MV Oil Trust (MVO, Financial) filed Quarterly Report for the period ended 2010-09-30.
Mv Oil Trust has a market cap of $353.28 million; its shares were traded at around $30.72 with and P/S ratio of 10.51. The dividend yield of Mv Oil Trust stocks is 7.94%.MVO is in the portfolios of Jim Simons of Renaissance Technologies LLC, George Soros of Soros Fund Management LLC.
The Trustee paid general and administrative expenses of $180,156 and $67,866 for the quarters ended September 30, 2010 and 2009, respectively. The distributable income for the quarter ended September 30, 2010 was $11,097,500, an increase of $5,795,575 from distributable income of $5,301,925 for the quarter ended September 30, 2009.
Excess of revenues over direct operating expenses and lease equipment and development costs from the underlying properties increased $467,407 to $9,090,380 for the period from July 1, 2010 through September 30, 2010 from $8,622,973 for the period from July 1, 2009 through September 30, 2009. Included in these amounts are payments by MV Partners to settle hedges totaling $1,773,491 for the period from July 1, 2010 through September 30, 2010 and $486,749 for the period from July 1, 2009 through September 30, 2009. Amounts received to settle hedges decreased $124,288 to $0 for the period from July 1, 2010 through September 30, 2010 from $124,288 for the period from July 1, 2009 through September 30, 2009, which resulted in total cash receipts over cash disbursements of $9,090,380 and $8,747,261, respectively, for the two periods. The Trust's income from net profits interest and hedge activities (80%) of these totals were $7,272,304 and $6,997,809, respectively, which was decreased by a Trust holdback for future expenses of $257,304 and $155,309 for the quarter ended September 30, 2010 and 2009, respectively, resulting in distributable income of $7,015,000 and $6,842,500 for the quarters ended September 30, 2010 and 2009, respectively.
As noted above, the revenues from oil production are typically received by MV Partners one month after production, thus the cash received by the Trust during the nine months ended September 30, 2010 substantially represents the production by MV Partners from September 2009 through May 2010 and the cash received by the Trust during the nine months ended September 30, 2009 substantially represents the production by MV Partners from September 2008 through May 2009. Excess of revenues over direct operating expenses and lease equipment and development costs from the underlying properties increased $16,095,423 to $31,549,582 for the period from October 1, 2009 through June 30, 2010 from $15,454,159 for the period from October 1, 2008 through June 30, 2009. Included in these amounts are payments to settle hedges totaling $5,592,030 and $3,429,721, respectively. In addition, amounts received to settle hedges were $18,183 for the period from October 1, 2009 through June 30, 2010 and $5,690,937 for the period from October 1, 2008 through June 30, 2009, which resulted in a total cash receipts over cash disbursements of $31,567,765 and $21,145,096, respectively. The increase for the period ended June 30, 2010 compared to the period ended June 30, 2009 is
primarily attributable to higher realized prices for unhedged volumes of oil for the 2010 period compared to the 2009 period. The Trust's income from net profits interest and hedge activities (80%) of these totals were $25,254,211 and $16,916,076, respectively, with the 2009 result reduced by a recovery of deficiency from the fourth quarter of 2008 in the amount of $4,889,179 which included applicable interest of $49,753, resulting in the income from net profits interest and hedge activities of $12,026,897 for the nine months ended September 30, 2009.
Excess of revenues over direct operating expenses and lease equipment and development costs from the underlying properties increased $16,057,963 to $32,171,822 for the nine months ended September 30, 2010 from $16,113,859 for the nine months ended September 30, 2009. Included in these amounts are payments to settle hedges totaling $5,950,363 and $486,749, respectively. In addition, amounts received to settle hedges decreased $5,815,225 to $0 for the nine months ended September 30, 2010 from $5,815,225 for the nine months ended September 30, 2009, which resulted in total cash receipts over cash disbursements of $32,171,822 and $21,929,084, respectively. The Trust's income from net profits interest and hedge activities (80%) of these totals were $25,737,457 and $17,543,267, respectively, which was decreased by a Trust holdback for future expenses of $667,458 and $580,309 for the nine months ended September 30, 2010 and 2009, respectively, resulting in distributable income of $25,070,000 and $16,962,958 for the nine months ended September 30, 2010 and 2009, respectively.
Read the The complete Report
Mv Oil Trust has a market cap of $353.28 million; its shares were traded at around $30.72 with and P/S ratio of 10.51. The dividend yield of Mv Oil Trust stocks is 7.94%.MVO is in the portfolios of Jim Simons of Renaissance Technologies LLC, George Soros of Soros Fund Management LLC.
Highlight of Business Operations:
expenses and lease equipment and development costs from the underlying properties increased $9,641,209 to $14,143,363 for the period from April 1, 2010 through June 30, 2010 from $4,502,154 for the period from April 1, 2009 through June 30, 2009. There were no payments by MV Partners to settle hedges for the period from April 1, 2010 through June 30, 2010 or for the period from April 1, 2009 through June 30, 2009. In addition, amounts received to settle hedges decreased $2,344,003 to $0 for the period from April 1, 2010 through June 30, 2010 from $2,344,003 for the period from April 1, 2009 through June 30, 2009, which resulted in total cash receipts over cash disbursements of $14,143,363 and $6,846,157, respectively, for the two periods. The Trust's income from net profits interest and hedge activities (80%) of these totals were $11,314,690 and $5,476,925, respectively, which was decreased by a Trust holdback for future expenses of $217,190 for the quarter ended September 30, 2010 and repayment of an advance of $175,000 for the quarter ended September 30, 2009, resulting in distributable income of $11,097,500 and $5,301,925 for the quarters ended September 30, 2010 and 2009, respectively. The increase in distributable income in 2010 from 2009 is primarily attributable to higher realized prices for unhedged volumes of oil for the 2010 period as compared to the 2009 period, and from the collection of funds in connection with the SemGroup bankruptcy.The Trustee paid general and administrative expenses of $180,156 and $67,866 for the quarters ended September 30, 2010 and 2009, respectively. The distributable income for the quarter ended September 30, 2010 was $11,097,500, an increase of $5,795,575 from distributable income of $5,301,925 for the quarter ended September 30, 2009.
Excess of revenues over direct operating expenses and lease equipment and development costs from the underlying properties increased $467,407 to $9,090,380 for the period from July 1, 2010 through September 30, 2010 from $8,622,973 for the period from July 1, 2009 through September 30, 2009. Included in these amounts are payments by MV Partners to settle hedges totaling $1,773,491 for the period from July 1, 2010 through September 30, 2010 and $486,749 for the period from July 1, 2009 through September 30, 2009. Amounts received to settle hedges decreased $124,288 to $0 for the period from July 1, 2010 through September 30, 2010 from $124,288 for the period from July 1, 2009 through September 30, 2009, which resulted in total cash receipts over cash disbursements of $9,090,380 and $8,747,261, respectively, for the two periods. The Trust's income from net profits interest and hedge activities (80%) of these totals were $7,272,304 and $6,997,809, respectively, which was decreased by a Trust holdback for future expenses of $257,304 and $155,309 for the quarter ended September 30, 2010 and 2009, respectively, resulting in distributable income of $7,015,000 and $6,842,500 for the quarters ended September 30, 2010 and 2009, respectively.
As noted above, the revenues from oil production are typically received by MV Partners one month after production, thus the cash received by the Trust during the nine months ended September 30, 2010 substantially represents the production by MV Partners from September 2009 through May 2010 and the cash received by the Trust during the nine months ended September 30, 2009 substantially represents the production by MV Partners from September 2008 through May 2009. Excess of revenues over direct operating expenses and lease equipment and development costs from the underlying properties increased $16,095,423 to $31,549,582 for the period from October 1, 2009 through June 30, 2010 from $15,454,159 for the period from October 1, 2008 through June 30, 2009. Included in these amounts are payments to settle hedges totaling $5,592,030 and $3,429,721, respectively. In addition, amounts received to settle hedges were $18,183 for the period from October 1, 2009 through June 30, 2010 and $5,690,937 for the period from October 1, 2008 through June 30, 2009, which resulted in a total cash receipts over cash disbursements of $31,567,765 and $21,145,096, respectively. The increase for the period ended June 30, 2010 compared to the period ended June 30, 2009 is
primarily attributable to higher realized prices for unhedged volumes of oil for the 2010 period compared to the 2009 period. The Trust's income from net profits interest and hedge activities (80%) of these totals were $25,254,211 and $16,916,076, respectively, with the 2009 result reduced by a recovery of deficiency from the fourth quarter of 2008 in the amount of $4,889,179 which included applicable interest of $49,753, resulting in the income from net profits interest and hedge activities of $12,026,897 for the nine months ended September 30, 2009.
Excess of revenues over direct operating expenses and lease equipment and development costs from the underlying properties increased $16,057,963 to $32,171,822 for the nine months ended September 30, 2010 from $16,113,859 for the nine months ended September 30, 2009. Included in these amounts are payments to settle hedges totaling $5,950,363 and $486,749, respectively. In addition, amounts received to settle hedges decreased $5,815,225 to $0 for the nine months ended September 30, 2010 from $5,815,225 for the nine months ended September 30, 2009, which resulted in total cash receipts over cash disbursements of $32,171,822 and $21,929,084, respectively. The Trust's income from net profits interest and hedge activities (80%) of these totals were $25,737,457 and $17,543,267, respectively, which was decreased by a Trust holdback for future expenses of $667,458 and $580,309 for the nine months ended September 30, 2010 and 2009, respectively, resulting in distributable income of $25,070,000 and $16,962,958 for the nine months ended September 30, 2010 and 2009, respectively.
Read the The complete Report
