| Texas | ||||
(State or other jurisdiction of Incorporation or Organization) | | | 76-6284806 (I.R.S. Employer Identification No.) | | |
| The Bank of New York Mellon Trust Company, N.A., Trustee 601 Travis Street, Floor 16 Houston, Texas | ||||
(Address of Principal Executive Offices) | | | 77002 (Zip Code) | |
| Title of each class | | | Trading Symbol(s) | | | Name of each exchange on which registered | |
| Units of Beneficial Interest | | | MTR | | | New York Stock Exchange | |
| Large accelerated filer | | | ☐ | | | Accelerated filer | | | ☐ | | | Non-accelerated filer | | | ☒ | | | Smaller reporting company | | | ☒ | |
| | | | | | | | | | | | | | | | | | | Emerging growth company | | | ☐ | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, | | | Three Months Ended June 30, | | Six Months Ended June 30, | | ||||||||||||||||||||||||||||||||||||||||
| | 2021 | | 2020 | | 2021 | | 2020 | | | 2022 | | 2021 | | 2022 | | 2021 | | ||||||||||||||||||||||||||||||||
Royalty income | | | $ | — | | | | $ | 49,984 | | | | $ | 630,687 | | | | $ | 703,387 | | | |||||||||||||||||||||||||||||
Royalty and other income | | | $ | 1,036,950 | | | | $ | 594,172 | | | | $ | 1,769,844 | | | | $ | 630,687 | | | |||||||||||||||||||||||||||||
Interest income | | | | 35 | | | | | 89 | | | | | 92 | | | | | 5,731 | | | | | | 1,026 | | | | | 31 | | | | | 1,055 | | | | | 58 | | | ||||||||
General and administrative expense | | | | (53,641) | | | | | (73,854) | | | | | (149,794) | | | | | (167,149) | | | | | | (64,707) | | | | | (61,851) | | | | | (122,158) | | | | | (96,153) | | | ||||||||
Income available for distribution prior to cash reserves used for Trust expenses | | | | (53,606) | | | | | (23,781) | | | | | 480,985 | | | | | 541,969 | | | |||||||||||||||||||||||||||||
Cash reserves used for current Trust expenses | | | | 53,606 | | | | | 23,781 | | | | | 51,367 | | | | | 23,781 | | | |||||||||||||||||||||||||||||
Income available for distribution prior to cash reserves withheld for Trust expenses | | | | 973,269 | | | | | 532,352 | | | | | 1,648,741 | | | | | 534,592 | | | |||||||||||||||||||||||||||||
Cash reserves withheld for Trust expenses | | | | (37,500) | | | | | — | | | | | (109,500) | | | | | (2,240) | | | |||||||||||||||||||||||||||||
Distributable income | | | $ | — | | | | $ | — | | | | $ | 532,352 | | | | $ | 565,750 | | | | | $ | 935,769 | | | | $ | 532,352 | | | | $ | 1,539,241 | | | | $ | 532,352 | | | ||||||||
Distributable income per unit | | | $ | — | | | | $ | — | | | | $ | 0.2857 | | | | $ | 0.3036 | | | | | $ | 0.5021 | | | | $ | 0.2857 | | | | $ | 0.8260 | | | | $ | 0.2857 | | | ||||||||
Units outstanding | | | | 1,863,590 | | | | | 1,863,590 | | | | | 1,863,590 | | | | | 1,863,590 | | | | | | 1,863,590 | | | | | 1,863,590 | | | | | 1,863,590 | | | | | 1,863,590 | | |
| | September 30, 2021 | | December 31, 2020 | | | June 30, 2022 | | December 31, 2021 | | ||||||||||||||||
| | (Unaudited) | | | | | | | | (Unaudited) | | | | | | | ||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | ||||
Cash and short-term investments | | | $ | 1,019,741 | | | | $ | 1,076,485 | | | | | $ | 2,069,912 | | | | $ | 1,266,979 | | | ||||
Net overriding royalty interest in oil and gas properties | | | | 42,498,034 | | | | | 42,498,034 | | | | | | 42,498,034 | | | | | 42,498,034 | | | ||||
Accumulated amortization | | | | (41,013,540) | | | | | (40,984,296) | | | | | | (41,058,835) | | | | | (41,026,117) | | | ||||
Total assets | | | $ | 2,504,235 | | | | $ | 2,590,223 | | | | | $ | 3,509,111 | | | | $ | 2,738,896 | | | ||||
LIABILITIES AND TRUST CORPUS | | | | | | | | | | | | | | | | | | | | | | | ||||
Distributions payable | | | $ | 7,316 | | | | $ | — | | | | | $ | 934,644 | | | | $ | 241,979 | | | ||||
Trust corpus (1,863,590 units of beneficial interest authorized, issued and outstanding) | | | | 2,496,919 | | | | | 2,590,223 | | | | | | 2,574,467 | | | | | 2,496,917 | | | ||||
Total liabilities and trust corpus | | | $ | 2,504,235 | | | | $ | 2,590,223 | | | | | $ | 3,509,111 | | | | $ | 2,738,896 | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, | | | Three Months Ended June 30, | | Six Months Ended June 30, | | ||||||||||||||||||||||||||||||||||||||||
| | 2021 | | 2020 | | 2021 | | 2020 | | | 2022 | | 2021 | | 2022 | | 2021 | | ||||||||||||||||||||||||||||||||
Trust corpus, beginning of period | | | $ | 2,557,841 | | | | $ | 2,547,145 | | | | $ | 2,590,223 | | | | $ | 2,584,522 | | | | | $ | 2,562,512 | | | | $ | 2,587,186 | | | | $ | 2,496,917 | | | | $ | 2,590,223 | | | ||||||||
Cash reserves withheld for current Trust expenses | | | | (53,606) | | | | | (23,781) | | | | | (51,367) | | | | | (23,781) | | | |||||||||||||||||||||||||||||
Cash reserves withheld for Trust expenses | | | | 37,500 | | | | | — | | | | | 109,500 | | | | | 2,240 | | | |||||||||||||||||||||||||||||
Distributable income | | | | — | | | | | — | | | | | 532,352 | | | | | 565,750 | | | | | | 935,769 | | | | | 532,352 | | | | | 1,539,241 | | | | | 532,352 | | | ||||||||
Distributions to unitholders | | | | (7,316) | | | | | — | | | | | (545,045) | | | | | (544,685) | | | | | | (934,644) | | | | | (537,730) | | | | | (1,538,473) | | | | | (537,730) | | | ||||||||
Amortization of net overriding royalty interest | | | | — | | | | | (8,891) | | | | | (29,244) | | | | | (67,333) | | | | | | (26,670) | | | | | (23,967) | | | | | (32,718) | | | | | (29,244) | | | ||||||||
Trust corpus, end of period | | | $ | 2,496,919 | | | | $ | 2,514,473 | | | | $ | 2,496,919 | | | | $ | 2,514,473 | | | | | $ | 2,574,467 | | | | $ | 2,557,841 | | | | $ | 2,574,467 | | | | $ | 2,557,841 | | |
| | | As of September 30, 2021 | | | As of December 31, 2020 | | ||||||
Hugoton Properties | | | | $ | 306,944 | | | | | $ | 430,888 | | |
San Juan Basin – Colorado Properties – Simcoe | | | | | 425,073 | | | | | | — | | |
San Juan Basin – Colorado Properties – Red Willow | | | | | 26,920 | | | | | | 36,453 | | |
San Juan Basin – New Mexico Properties – Hilcorp | | | | | 212,615 | | | | | | 18,874 | | |
Total | | | | $ | 971,552 | | | | | $ | 486,215 | | |
| | | As of June 30, 2022 | | | As of December 31, 2021 | | ||||||
Hugoton Properties | | | | $ | — | | | | | $ | 8,100 | | |
San Juan Basin – Colorado Properties – Simcoe | | | | | 250,148 | | | | | | 341,707 | | |
San Juan Basin – Colorado Properties – Red Willow | | | | | 15,299 | | | | | | 24,794 | | |
San Juan Basin – New Mexico Properties – XTO (Hilcorp) | | | | | 11,539 | | | | | | 29,184 | | |
Total | | | | $ | 276,986 | | | | | $ | 403,785 | | |
| | Three Months Ended September 30 | | Nine Months Ended September 30, | | | Three Months Ended June 30, | | Six Months Ended June 30, | | ||||||||||||||||||||||||||||||||||||||||
| | 2021 | | 2020 | | 2021 | | 2020 | | | 2022 | | 2021 | | 2022 | | 2021 | | ||||||||||||||||||||||||||||||||
Distributable income before reserve for contingent liabilities and expenses | | | $ | (53,606) | | | | $ | (23,781) | | | | $ | 480,985 | | | | $ | 541,969 | | | | | $ | 973,269 | | | | $ | 532,352 | | | | $ | 1,648,741 | | | | $ | 534,592 | | | ||||||||
Increase in Contingent Reserve | | | | (35) | | | | | (7,621) | | | | | (639,501) | | | | | (201,994) | | | |||||||||||||||||||||||||||||
Withdrawal from Contingent Reserve | | | | 60,957 | | | | | 31,402 | | | | | 703,561 | | | | | 204,710 | | | |||||||||||||||||||||||||||||
Increase in the Contingent Reserve | | | | (1,038,357) | | | | | (594,359) | | | | | (1,770,899) | | | | | (639,466) | | | |||||||||||||||||||||||||||||
Withdrawal from the Contingent Reserve | | | | 999,732 | | | | | 599,737 | | | | | 1,660,631 | | | | | 642,604 | | | |||||||||||||||||||||||||||||
Distributable income available for distribution | | | $ | 7,316 | | | | $ | — | | | | $ | 545,045 | | | | $ | 544,685 | | | | | $ | 934,644 | | | | $ | 537,730 | | | | $ | 1,538,473 | | | | $ | 537,730 | | | ||||||||
Distributable income available for distribution per unit | | | $ | 0.0039 | | | | $ | — | | | | $ | 0.2925 | | | | $ | 0.2923 | | | | | $ | 0.5015 | | | | $ | 0.2885 | | | | $ | 0.8255 | | | | $ | 0.2885 | | | ||||||||
Units outstanding | | | | 1,863,590 | | | | | 1,863,590 | | | | | 1,863,590 | | | | | 1,863,590 | | | | | | 1,863,590 | | | | | 1,863,590 | | | | | 1,863,590 | | | | | 1,863,590 | | |
| | | Three Months Ended September 30, | | |||||||||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||||||||||||||
| | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | ||||||||||||||||||
The Trust’s proportionate share of Gross proceeds(1)(5) | | | | $ | 665,006 | | | | | $ | 279,222 | | | | | $ | 8,919 | | | | | $ | 456,408 | | | | | $ | 144,298 | | | | | $ | 22,255 | | |
Less the Trust’s proportionate share of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital costs recovered | | | | | (733) | | | | | | (585) | | | | | | (19) | | | | | | (19,958) | | | | | | (304) | | | | | | (4,307) | | |
Operating costs | | | | | (891,375) | | | | | | (161,363) | | | | | | (3,620) | | | | | | (435,021) | | | | | | (138,255) | | | | | | (19,808) | | |
Net proceeds(2) | | | | $ | (227,102) | | | | | $ | 117,274 | | | | | $ | 5,280 | | | | | $ | 1,429 | | | | | $ | 5,739 | | | | | $ | (1,860) | | |
Royalty income(2) | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 36,002 | | | | | $ | 1,773 | | | | | $ | 12,209 | | |
Average sales price | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 0.69 | | | | | $ | 8.49 | | | | | $ | 39.41 | | |
Average production costs(3) | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 8.67 | | | | | $ | 663.35 | | | | | $ | 77.85 | | |
| | | (Mcf) | | | (Bbls) | | | (Bbls) | | | (Mcf) | | | (Bbls) | | | (Bbls) | | ||||||||||||||||||
Net production volumes attributable to the Royalty paid(4) | | | | | — | | | | | | — | | | | | | — | | | | | | 52,492 | | | | | | 209 | | | | | | 310 | | |
| | | Three Months Ended June 30, | | |||||||||||||||||||||||||||||||||
| | | 2022 | | | 2021 | | ||||||||||||||||||||||||||||||
| | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | ||||||||||||||||||
The Trust’s proportionate share of Gross proceeds(1)(5) | | | | $ | 1,058,674 | | | | | $ | 495,401 | | | | | $ | 22,330 | | | | | $ | 1,148,384 | | | | | $ | 267,412 | | | | | $ | 8,919 | | |
Less the Trust’s proportionate share of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital costs recovered | | | | | (3,503) | | | | | | (1,727) | | | | | | (82) | | | | | | (1,789) | | | | | | (905) | | | | | | (19) | | |
Operating costs | | | | | (527,860) | | | | | | (217,148) | | | | | | (5,949) | | | | | | (354,001) | | | | | | (147,716) | | | | | | (3,620) | | |
Net proceeds(2) | | | | $ | 527,311 | | | | | $ | 276,526 | | | | | $ | 16,299 | | | | | $ | 792,594 | | | | | $ | 118,791 | | | | | $ | 5,280 | | |
Royalty income(2) | | | | $ | 704,237 | | | | | $ | 316,794 | | | | | $ | 16,299 | | | | | $ | 594,172 | | | | | $ | — | | | | | $ | — | | |
Average sales price | | | | $ | 5.10 | | | | | $ | 33.10 | | | | | $ | 85.69 | | | | | $ | 5.16 | | | | | $ | — | | | | | $ | — | | |
Average production costs(3) | | | | $ | 3.85 | | | | | $ | 22.87 | | | | | $ | 31.70 | | | | | $ | 3.09 | | | | | $ | — | | | | | $ | — | | |
| | | (Mcf) | | | (Bbls) | | | (Bbls) | | | (Mcf) | | | (Bbls) | | | (Bbls) | | ||||||||||||||||||
Net production volumes attributable to the Royalty paid(4) | | | | | 137,963 | | | | | | 9,572 | | | | | | 190 | | | | | | 115,090 | | | | | | — | | | | | | — | | |
| | | Nine Months Ended September 30, | | |||||||||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||||||||||||||
| | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | ||||||||||||||||||
The Trust’s proportionate share of Gross proceeds(1)(5) | | | | $ | 2,724,818 | | | | | $ | 795,345 | | | | | $ | 79,203 | | | | | $ | 1,702,735 | | | | | $ | 583,063 | | | | | $ | 58,618 | | |
Less the Trust’s proportionate share of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital costs recovered | | | | | (1,036,884) | | | | | | (3,088) | | | | | | (161,402) | | | | | | (39,814) | | | | | | (10,473) | | | | | | (6,099) | | |
Operating costs | | | | | (1,763,837) | | | | | | (455,908) | | | | | | (32,898) | | | | | | (1,365,475) | | | | | | (387,705) | | | | | | (44,507) | | |
Net proceeds(2) | | | | $ | (75,903) | | | | | $ | 336,349 | | | | | $ | (115,097) | | | | | $ | 297,446 | | | | | $ | 184,885 | | | | | $ | 8,012 | | |
Royalty income(2) | | | | $ | 630,687 | | | | | $ | — | | | | | $ | — | | | | | $ | 499,092 | | | | | $ | 182,164 | | | | | $ | 22,131 | | |
Average sales price | | | | $ | 4.49 | | | | | $ | — | | | | | $ | — | | | | | $ | 1.35 | | | | | $ | 11.66 | | | | | $ | 40.86 | | |
Average production costs(3) | | | | $ | 19.94 | | | | | $ | — | | | | | $ | — | | | | | $ | 3.80 | | | | | $ | 25.49 | | | | | $ | 93.44 | | |
| | | (Mcf) | | | (Bbls) | | | (Bbls) | | | (Mcf) | | | (Bbls) | | | (Bbls) | | ||||||||||||||||||
Net production volumes attributable to the Royalty paid(4) | | | | | 140,431 | | | | | | — | | | | | | — | | | | | | 369,725 | | | | | | 15,619 | | | | | | 542 | | |
| | | Six Months Ended June 30, | | |||||||||||||||||||||||||||||||||
| | | 2022 | | | 2021 | | ||||||||||||||||||||||||||||||
| | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | ||||||||||||||||||
The Trust’s proportionate share of Gross proceeds(1)(5) | | | | $ | 2,430,381 | | | | | $ | 1,096,262 | | | | | $ | 60,469 | | | | | $ | 2,059,812 | | | | | $ | 516,122 | | | | | $ | 70,284 | | |
Less the Trust’s proportionate share of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital costs recovered | | | | | (63,852) | | | | | | (29,318) | | | | | | (2,309) | | | | | | (1,036,152) | | | | | | (2,503) | | | | | | (161,383) | | |
Operating costs | | | | | (1,104,851) | | | | | | (469,733) | | | | | | (21,018) | | | | | | (872,461) | | | | | | (294,544) | | | | | | (29,278) | | |
Net proceeds(2) | | | | $ | 1,261,678 | | | | | $ | 597,211 | | | | | $ | 37,142 | | | | | $ | 151,199 | | | | | $ | 219,075 | | | | | $ | (120,377) | | |
Royalty income(2) | | | | $ | 1,143,880 | | | | | $ | 590,381 | | | | | $ | 35,583 | | | | | $ | 630,687 | | | | | $ | — | | | | | $ | — | | |
Average sales price | | | | $ | 6.79 | | | | | $ | 51.07 | | | | | $ | 88.09 | | | | | $ | 4.47 | | | | | $ | — | | | | | $ | — | | |
Average production costs(3) | | | | $ | 6.93 | | | | | $ | 43.17 | | | | | $ | 57.75 | | | | | $ | 13.52 | | | | | $ | — | | | | | $ | — | | |
| | | (Mcf) | | | (Bbls) | | | (Bbls) | | | (Mcf) | | | (Bbls) | | | (Bbls) | | ||||||||||||||||||
Net production volumes attributable to the Royalty paid(4) | | | | | 168,545 | | | | | | 11,560 | | | | | | 404 | | | | | | 141,218 | | | | | | — | | | | | | — | | |
| | Three Months Ended September 30, | | | Three Months Ended June 30, | | ||||||||||||||||||||
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||
Royalty income | | | $ | — | | | | $ | 49,984 | | | |||||||||||||||
Royalty and other income | | | $ | 1,036,950 | | | | $ | 594,172 | | | |||||||||||||||
Interest income | | | | 35 | | | | | 89 | | | | | | 1,026 | | | | | 31 | | | ||||
General and administrative expense | | | | (53,641) | | | | | (73,854) | | | | | | (64,707) | | | | | (61,851) | | | ||||
Income available for distribution prior to cash reserves used for Trust expenses | | | | (53,606) | | | | | (23,781) | | | |||||||||||||||
Cash reserves used for current Trust expenses | | | | 53,606 | | | | | 23,781 | | | |||||||||||||||
Income available for distribution prior to cash reserves withheld for Trust expenses | | | | 973,269 | | | | | 532,352 | | | |||||||||||||||
Cash reserves withheld for Trust expenses | | | | (37,500) | | | | | — | | | |||||||||||||||
Distributable income | | | $ | — | | | | $ | — | | | | | $ | 935,769 | | | | $ | 532,352 | | | ||||
Distributable income per unit | | | $ | — | | | | $ | — | | | | | $ | 0.5021 | | | | $ | 0.2857 | | | ||||
Units outstanding | | | | 1,863,590 | | | | | 1,863,590 | | | | | | 1,863,590 | | | | | 1,863,590 | | |
| | | 2021 | | | 2020 | | ||||||
July | | | | $ | 0.0039 | | | | | $ | — | | |
August | | | | | — | | | | | | — | | |
September | | | | | — | | | | | | — | | |
| | | | $ | 0.0039 | | | | | $ | — | | |
| | | 2022 | | | 2021 | | ||||||
April | | | | $ | 0.1015 | | | | | $ | — | | |
May | | | | | 0.2504 | | | | | | 0.2714 | | |
June | | | | | 0.1496 | | | | | | 0.0171 | | |
| | | | $ | 0.5015 | | | | | $ | 0.2885 | | |
| | Three Months Ended September 30, | | | Three Months Ended June 30, | | ||||||||||||||||||||
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||
Royalty income attributable to Hugoton Royalty Properties | | | $ | — | | | | $ | — | | | | | $ | 345,326 | | | | $ | — | | | ||||
Operating costs attributable to Hugoton Royalty Properties | | | $ | 372,042 | | | | $ | 278,709 | | | | | $ | 468,742 | | | | $ | 293,587 | | | ||||
Capital expenditures attributable to Hugoton Royalty Properties | | | $ | — | | | | $ | — | | | | | $ | 1,760 | | | | $ | 1,377 | | |
| | | Three Months Ended September 30, | | |||||||||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||||||||||||||
| | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | ||||||||||||||||||
Average sales price | | | | $ | 3.68 | | | | | $ | 20.05 | | | | | $ | — | | | | | $ | 2.40 | | | | | $ | 8.10 | | | | | $ | — | | |
| | | (Mcf) | | | (Bbls) | | | (Bbls) | | | (Mcf) | | | (Bbls) | | | (Bbls) | | ||||||||||||||||||
Actual production volumes attributable to the Royalty paid for Hugoton Royalty Properties | | | | | 89,833 | | | | | | 4,157 | | | | | | — | | | | | | 85,068 | | | | | | 5,522 | | | | | | — | | |
Net production volumes attributable to the Royalty paid for Hugoton Royalty Properties | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | Three Months Ended June 30, | | |||||||||||||||||||||||||||||||||
| | | 2022 | | | 2021 | | ||||||||||||||||||||||||||||||
| | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | ||||||||||||||||||
Average sales price | | | | $ | 5.91 | | | | | $ | 27.64 | | | | | $ | — | | | | | $ | 3.63 | | | | | $ | 16.93 | | | | | $ | — | | |
| | | (Mcf) | | | (Bbls) | | | (Bbls) | | | (Mcf) | | | (Bbls) | | | (Bbls) | | ||||||||||||||||||
Actual production volumes attributable to the Royalty paid for Hugoton Royalty Properties | | | | | 75,519 | | | | | | 4,699 | | | | | | — | | | | | | 72,895 | | | | | | 4,224 | | | | | | — | | |
Net production volumes attributable to the Royalty paid for Hugoton Royalty Properties | | | | | 47,806 | | | | | | 2,267 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | Three Months Ended September 30, | | | Three Months Ended June 30, | | ||||||||||||||||||||
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||
Royalty income attributable to San Juan Basin – Colorado Properties | | | $ | — | | | | $ | 21,636 | | | | | $ | — | | | | $ | 594,172 | | | ||||
Operating costs attributable to San Juan Basin – Colorado Properties | | | $ | 474,272 | | | | $ | 25,702 | | | | | $ | 3,655 | | | | $ | 1,706 | | |
| | | Three Months Ended June 30, | | |||||||||||||||||||||||||||||||||
| | | 2022 | | | 2021 | | ||||||||||||||||||||||||||||||
| | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | ||||||||||||||||||
Average sales price(1) | | | | $ | 0.31 | | | | | $ | 0.77 | | | | | $ | — | | | | | $ | 5.16 | | | | | $ | — | | | | | $ | — | | |
| | | (Mcf) | | | (Bbls) | | | (Bbls) | | | (Mcf) | | | (Bbls) | | | (Bbls) | | ||||||||||||||||||
Actual production volumes attributable to the Royalty paid for San Juan Basin – Colorado Properties | | | | | 83,529 | | | | | | 400 | | | | | | — | | | | | | 118,716 | | | | | | — | | | | | | — | | |
Net production volumes attributable to the Royalty paid for San Juan Basin – Colorado Properties | | | | | — | | | | | | — | | | | | | — | | | | | | 115,091 | | | | | | — | | | | | | — | | |
| | | Three Months Ended September 30, | | |||||||||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||||||||||||||
| | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | ||||||||||||||||||
Average sales price | | | | $ | 0.66 | | | | | $ | — | | | | | $ | — | | | | | $ | 0.51 | | | | | $ | — | | | | | $ | — | | |
| | | (Mcf) | | | (Bbls) | | | (Bbls) | | | (Mcf) | | | (Bbls) | | | (Bbls) | | ||||||||||||||||||
Actual production volumes attributable to the Royalty paid for San Juan Basin – Colorado Properties | | | | | 80,733 | | | | | | — | | | | | | — | | | | | | 92,914 | | | | | | — | | | | | | — | | |
Net production volumes attributable to the Royalty paid for San Juan Basin – Colorado Properties | | | | | — | | | | | | — | | | | | | — | | | | | | 42,311 | | | | | | — | | | | | | — | | |
| | Three Months Ended September 30, | | | Three Months Ended June 30, | | ||||||||||||||||||||
| | | | 2021 | | | | | 2020 | | | | 2022 | | 2021 | | ||||||||||
Royalty income attributable to San Juan Basin – New Mexico Properties | | | $ | — | | | | $ | 28,348 | | | | | $ | 692,004 | | | | $ | — | | | ||||
Operating costs attributable to San Juan Basin – New Mexico Properties | | | $ | 210,044 | | | | $ | 288,673 | | | | | $ | 278,560 | | | | $ | 210,044 | | | ||||
Capital expenditures attributable to San Juan Basin – New Mexico Properties | | | $ | 1,336 | | | | $ | 24,570 | | | | | $ | 3,552 | | | | $ | 1,336 | | |
| | | Three Months Ended September 30, | | |||||||||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||||||||||||||
| | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | ||||||||||||||||||
Average sales price | | | | $ | 2.02 | | | | | $ | 17.32 | | | | | $ | 36.60 | | | | | $ | 1.41 | | | | | $ | 8.49 | | | | | $ | 39.41 | | |
| | | (Mcf) | | | (Bbls) | | | (Bbls) | | | (Mcf) | | | (Bbls) | | | (Bbls) | | ||||||||||||||||||
Actual production volumes attributable to the Royalty paid for San Juan Basin – New Mexico Properties | | | | | 138,806 | | | | | | 11,310 | | | | | | 244 | | | | | | 144,399 | | | | | | 11,503 | | | | | | 572 | | |
Net production volumes attributable to the Royalty paid for San Juan Basin – New Mexico Properties | | | | | — | | | | | | — | | | | | | — | | | | | | 10,181 | | | | | | 209 | | | | | | 310 | | |
| | | Three Months Ended June 30, | | |||||||||||||||||||||||||||||||||
| | | 2022 | | | 2021 | | ||||||||||||||||||||||||||||||
| | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | ||||||||||||||||||
Average sales price | | | | $ | 4.68 | | | | | $ | 34.79 | | | | | $ | 85.69 | | | | | $ | 2.02 | | | | | $ | 17.32 | | | | | $ | 36.60 | | |
| | | (Mcf) | | | (Bbls) | | | (Bbls) | | | (Mcf) | | | (Bbls) | | | (Bbls) | | ||||||||||||||||||
Actual production volumes attributable to the Royalty paid for San Juan Basin – New Mexico Properties | | | | | 125,445 | | | | | | 10,498 | | | | | | 261 | | | | | | 138,806 | | | | | | 11,310 | | | | | | 244 | | |
Net production volumes attributable to the Royalty paid for San Juan Basin – New Mexico Properties | | | | | 90,158 | | | | | | 7,305 | | | | | | 190 | | | | | | — | | | | | | — | | | | | | — | | |
| | Nine Months Ended September 30, | | | Six Months Ended June 30, | | ||||||||||||||||||||
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||
Royalty income | | | $ | 630,687 | | | | $ | 703,387 | | | | | $ | 1,769,844 | | | | $ | 630,687 | | | ||||
Interest income | | | | 92 | | | | | 5,731 | | | | | | 1,055 | | | | | 58 | | | ||||
General and administrative expense | | | | (149,794) | | | | | (167,149) | | | | | | (122,158) | | | | | (96,153) | | | ||||
Income available for distribution prior to cash reserves used for Trust expenses | | | | 480,985 | | | | | 541,969 | | | |||||||||||||||
Cash reserves used for current Trust expenses | | | | 51,367 | | | | | 23,781 | | | |||||||||||||||
Income available for distribution prior to cash reserves withheld for Trust expenses | | | | 1,648,741 | | | | | 534,592 | | | |||||||||||||||
Cash reserves withheld for Trust expenses | | | | (109,500) | | | | | (2,240) | | | |||||||||||||||
Distributable income | | | $ | 532,352 | | | | $ | 565,750 | | | | | $ | 1,539,241 | | | | $ | 532,352 | | | ||||
Distributable income per unit | | | $ | 0.2857 | | | | $ | 0.3036 | | | | | $ | 0.8260 | | | | $ | 0.2857 | | | ||||
Units outstanding | | | | 1,863,590 | | | | | 1,863,590 | | | | | | 1,863,590 | | | | | 1,863,590 | | |
| | Nine Months Ended September 30, | | | Six Months Ended June 30, | | ||||||||||||||||||||
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||
Royalty income attributable to Hugoton Royalty Properties | | | $ | — | | | | $ | 248,445 | | | | | $ | 345,326 | | | | $ | — | | | ||||
Operating costs attributable to Hugoton Royalty Properties | | | $ | 964,125 | | | | $ | 876,499 | | | | | $ | 852,917 | | | | $ | 592,083 | | | ||||
Capital expenditures attributable to Hugoton Royalty Properties | | | $ | 14,614 | | | | $ | — | | | | | $ | 31,958 | | | | $ | 14,614 | | |
| | | Nine Months Ended September 30, | | |||||||||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||||||||||||||
| | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | ||||||||||||||||||
Average sales price | | | | $ | 3.57 | | | | | $ | 17.55 | | | | | $ | — | | | | | $ | 2.70 | | | | | $ | 9.79 | | | | | $ | — | | |
| | | (Mcf) | | | (Bbls) | | | (Bbls) | | | (Mcf) | | | (Bbls) | | | (Bbls) | | ||||||||||||||||||
Actual production volumes attributable to the Royalty paid for Hugoton Royalty Properties | | | | | 247,778 | | | | | | 12,412 | | | | | | — | | | | | | 289,617 | | | | | | 16,026 | | | | | | — | | |
Net production volumes attributable to the Royalty paid for Hugoton Royalty Properties | | | | | — | | | | | | — | | | | | | — | | | | | | 69,693 | | | | | | 6,145 | | | | | | — | | |
| | | Six Months Ended June 30, | | |||||||||||||||||||||||||||||||||
| | | 2022 | | | 2021 | | ||||||||||||||||||||||||||||||
| | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | ||||||||||||||||||
Average sales price | | | | $ | 5.13 | | | | | $ | 24.87 | | | | | $ | — | | | | | $ | 3.51 | | | | | $ | 16.29 | | | | | $ | — | | |
| | | (Mcf) | | | (Bbls) | | | (Bbls) | | | (Mcf) | | | (Bbls) | | | (Bbls) | | ||||||||||||||||||
Actual production volumes attributable to the Royalty paid for Hugoton Royalty Properties | | | | | 193,508 | | | | | | 9,862 | | | | | | — | | | | | | 157,945 | | | | | | 8,255 | | | | | | — | | |
Net production volumes attributable to the Royalty paid for Hugoton Royalty Properties | | | | | 55,092 | | | | | | 2,519 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | Nine Months Ended September 30, | | | Six Months Ended June 30, | | ||||||||||||||||||||
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||
Royalty income attributable to San Juan Basin – Colorado Properties | | | $ | 630,687 | | | | $ | 135,214 | | | | | $ | — | | | | $ | 630,687 | | | ||||
Operating costs attributable to San Juan Basin – Colorado Properties | | | $ | 483,993 | | | | $ | 89,587 | | | | | $ | 4,894 | | | | $ | 9,721 | | |
| | | Six Months Ended June 30, | | |||||||||||||||||||||||||||||||||
| | | 2022 | | | 2021 | | ||||||||||||||||||||||||||||||
| | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | ||||||||||||||||||
Average sales price(1) | | | | $ | 0.65 | | | | | $ | 0.63 | | | | | $ | — | | | | | $ | 4.34 | | | | | $ | — | | | | | $ | — | | |
| | | (Mcf) | | | (Bbls) | | | (Bbls) | | | (Mcf) | | | (Bbls) | | | (Bbls) | | ||||||||||||||||||
Actual production volumes attributable to the Royalty paid for San Juan Basin – Colorado Properties | | | | | 161,615 | | | | | | 1,247 | | | | | | — | | | | | | 148,890 | | | | | | — | | | | | | — | | |
Net production volumes attributable to the Royalty paid for San Juan Basin – Colorado Properties | | | | | — | | | | | | — | | | | | | — | | | | | | 141,218 | | | | | | — | | | | | | — | | |
| | | Nine Months Ended September 30, | | |||||||||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||||||||||||||
| | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | ||||||||||||||||||
Average sales price | | | | $ | 4.49 | | | | | $ | — | | | | | $ | — | | | | | $ | 0.71 | | | | | $ | — | | | | | $ | — | | |
| | | (Mcf) | | | (Bbls) | | | (Bbls) | | | (Mcf) | | | (Bbls) | | | (Bbls) | | ||||||||||||||||||
Actual production volumes attributable to the Royalty paid for San Juan Basin – Colorado Properties | | | | | 229,623 | | | | | | — | | | | | | — | | | | | | 309,063 | | | | | | — | | | | | | — | | |
Net production volumes attributable to the Royalty paid for San Juan Basin – Colorado Properties | | | | | 140,431 | | | | | | — | | | | | | — | | | | | | 191,305 | | | | | | — | | | | | | — | | |
| | Nine Months Ended September 30, | | | Six Months Ended June 30, | | ||||||||||||||||||||
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||
Royalty income attributable to San Juan Basin – New Mexico Properties | | | $ | — | | | | $ | 319,728 | | | | | $ | 1,424,518 | | | | $ | — | | | ||||
Operating costs attributable to San Juan Basin – New Mexico Properties | | | $ | 804,524 | | | | $ | 831,601 | | | | | $ | 737,791 | | | | $ | 594,480 | | | ||||
Capital expenditures attributable to San Juan Basin – New Mexico Properties | | | $ | 1,186,761 | | | | $ | 56,386 | | | | | $ | 63,521 | | | | $ | 1,185,424 | | |
| | | Nine Months Ended September 30 | | |||||||||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||||||||||||||
| | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | ||||||||||||||||||
Average sales price | | | | $ | 2.62 | | | | | $ | 16.53 | | | | | $ | 43.45 | | | | | $ | 1.62 | | | | | $ | 12.88 | | | | | $ | 40.86 | | |
| | | (Mcf) | | | (Bbls) | | | (Bbls) | | | (Mcf) | | | (Bbls) | | | (Bbls) | | ||||||||||||||||||
Actual production volumes attributable to the Royalty paid for San Juan Basin – New Mexico Properties | | | | | 435,955 | | | | | | 34,943 | | | | | | 1,823 | | | | | | 432,961 | | | | | | 32,840 | | | | | | 1,442 | | |
Net production volumes attributable to the Royalty paid for San Juan Basin – New Mexico Properties | | | | | — | | | | | | — | | | | | | — | | | | | | 108,727 | | | | | | 9,474 | | | | | | 542 | | |
| | | Six Months Ended June 30, | | |||||||||||||||||||||||||||||||||
| | | 2022 | | | 2021 | | ||||||||||||||||||||||||||||||
| | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | ||||||||||||||||||
Average sales price | | | | $ | 7.59 | | | | | $ | 58.37 | | | | | $ | 88.09 | | | | | $ | 2.89 | | | | | $ | 16.15 | | | | | $ | 44.51 | | |
| | | (Mcf) | | | (Bbls) | | | (Bbls) | | | (Mcf) | | | (Bbls) | | | (Bbls) | | ||||||||||||||||||
Actual production volumes attributable to the Royalty paid for San Juan Basin – New Mexico Properties | | | | | 175,521 | | | | | | 14,565 | | | | | | 686 | | | | | | 297,149 | | | | | | 23,633 | | | | | | 1,579 | | |
Net production volumes attributable to the Royalty paid for San Juan Basin – New Mexico Properties | | | | | 113,453 | | | | | | 9,041 | | | | | | 404 | | | | | | — | | | | | | — | | | | | | — | | |
| Exhibit Number | | | | | | SEC File or Registration Number | | | Exhibit Number | |
| 4(a) | | | *Mesa Royalty Trust Indenture between Mesa Petroleum Co. and Texas Commerce Bank National Association, as Trustee, dated November 1, 1979 | | | 2-65217 | | | 1(a) | |
| 4(b) | | | *Form of Overriding Royalty Conveyance between Mesa Petroleum Co. and Texas Commerce Bank, as Trustee, dated November 1, 1979 | | | 2-65217 | | | 1(b) | |
| 4(c) | | | *First Amendment to the Mesa Royalty Trust Indenture dated as of March 14, 1985 (Exhibit 4(c) to Form 10-K for year ended December 31, 1984 of Mesa Royalty Trust) | | | 1-7884 | | | 4(c) | |
| 4(d) | | | *Form of Assignment of Overriding Royalty Interest, effective April 1, 1985, from Texas Commerce Bank National Association, as Trustee, to MTR Holding Co. (Exhibit 4(d) to Form 10-K for year ended December 31, 1984 of Mesa Royalty Trust) | | | 1-7884 | | | 4(d) | |
| 4(e) | | | *Purchase and Sale Agreement, dated March 25, 1991, by and among Mesa Limited Partnership, Mesa Operating Limited Partnership and ConocoPhillips, as amended on April 30, 1991 (Exhibit 4(e) to Form 10-K for year ended December 31, 1991 of Mesa Royalty Trust) | | | 1-7884 | | | 4(e) | |
| 31 | | | | | | | | | | |
| 32 | | | | | | | | | |
| By: | | | |||
The Bank of New York Mellon Trust Company, N.A., as Trustee | | |||||
| | | /s/ Elaina Rodgers Elaina Rodgers Vice President & Trust Officer | |