MARINE PETROLEUM TRUST ANNOUNCES THIRD QUARTER CASH DISTRIBUTION

Rhea-AI Summary

Marine Petroleum Trust (NASDAQ: MARPS) has announced a quarterly cash distribution of $0.094886 per unit for Q3 2024, payable on September 30, 2024, to unitholders of record on August 30, 2024. This distribution is higher than the previous quarter's $0.055961 due to increased volumes and prices for both oil and natural gas. However, it's lower than the $0.121831 per unit distributed in Q3 2023. Compared to Q3 2023, oil production volume decreased while natural gas production increased, and prices for both commodities have risen. Marine's distributions are determined by royalties received up to the declaration date, typically received two months after oil production and three months after natural gas production.

Positive

• Quarterly cash distribution increased to $0.094886 per unit from $0.055961 in the previous quarter
• Volumes and prices for both oil and natural gas have increased compared to the previous quarter
• Natural gas production volume increased compared to Q3 2023
• Prices for both oil and natural gas have risen compared to Q3 2023

Negative

• Current distribution of $0.094886 per unit is lower than $0.121831 per unit distributed in Q3 2023
• Oil production volume decreased compared to Q3 2023

DALLAS, Aug. 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 $0.094886 per unit, payable on September 30, 2024, to unitholders of record on August 30, 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 $0.094886 per unit is higher than the $0.055961 per unit distributed last quarter.  Volumes of both oil and natural gas produced and prices realized for both oil and natural gas included in this distribution have increased when compared to last quarter. This distribution is lower than the $0.121831 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 increased.

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-third-quarter-cash-distribution-302225407.html

SOURCE Marine Petroleum Trust

FAQ

What is Marine Petroleum Trust's Q3 2024 cash distribution per unit?

Marine Petroleum Trust (MARPS) declared a quarterly cash distribution of $0.094886 per unit for Q3 2024.

When is the payment date for MARPS Q3 2024 distribution?

The Q3 2024 distribution is payable on September 30, 2024, to unitholders of record on August 30, 2024.

How does MARPS Q3 2024 distribution compare to the previous quarter?

The Q3 2024 distribution of $0.094886 per unit is higher than the previous quarter's distribution of $0.055961 per unit.

How does MARPS Q3 2024 distribution compare to Q3 2023?

The Q3 2024 distribution of $0.094886 per unit is lower than the $0.121831 per unit distributed in Q3 2023.