MV Oil Trust Announces Trust Second Quarter Distribution
MV Oil Trust (NYSE: MVO) announced its second quarterly distribution of net profits for the period ending June 30, 2021. Unitholders on record as of July 16, 2021, will receive a total distribution of $3,450,000, equivalent to $0.300 per unit, payable on July 23, 2021. For this period, the Trust reported a total volume of 166,357 BOE, an average price of $58.05 per BOE, and net profits of $4,594,878. Notably, gross proceeds stood at $9,657,182 with costs amounting to $5,062,304. The net cash proceeds available for distribution amount to $3,450,000 after accounting for estimated Trust expenses.
- Total distribution of $3,450,000 or $0.300 per unit announced for unitholders.
- Reported volume of 166,357 BOE indicates operational stability.
- Net profits of $4,594,878 reflect solid financial performance.
- Costs of $5,062,304 deducted from gross proceeds may pressure future distributions.
- Forward-looking statements indicate uncertainty in cash receipts impacting distributions.
MV Oil Trust (NYSE: MVO) announced the Trust distribution of net profits for the second quarterly payment period ended June 30, 2021.
Unitholders of record on July 16, 2021 will receive a distribution amounting to
Volumes, average price and net profits for the payment period were:
Volume (BOE) |
|
166,357 |
|
|
Average price (per BOE) |
|
$ |
58.05 |
|
Gross proceeds |
|
$ |
9,657,182 |
|
Costs |
|
$ |
5,062,304 |
|
Net profits |
|
$ |
4,594,878 |
|
Percentage applicable to Trust’s |
|
|
|
|
Net profits interest |
|
$ |
3,675,902 |
|
MV Partners reserve for capital expenditures |
|
$ |
-- |
|
Total cash proceeds available for the Trust |
|
$ |
3,675,902 |
|
Provision for estimated Trust expenses |
|
$ |
(225,902 |
) |
Net cash proceeds available for distribution |
|
$ |
3,450,000 |
|
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 June 30, 2021. 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, actions by the members of the Organization of Petroleum Exporting Countries, and other risk factors described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 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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FAQ
What is the distribution amount announced by MV Oil Trust for Q2 2021?
When will the distribution payment be made to unitholders of MV Oil Trust?
What were the net profits reported by MV Oil Trust for the second quarter of 2021?
What was the total volume of oil and gas produced by MV Oil Trust in Q2 2021?
What were the gross proceeds reported by MV Oil Trust for the second quarter of 2021?
