-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ed8/TX8DmGutHQ9n96Ed5ZfzWM1cAuEX/2NHalSWjv/F2jkY7wD8xxNg4tfQSmZK U26GPz1OQSoaQ21n9fNwVQ== 0000950134-95-002964.txt : 19951119 0000950134-95-002964.hdr.sgml : 19951119 ACCESSION NUMBER: 0000950134-95-002964 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951114 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: MARINE PETROLEUM TRUST CENTRAL INDEX KEY: 0000062362 STANDARD INDUSTRIAL CLASSIFICATION: OIL ROYALTY TRADERS [6792] IRS NUMBER: 756008017 STATE OF INCORPORATION: TX FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-08565 FILM NUMBER: 95592893 BUSINESS ADDRESS: STREET 1: NATIONSBANK OF TEXAS N A STREET 2: P O BOX 831402 CITY: DALLAS STATE: TX ZIP: 75283-1402 BUSINESS PHONE: 2145081796 MAIL ADDRESS: STREET 1: P O BOX 831402 CITY: DALLAS STATE: TX ZIP: 75283-1402 10-Q 1 FORM 10-Q FOR PERIOD ENDED SEPTEMBER 30, 1995 1 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 --------------------- FORM 10-Q /X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1995 OR / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM TO . COMMISSION FILE NUMBER 0-8565 MARINE PETROLEUM TRUST (Exact name of registrant as specified in its charter) TEXAS 75-6008017 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) NATIONSBANK OF TEXAS, N.A. 75283-1402 P.O. BOX 831402, DALLAS, TEXAS (Zip Code) (Address of principal executive offices)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (214) 508-1796 NONE (Former name, former address and former fiscal year if changed since last report) --------------------- Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No Indicate number of units of beneficial interest outstanding as of the last practicable date.
TITLE OF EACH CLASS OF UNITS NUMBER OF UNITS OF BENEFICIAL INTEREST OF BENEFICIAL INTEREST SEPTEMBER 30, 1995 - -------------------------------------------------------------------------------------------- Units of Beneficial Interest 2,000,000
- -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 2 PART I. FINANCIAL INFORMATION MARINE PETROLEUM TRUST AND SUBSIDIARY CONDENSED CONSOLIDATED BALANCE SHEETS SEPTEMBER 30, 1995 AND JUNE 30, 1995 (UNAUDITED) ASSETS
SEPTEMBER 30, JUNE 30, 1995 1995 ------------- ---------- Current Assets: Cash and cash equivalents........................................ $ 1,716,609 $ 1,661,312 Oil and gas royalties receivable................................. 402,622 387,460 Receivable from affiliate........................................ 77,978 88,771 ------------ ----------- Total current assets..................................... 2,197,209 2,137,543 ------------ ----------- Investment in affiliate............................................ 219,795 199,226 Office equipment, at cost less accumulated depreciation............ 1,497 1,672 Producing oil and gas properties................................... 7 7 ------------ ----------- $ 2,418,508 $ 2,338,448 ============ =========== LIABILITIES AND TRUST EQUITY Current Liabilities: Accounts payable................................................. $ 895,724 $ 895,724 Employment tax payable........................................... 3,836 3,836 Income taxes payable............................................. 5,518 7,018 ------------ ----------- Total current liabilities................................ 905,078 906,578 Trust Equity: Corpus -- authorized 2,000,000 units of beneficial interest, issued 2,000,000 units at nominal value....................... 8 8 Undistributed income............................................. 1,513,422 1,431,862 ------------ ----------- Total trust equity....................................... 1,513,430 1,431,870 ------------ ----------- $ 2,418,508 $ 2,338,448 ============ ===========
2 3 MARINE PETROLEUM TRUST AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994 (UNAUDITED)
THREE MONTHS --------------------- 1995 1994 -------- -------- Income: Oil and gas royalties................................................ $535,806 $454,565 Equity in earnings of affiliate...................................... 91,322 148,351 Interest income of subsidiary........................................ 23,421 18,090 -------- -------- $650,549 $621,006 -------- -------- Expenses: Other taxes.......................................................... -- -- General and administrative........................................... 20,636 17,439 -------- -------- 20,636 17,439 -------- -------- Income before Federal income taxes................................... 629,913 603,567 Federal income taxes of subsidiary................................... -- 1,466 -------- -------- Net income........................................................... $629,913 $602,101 ======== ======== Net income per unit.................................................... $ 0.31 $ 0.30 ======== ======== Distributions per unit................................................. $ 0.27 $ 0.34 ======== ========
3 4 MARINE PETROLEUM TRUST AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994 (UNAUDITED)
1995 1994 --------- --------- Cash flows from operating activities: Net income....................................................... $ 629,913 $ 602,101 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation.................................................. 175 246 Change in assets and liabilities: Decrease (increase) in royalties receivable................. (15,162) 68,234 Decrease (increase) in receivable from affiliate............ 10,793 (16,828) Increase (decrease) in Federal income taxes payable........... (1,500) 566 ---------- ---------- Net cash provided by operating activities................ 624,219 654,319 ---------- ---------- Cash flows provided by (used in) investing activities: Decrease (increase) in undistributed earnings of affiliate.................................................. (20,569) (17,806) ---------- ---------- Net cash provided by investing activities................ (20,569) (17,806) ---------- ---------- Cash flows from financing activities -- distributions unitholders...................................................... (548,353) (674,803) ---------- ---------- Net increase (decrease) in cash and cash equivalents..... 55,297 (38,290) ---------- ---------- Cash and cash equivalents at beginning of period................... 1,661,312 1,825,507 ---------- ---------- Cash and cash equivalents at end of period......................... $1,716,609 $1,787,217 ========== ==========
4 5 MARINE PETROLEUM TRUST AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 1995 (UNAUDITED) ACCOUNTING POLICIES The financial statements include the financial statements of Marine Petroleum Trust (the "Trust") and its wholly-owned subsidiary, are condensed, and should be read in conjunction with the annual report for the fiscal year ended June 30, 1995. The financial statements included herein are unaudited, but in the opinion of management include all adjustments necessary for a fair presentation of the results of operations for the periods indicated. UNDISTRIBUTED INCOME Undistributed income on September 30, 1995 includes $930,906 applicable to the Trust and $582,516 applicable to Marine Petroleum Corporation, the Trust's wholly-owned subsidiary. Distributions to unitholders are dependent on the volume and price of oil and gas sold by others and will fluctuate from quarter to quarter. ACCOUNTS PAYABLE Marine Petroleum Corporation has provided an account payable of $895,724 to cover possible refunds that may be required upon redetermination of gas prices for royalty payments in prior periods. 5 6 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FINANCIAL CONDITION -- LIQUIDITY AND CAPITAL RESOURCES The Trust is a "royalty trust" with overriding royalty interests in oil and gas leases in the Gulf of Mexico. The Trust's indenture (and the charter and by-laws of its subsidiary) expressly prohibit the operation of any kind of trade or business. All royalties received by the Trust, less administrative expenses, are distributed quarterly to unitholders. Since the Trust's sole purpose is to collect and distribute cash collected from royalties, there are no requirements for capital. GENERAL The Trust's net income of $.31 per unit for the three months ended September 30, 1995 was consistent with the $.30 earned in the comparable period in 1994. The Trust's income from its equity in Tidelands Royalty Trust B ("Tidelands") amounted to $.05 per unit for the current period, down from $.07 for the comparable period a year ago. Over the past four quarters the Trust's share of oil produced from wells subject to its overriding royalty has increased from an average of 147 barrels per day a year ago to an average of 202 barrels per day in the current quarter. The Trust attributes this increase to higher prices and the drilling and workover programs of the working interest owners. Approximately 47% of the Trust's income is from royalties on the sale of oil. The Trust's income from royalties on the sale of natural gas for the current quarter is consistent with the amount of such royalties in the comparable quarter a year ago. Although the average price received for natural gas at the wellhead decreased, production increased enough to offset the price decline. Approximately 53% of the Trust's income is from the sale of natural gas. In the quarter ended June 30, 1994, the average daily production of natural gas for the Trust amounted to 2,150 mcf, whereas in the current quarter the average daily production of natural gas reached 2,340 mcf per day. In the quarter ended September 30, 1994, the Trust's 32.6% equity interest in Tidelands produced approximately 25% of the Trust's revenue from oil and gas royalties. In the current quarter the Trust's equity interest in Tidelands produced approximately 15% of the Trust's revenues from oil and gas royalties. The Trust believes that Tidelands' income was lower in the current quarter as compared to previous quarters due to lower natural gas prices and shut in natural gas production. RESULTS OF OPERATIONS -- THREE MONTHS ENDED SEPTEMBER 30, 1995 Net income for the quarter ended September 30, 1995 amounted to $629,913, which was approximately 5% more than the $602,101 realized in the comparable period of 1994. The volume of oil sold increased approximately 38% over the comparable period last year, and the average price per barrel of oil decreased $.38 to $16.31 per bbl. Natural gas volumes sold increased approximately 9% in the current period over the comparable period last year. Natural gas volumes amounted to 210,632 mcf this period and were 193,467 mcf for the comparable period last year. The average price decreased $.13 per mcf to $1.57, from $1.70 a year ago. Marine's equity in the income of Tidelands decreased approximately 38% in the current period over the comparable period last year. See "-- General." 6 7 The quantities of oil and gas sold and the average prices for oil and gas (including the equity in Tidelands) for the three month periods ended September 30, 1995 and 1994 are presented in the following table:
1995 1994 ------- ------- OIL Barrels sold................................................... 18,193 13,187 Average price.................................................. $16.31 $16.69 NATURAL GAS mcf sold....................................................... 210,632 193,467 Average price.................................................. $1.57 $1.70
PART II. OTHER INFORMATION There were no events reportable under Part II of the Quarterly Report on Form 10-Q. 7 8 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. MARINE PETROLEUM TRUST NationsBank of Texas, N.A., Trustee November 13, 1995 By: /s/ KATHY MCQUISTON Kathy McQuiston, Assistant Vice President November 13, 1995 /s/ R. RAY BELL R. Ray Bell, Principal Accounting Officer 8 9 EXHIBIT INDEX
SEQUENTIAL EXHIBIT PAGE NUMBER EXHIBIT DESCRIPTION NUMBER - --------- ---------------------------------------------------------------------- ----------- 27 -- Financial Data Schedule
9 EX-27 2 EXHIBIT 27 FINANCIAL DATA SCHEDULE
5 3-MOS JUN-30-1995 JUL-01-1995 SEP-30-1995 1,716,609 0 402,622 0 0 2,197,209 0 0 2,418,508 905,078 0 8 0 0 1,513,422 2,418,508 535,806 650,549 0 0 20,636 0 0 629,913 0 629,913 0 0 0 629,913 .31 .31
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