MV Oil Trust Announces Quarterly Distribution of Net Profits
MV Oil Trust (NYSE:MVO) has recently announced the distribution of net profits for the quarterly payment period ending September 30, 2023. Unitholders of record on October 16, 2023, will receive a distribution amounting to $4,370,000 or $0.380 per unit, payable on October 25, 2023.
During the payment period, the Trust reported a volume of 153,249 barrels of oil equivalent (BOE) and an average price of $71.42 per BOE. The gross proceeds amounted to $10,945,311, while costs totaled $5,253,310, resulting in net profits of $5,692,001. The Trust’s 80% share of net profits interest amounted to $4,553,601.
MV Partners, the company advising the Trust, has reserved no capital expenditures from the net profits. Therefore, the total cash proceeds available for the Trust distribution sum up to $4,553,601. After accounting for current estimated Trust expenses, the net cash proceeds available for distribution amount to $4,370,000.
It is important to note that this press release contains forward-looking statements. While MV Partners believes that the expectations outlined in this announcement are reasonable, there are no guarantees that they will prove to be correct. The distributable amount is based on the cash received or expected to be received by the Trustee from the underlying properties on or before the record date. Any variations in actual cash receipts could impact the distributable amount.
Factors such as drilling operations, risks associated with oil and gas production, payment capabilities of commodity purchasers, actions by the Organization of Petroleum Exporting Countries, and other risk factors mentioned in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2022, could cause these statements to differ materially. The Trust does not intend to update the statements included in this press release.
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Source: [Business Wire](https://www.businesswire.com/news/home/20231005337397/en/)