MARINE PETROLEUM TRUST ANNOUNCES FOURTH QUARTER CASH DISTRIBUTION

Rhea-AI Summary

Marine Petroleum Trust (NASDAQ: MARPS) announced a quarterly cash distribution of $0.083661 per unit, payable on December 28, 2023, to unitholders of record on November 30, 2023. This distribution is lower than the previous quarter and the comparable quarter in 2022 due to decreased oil and natural gas production volumes and realized prices.

Positive

• Marine Petroleum Trust continues to provide regular cash distributions to its unitholders, demonstrating its commitment to shareholder value.

Negative

• The decrease in distribution compared to previous quarters may indicate challenges in maintaining production volumes and realized prices for oil and natural gas.

DALLAS, Nov. 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 $0.083661 per unit, payable on December 28, 2023, to unitholders of record on November 30, 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 $0.083661 per unit is lower than the $0.121831 per unit distributed last quarter.  This quarter, the volume of oil produced and included in this distribution increased slightly while the volume of natural gas produced decreased. The pricing realized for both oil and natural gas decreased compared to last quarter. This distribution is lower than the $0.244387 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 and prices 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

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SOURCE Marine Petroleum Trust

FAQ

What is the quarterly cash distribution announced by Marine Petroleum Trust?

Marine Petroleum Trust announced a quarterly cash distribution of $0.083661 per unit.

When is the distribution payable?

The distribution is payable on December 28, 2023, to unitholders of record on November 30, 2023.

How does this distribution compare to previous quarters?

This distribution is lower than the previous quarter and the comparable quarter in 2022 due to decreased oil and natural gas production volumes and realized prices.