYALTY TRUST

The Bank of New York Mellon Trust Company, N.A., Trustee

NEWS RELEASE

FOR IMMEDIATE RELEASE

HOUSTON, TEXAS — April 17, 2026 — Mesa Royalty Trust (the “Trust”) (NYSE symbol-MTR) announced today the Trust income distribution for the month of April 2026. Unitholders of record on April 30, 2026 will receive distributions amounting to $0.040259155 per unit, payable on July 31, 2026. The Trust received $96,591, all of which came from the New Mexico portion of the Trust’s San Juan Basin properties operated by Hilcorp San Juan LP, an affiliate of Hilcorp Energy Company. No income was received in April 2026 from any other working interest owner. This month, after payment of administrative expenses, income from the distributable net profits was $75,027.

The Trust was formed to own an overriding royalty interest of the net proceeds attributable to certain producing oil and gas properties located in the Hugoton field of Kansas and the San Juan Basin fields of New Mexico and Colorado. As described in the Trust's public filings, the amount of the monthly distributions is expected to fluctuate from month to month, depending on the proceeds, if any, received by the Trust as a result of production, oil and natural gas prices and the amount of the Trust’s administrative expenses, among other factors. In addition, as further described in the Trust’s most recent filing on Form 10-K, distributions to unitholders are expected to be materially reduced, until the Trust increases its cash reserves to a total of $2.0 million in order to provide added liquidity.

Proceeds reported by the working interest owners for any month are not generally representative of net proceeds that will be received by the Trust in future periods. As further described in the Trust’s Form 10-K and Form 10-Q filings, production and development costs for the royalty interest have resulted in substantial accumulated excess production costs, which will decrease Trust distributions, and in some periods may result in no Trust distributions. The amount of proceeds, if any, received or expected to be received by the Trust (and its ability to pay distributions to unitholders) has been and will continue to be directly affected, among other things, by volatility in the industry and revenues and expenses reported to the Trust by working interest owners. Any additional expenses and adjustments, among other things, will reduce proceeds to the Trust, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders.

This press release contains forward-looking statements. No assurances can be given that the expectations contained in this press release will prove to be correct. The working interest owners alone control historical operating data, and handle receipt and payment of funds relating to the royalty properties and payments to the Trust for the related royalty. The Trustee cannot assure that errors or adjustments or expenses accrued by the working interest owners, whether historical or future, will not affect future royalty income and distributions by the Trust.  Other important factors that could cause these statements to differ materially include delays in actual results of drilling operations, risks inherent in drilling and production of oil and gas properties, declines in commodity pricing, prices received by working interest owners and other risks described in the Trust’s Form 10-K for the year ended December 31, 2025. Statements made in this press release are qualified by the cautionary statements made in such risk factors. The Trust does not intend, and assumes no obligations, to update any of the statements included in this press release. Each unitholder should consult its own tax advisor with respect to its particular circumstances.

Contact:	Mesa Royalty Trust
	The Bank of New York Mellon Trust Company, N.A., as Trustee
	Elaina Rodgers
	713-483-6020

http://mtr.q4web.com/home/default.aspx

601 Travis Street, Floor 16, Houston, TX 77002

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EXHIBIT 99.1 8.8 KB