MV Oil Trust Announces Trust Fourth Quarter Distribution
MV Oil Trust (NYSE: MVO) announced a net profit distribution of $1,265,000, translating to $0.110 per unit for the fourth quarter ending December 31, 2020. Unitholders of record as of January 15, 2021, will receive this amount on January 25, 2021. During this period, the Trust reported a total volume of 166,749 barrels of oil equivalent (BOE) with an average price of $35.31 per BOE. Gross proceeds were $5,887,465, with costs amounting to $4,229,026, resulting in net profits of $1,658,440.
- Total distribution of $1,265,000 indicates a steady cash flow.
- Reported volume of 166,749 BOE showcases operational activity.
- Net profits of $1,658,440 represent a decline from potential highs.
- Costs of $4,229,026 significantly reduce overall profitability.
MV Oil Trust (NYSE: MVO) announced the Trust distribution of net profits for the fourth quarterly payment period ended December 31, 2020.
Unitholders of record on January 15, 2021 will receive a distribution amounting to
Volumes, average price and net profits for the payment period were:
Volume (BOE) |
|
166,749 |
|
|
Average price (per BOE) |
|
$ |
35.31 |
|
Gross proceeds |
|
$ |
5,887,465 |
|
Costs |
|
$ |
4,229,026 |
|
Net profits |
|
$ |
1,658,440 |
|
Percentage applicable to Trust’s |
|
|
|
|
Net profits interest |
|
$ |
1,326,752 |
|
MV Partners reserve for capital expenditures |
|
$ |
-- |
|
Total cash proceeds available for the Trust |
|
$ |
1,326,752 |
|
Provision for estimated Trust expenses |
|
$ |
(61,752 |
) |
Net cash proceeds available for distribution |
|
$ |
1,265,000 |
|
This press release contains forward-looking statements. Although MV Partners, LLC has advised the Trust that MV Partners, LLC believes that the expectations contained in this press release are reasonable, no assurances can be given that such expectations will prove to be correct. The announced distributable amount is based on the amount of cash received or expected to be received by the Trustee from the underlying properties on or prior to the record date with respect to the quarter ended December 31, 2020. Any differences in actual cash receipts by the Trust could affect this distributable amount. Other important factors that could cause these statements to differ materially include the actual results of drilling operations, risks inherent in drilling and production of oil and gas properties, the ability of commodity purchasers to make payment, the effect, impact, potential duration or other implications of the COVID-19 pandemic, the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries, including Saudi Arabia, and other risk factors described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2019 and Quarterly Report on Form 10-Q for the period ended September 30, 2020 filed with the Securities and Exchange Commission. Statements made in this press release are qualified by the cautionary statements made in these risk factors. The Trust does not intend, and assumes no obligations, to update any of the statements included in this press release.
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