MARINE PETROLEUM TRUST ANNOUNCES FIRST QUARTER CASH DISTRIBUTION

Rhea-AI Summary

Marine Petroleum Trust (NASDAQ: MARPS) announced a quarterly cash distribution of $0.159312 per unit, payable on March 28, 2023, to unitholders of record on February 28, 2023. This distribution is lower than the $0.244387 per unit distributed last quarter but higher compared to $0.107485 from the same quarter in 2022. The decrease in this quarter's distribution was attributed to reduced volumes of oil and natural gas produced, although the price for natural gas slightly increased. Marine's distributions depend on royalties received, with variances linked to oil and natural gas production timelines.

Positive

• Distribution higher than comparable quarter in 2022 at $0.159312 vs $0.107485.
• Increased volumes of oil and natural gas production compared to the same quarter in 2022.

Negative

• Current distribution lower than last quarter's $0.244387.
• Decreased volumes of oil and natural gas for this quarter.
• Price realized for oil decreased during this quarter.

DALLAS, Feb. 17, 2023 /PRNewswire/ -- Marine Petroleum Trust (NASDAQ: MARPS) ("Marine") today declared a quarterly cash distribution to the holders of its units of beneficial interest of $0.159312 per unit, payable on March 28, 2023, to unitholders of record on February 28, 2023. Marine's 2022 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 $0.159312 per unit is lower than the $0.244387 per unit distributed last quarter. This quarter, volumes of both oil and natural gas produced and included in this distribution and the price realized for oil have decreased while the price realized for natural gas slightly increased. This distribution is higher than the $0.107485 per unit distributed in the comparable quarter in 2022. As compared to the comparable quarter in 2022, the volumes of both oil and natural gas produced and included in this distribution have increased. Prices realized for both oil and natural gas have increased when compared to this time last year.

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:	Ron E. Hooper
	SVP, 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-first-quarter-cash-distribution-301749491.html

SOURCE Marine Petroleum Trust

FAQ

What is the recent cash distribution declared by Marine Petroleum Trust (MARPS)?

Marine Petroleum Trust declared a cash distribution of $0.159312 per unit.

When will the cash distribution for MARPS be paid out?

The cash distribution will be paid on March 28, 2023.

How does the current distribution compare to previous quarters for MARPS?

The current distribution is lower than the $0.244387 paid last quarter but higher than $0.107485 from the same quarter in 2022.

What factors led to the decrease in cash distribution for MARPS this quarter?

The decrease was attributed to lower volumes of produced oil and natural gas and a decrease in the price realized for oil.

What is the record date for the latest distribution from MARPS?

The record date for the latest distribution is February 28, 2023.