|
Delaware
(State or other jurisdiction of
incorporation or organization) |
| |
06-6554331
(I.R.S. Employer
Identification No.) |
|
|
The Bank of New York Mellon
Trust Company, N.A., Trustee Global Corporate Trust 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
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|
|
Units of Beneficial Interest
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| |
MVO
|
| |
New York Stock Exchange
|
|
| Large accelerated filer ☐ | | | Accelerated filer ☐ | | | Non-accelerated filer ☒ | | |
Smaller reporting company ☒
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|
| | | | | | | | | |
Emerging growth company ☐
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Page
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| | | | 1 | | | |
| | | | 2 | | | |
PART I
|
| | | | | | |
| | | | 6 | | | |
| | | | 29 | | | |
| | | | 41 | | | |
| | | | 41 | | | |
| | | | 43 | | | |
| | | | 43 | | | |
| | | | 43 | | | |
PART II
|
| | | | | | |
| | | | 44 | | | |
| | | | 44 | | | |
| | | | 44 | | | |
| | | | 48 | | | |
| | | | 49 | | | |
| | | | 60 | | | |
| | | | 60 | | | |
| | | | 60 | | | |
| | | | 61 | | | |
PART III
|
| | | | | | |
| | | | 62 | | | |
| | | | 62 | | | |
| | | | 62 | | | |
| | | | 63 | | | |
| | | | 64 | | | |
PART IV
|
| | | | | | |
| | | | 65 | | | |
| | | | 66 | | | |
| | | | 67 | | |
| | |
Oil
(MBbls) |
| |
Natural gas
(MMcf) |
| |
Natural gas
liquids (MBbls) |
| |
Oil
equivalents (MBoe) |
| ||||||||||||
Proved Developed
|
| | | | 1,069 | | | | | | 35 | | | | | | — | | | | | | 1,075 | | |
Proved Undeveloped
|
| | | | 14 | | | | | | — | | | | | | — | | | | | | 14 | | |
Total Proved
|
| | | | 1,083 | | | | | | 35 | | | | | | — | | | | | | 1,089 | | |
| | |
Oil
(MBbls) |
| |
Natural Gas
(MMcf) |
| |
Natural Gas
Liquids (MBbls) |
| |
Oil
Equivalents (MBoe) |
| ||||||||||||
Proved Reserves: | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance, December 31, 2020
|
| | | | 1,801 | | | | | | 18 | | | | | | 1 | | | | | | 1,805 | | |
Revisions of previous estimates
|
| | | | 662 | | | | | | 102 | | | | | | (1) | | | | | | 677 | | |
Production
|
| | | | (515) | | | | | | (33) | | | | | | — | | | | | | (520) | | |
Balance, December 31, 2021
|
| | | | 1,948 | | | | | | 87 | | | | | | — | | | | | | 1,962 | | |
Revisions of previous estimates
|
| | | | 95 | | | | | | 11 | | | | | | — | | | | | | 97 | | |
Production
|
| | | | (494) | | | | | | (25) | | | | | | — | | | | | | (498) | | |
Balance, December 31, 2022
|
| | | | 1,549 | | | | | | 73 | | | | | | — | | | | | | 1,561 | | |
Revisions of previous estimates
|
| | | | 18 | | | | | | (14) | | | | | | — | | | | | | 16 | | |
Production
|
| | | | (484) | | | | | | (24) | | | | | | — | | | | | | (488) | | |
Balance, December 31, 2023
|
| | | | 1,083 | | | | | | 35 | | | | | | — | | | | | | 1,089 | | |
Proved Developed Reserves: | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance, December 31, 2020
|
| | | | 1,641 | | | | | | 18 | | | | | | 1 | | | | | | 1,645 | | |
Balance, December 31, 2021
|
| | | | 1,861 | | | | | | 87 | | | | | | — | | | | | | 1,875 | | |
| | |
Oil
(MBbls) |
| |
Natural Gas
(MMcf) |
| |
Natural Gas
Liquids (MBbls) |
| |
Oil
Equivalents (MBoe) |
| ||||||||||||
Balance, December 31, 2022
|
| | | | 1,493 | | | | | | 73 | | | | | | — | | | | | | 1,505 | | |
Balance, December 31, 2023
|
| | | | 1,069 | | | | | | 35 | | | | | | — | | | | | | 1,075 | | |
Proved Undeveloped Reserves: | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance, December 31, 2020
|
| | | | 160 | | | | | | — | | | | | | — | | | | | | 160 | | |
Proved undeveloped reserves converted to proved developed reserves by drilling
|
| | | | (69) | | | | | | — | | | | | | — | | | | | | (69) | | |
Additional proved undeveloped reserves added during 2021
|
| | | | 10 | | | | | | — | | | | | | — | | | | | | 10 | | |
Proved undeveloped reserves removed from drilling plan
|
| | | | (14) | | | | | | — | | | | | | — | | | | | | (14) | | |
Revisions of previous estimates
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Balance, December 31, 2021
|
| | | | 87 | | | | | | — | | | | | | — | | | | | | 87 | | |
Proved undeveloped reserves converted to proved developed reserves by drilling
|
| | | | (31) | | | | | | — | | | | | | — | | | | | | (31) | | |
Additional proved undeveloped reserves added during 2022
|
| | | | 27 | | | | | | — | | | | | | — | | | | | | 27 | | |
Proved undeveloped reserves removed from drilling plan
|
| | | | (25) | | | | | | — | | | | | | — | | | | | | (25) | | |
Revisions of previous estimates
|
| | | | (1) | | | | | | — | | | | | | — | | | | | | (1) | | |
Balance, December 31, 2022
|
| | | | 57 | | | | | | — | | | | | | — | | | | | | 57 | | |
Proved undeveloped reserves converted to proved developed reserves by drilling
|
| | | | (18) | | | | | | — | | | | | | — | | | | | | (18) | | |
Additional proved undeveloped reserves added during 2023
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Proved undeveloped reserves removed from drilling plan
|
| | | | (22) | | | | | | — | | | | | | — | | | | | | (22) | | |
Revisions of previous estimates
|
| | | | (3) | | | | | | — | | | | | | — | | | | | | (3) | | |
Balance, December 31, 2023
|
| | | | 14 | | | | | | — | | | | | | — | | | | | | 14 | | |
|
| | |
Proved
Developed Producing |
| |
Proved
Developed Non-Producing |
| |
Proved
Undeveloped |
| |
Total
Proved |
| ||||||||||||
| | |
(dollars in thousands)
|
| |||||||||||||||||||||
Net Reserves | | | | | | | | | | | | | | | | | | | | | | | | | |
Oil (MBbl)
|
| | | | 1,330.0 | | | | | | 6.9 | | | | | | 17.4 | | | | | | 1,354.3 | | |
Gas (MMcf)
|
| | | | 44.0 | | | | | | 0.0 | | | | | | 0.0 | | | | | | 44.0 | | |
NGL (MBbl)
|
| | | | 0.2 | | | | | | 0.0 | | | | | | 0.0 | | | | | | 0.2 | | |
| | |
Proved
Developed Producing |
| |
Proved
Developed Non-Producing |
| |
Proved
Undeveloped |
| |
Total
Proved |
| ||||||||||||
| | |
(dollars in thousands)
|
| |||||||||||||||||||||
Revenue | | | | | | | | | | | | | | | | | | | | | | | | | |
Oil
|
| | | $ | 98,045.9 | | | | | $ | 511.6 | | | | | $ | 1,282.7 | | | | | $ | 99,840.2 | | |
Gas
|
| | | | 105.8 | | | | | | 0.0 | | | | | | 0.0 | | | | | | 105.8 | | |
NGL
|
| | | | 6.9 | | | | | | 0.0 | | | | | | 0.0 | | | | | | 6.9 | | |
Severance Taxes
|
| | | | 580.4 | | | | | | 23.1 | | | | | | 58.0 | | | | | | 661.6 | | |
Ad Valorem Taxes
|
| | | | 2,300.9 | | | | | | 30.7 | | | | | | 77.0 | | | | | | 2,408.5 | | |
Operating Expenses
|
| | | | 46,176.9 | | | | | | 19.2 | | | | | | 187.0 | | | | | | 46,383.1 | | |
Future Development Costs
|
| | | | 0.0 | | | | | | 250.0 | | | | | | 340.0 | | | | | | 590.0 | | |
80% NPI Net Operating Income(1)
|
| | | $ | 39,280.4 | | | | | $ | 150.8 | | | | | $ | 496.6 | | | | | $ | 39,927.8 | | |
80% Net Profits Interest (NPI)(2)
|
| | | $ | 35,199.8 | | | | | $ | 123.2 | | | | | $ | 427.9 | | | | | $ | 35,750.9 | | |
| | |
Gross
|
| |
Net
|
| ||||||
| | |
(acres)
|
| |||||||||
Developed Acreage: | | | | | | | | | | | | | |
El Dorado Area
|
| | | | 15,165 | | | | | | 15,153 | | |
Northwest Kansas Area
|
| | | | 11,165 | | | | | | 11,120 | | |
Other
|
| | | | 20,030 | | | | | | 16,382 | | |
Total
|
| | | | 46,360 | | | | | | 42,655 | | |
Undeveloped Acreage:
|
| | | | — | | | | | | — | | |
| | |
Operated
Wells |
| |
Non-Operated
Wells |
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| ||||||||||||||||||
Oil
|
| | | | 781 | | | | | | 765 | | | | | | 64 | | | | | | 9 | | | | | | 845 | | | | | | 775 | | |
Natural gas
|
| | | | 3 | | | | | | 2 | | | | | | 1 | | | | | | — | | | | | | 4 | | | | | | 2 | | |
Total
|
| | | | 784 | | | | | | 767 | | | | | | 65 | | | | | | 9 | | | | | | 849 | | | | | | 777 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2021
|
| |
2022
|
| |
2023
|
| |||||||||||||||||||||||||||
| | |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| ||||||||||||||||||
Completed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Oil wells
|
| | | | 1 | | | | | | 1 | | | | | | 1 | | | | | | 1 | | | | | | — | | | | | | — | | |
Natural gas wells
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Non-productive
|
| | | | 1 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | | 2 | | | | | | 2 | | | | | | 1 | | | | | | 1 | | | | | | — | | | | | | — | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2022
|
| |
2023
|
| |||||||||
Sales prices: | | | | | | | | | | | | | | | | | | | |
Oil (per Bbl)
|
| | | $ | 61.31 | | | | | $ | 89.97 | | | | | $ | 73.85 | | |
Natural gas (per Mcf)
|
| | | $ | 2.85 | | | | | $ | 5.98 | | | | | $ | 3.09 | | |
Lease operating expense (per Boe)
|
| | | $ | 20.45 | | | | | $ | 22.67 | | | | | $ | 24.02 | | |
Lease maintenance (per Boe)
|
| | | $ | 3.57 | | | | | $ | 4.95 | | | | | $ | 3.95 | | |
Lease overhead (per Boe)
|
| | | $ | 5.01 | | | | | $ | 5.41 | | | | | $ | 5.80 | | |
Production and property taxes (per Boe)
|
| | | $ | 1.38 | | | | | $ | 1.64 | | | | | $ | 1.88 | | |
| | |
December 31,
|
| |||||||||
| | |
2022
|
| |
2023
|
| ||||||
ASSETS
|
| | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 1,036,214 | | | | | $ | 1,263,932 | | |
Investment in net profits interest
|
| | | | 50,383,675 | | | | | | 50,383,675 | | |
Accumulated amortization
|
| | | | (44,536,335) | | | | | | (46,191,522) | | |
Total assets
|
| | | $ | 6,883,554 | | | | | $ | 5,456,085 | | |
TRUST CORPUS
|
| | | | | | | | | | | | |
Trust corpus, 11,500,000 Trust Units issued and outstanding at December 31, 2022 and 2023
|
| | | $ | 6,883,554 | | | | | $ | 5,456,085 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2022
|
| |
2023
|
| |||||||||
Income from net profits interest
|
| | | $ | 12,078,886 | | | | | $ | 27,204,590 | | | | | $ | 18,068,559 | | |
Cash on hand used (withheld) for Trust expenses
|
| | | | 207,425 | | | | | | (739,068) | | | | | | (227,718) | | |
General and administrative expense(1)
|
| | | | (958,811) | | | | | | (935,522) | | | | | | (1,050,841) | | |
Distributable income
|
| | | $ | 11,327,500 | | | | | $ | 25,530,000 | | | | | $ | 16,790,000 | | |
Distributions per Trust Unit (11,500,000 Trust Units issued and outstanding for 2021, 2022 and 2023)
|
| | | $ | 0.985 | | | | | $ | 2.220 | | | | | $ | 1.460 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2022
|
| |
2023
|
| |||||||||
Trust corpus, beginning of year
|
| | | $ | 10,583,308 | | | | | $ | 7,909,468 | | | | | $ | 6,883,554 | | |
Income from net profits interest
|
| | | | 12,078,886 | | | | | | 27,204,590 | | | | | | 18,068,559 | | |
Cash distributions
|
| | | | (11,327,500) | | | | | | (25,530,000) | | | | | | (16,790,000) | | |
Trust expenses
|
| | | | (958,811) | | | | | | (935,522) | | | | | | (1,050,841) | | |
Amortization of net profits interest
|
| | | | (2,466,415) | | | | | | (1,764,982) | | | | | | (1,655,187) | | |
Trust corpus, end of year
|
| | | $ | 7,909,468 | | | | | $ | 6,883,554 | | | | | $ | 5,456,085 | | |
|
Oil and gas properties
|
| | | $ | 96,210,819 | | |
|
Accumulated depreciation and depletion
|
| | | | (40,468,762) | | |
|
Hedge asset
|
| | | | 7,237,537 | | |
|
Net property value to be conveyed
|
| | | | 62,979,594 | | |
|
Times 80% net profits interest to Trust
|
| | | $ | 50,383,675 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2022
|
| |
2023
|
| |||||||||
Excess of revenues over direct operating expenses and lease equipment and development costs(1)
|
| | | $ | 15,098,607 | | | | | $ | 34,005,736 | | | | | $ | 22,585,699 | | |
Times net profits interest over the term of the Trust
|
| | | | 80% | | | | | | 80% | | | | | | 80% | | |
Income from net profits interest before reserve adjustments
|
| | | | 12,078,886 | | | | | | 27,204,590 | | | | | | 18,068,559 | | |
MV Partners reserve for future capital expenditures(2)
|
| | | | — | | | | | | — | | | | | | — | | |
Income from net profits interest(3)
|
| | | $ | 12,078,886 | | | | | $ | 27,204,590 | | | | | $ | 18,068,559 | | |
Date paid
|
| |
Period covered
|
| |
Distribution
per unit |
| |
Reserve
released (established)(1) |
| ||||||
January 25, 2021
|
| |
October 1, 2020 through December 31, 2020
|
| | | $ | 0.110 | | | | | | — | | |
April 23, 2021
|
| | January 1, 2021 through March 31, 2021 | | | | $ | 0.210 | | | | | | — | | |
July 23, 2021
|
| | April 1, 2021 through June 30, 2021 | | | | $ | 0.300 | | | | | | — | | |
October 25, 2021
|
| | July 1, 2021 through September 30, 2021 | | | | $ | 0.365 | | | | | | — | | |
January 25, 2022
|
| |
October 1, 2021 through December 31, 2021
|
| | | $ | 0.410 | | | | | | — | | |
April 25, 2022
|
| | January 1, 2022 through March 31, 2022 | | | | $ | 0.425 | | | | | | — | | |
July 25, 2022
|
| | April 1, 2022 through June 30, 2022 | | | | $ | 0.700 | | | | | | — | | |
October 25, 2022
|
| | July 1, 2022 through September 30, 2022 | | | | $ | 0.685 | | | | | | — | | |
January 25, 2023
|
| |
October 1, 2022 through December 31, 2022
|
| | | $ | 0.410 | | | | | | — | | |
April 25, 2023
|
| | January 1, 2023 through March 31, 2023 | | | | $ | 0.345 | | | | | | — | | |
July 25, 2023
|
| | April 1, 2023 through June 30, 2023 | | | | $ | 0.325 | | | | | | — | | |
October 25, 2023
|
| | July 1, 2023 through September 30, 2023 | | | | $ | 0.380 | | | | | | — | | |
| | |
Oil (Bbls)
|
| |
Gas (Mcf)
|
| |
NGL (Bbls)
|
| |
Total (Boe)
|
| ||||||||||||
Proved reserves | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at December 31, 2020
|
| | | | 1,800,942 | | | | | | 18,396 | | | | | | 654 | | | | | | 1,804,434 | | |
Revisions of previous estimates
|
| | | | 661,281 | | | | | | 101,055 | | | | | | (247)) | | | | | | 677,963 | | |
Production
|
| | | | (514,745) | | | | | | (32,916) | | | | | | (88) | | | | | | (520,289) | | |
Balance at December 31, 2021
|
| | | | 1,947,478 | | | | | | 86,535 | | | | | | 319 | | | | | | 1,962,108 | | |
Revisions of previous estimates
|
| | | | 95,494 | | | | | | 11,867 | | | | | | 28 | | | | | | 97,490 | | |
Production
|
| | | | (493,642) | | | | | | (25,461) | | | | | | (87) | | | | | | (497,942) | | |
Balance at December 31, 2022
|
| | | | 1,549,330 | | | | | | 72,941 | | | | | | 260 | | | | | | 1,561,656 | | |
Revisions of previous estimates
|
| | | | 18,556 | | | | | | (13,839) | | | | | | (49) | | | | | | 16,218 | | |
Production
|
| | | | (484,433) | | | | | | (23,929) | | | | | | (34) | | | | | | (488,444) | | |
Balance at December 31, 2023
|
| | | | 1,083,453 | | | | | | 35,173 | | | | | | 177 | | | | | | 1,089,430 | | |
Proved developed reserves | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2020
|
| | | | 1,641,394 | | | | | | 18,396 | | | | | | 654 | | | | | | 1,644,886 | | |
December 31, 2021
|
| | | | 1,860,861 | | | | | | 86,535 | | | | | | 319 | | | | | | 1,875,491 | | |
December 31, 2022
|
| | | | 1,492,741 | | | | | | 72,941 | | | | | | 260 | | | | | | 1,505,067 | | |
December 31, 2023
|
| | | | 1,069,533 | | | | | | 35,173 | | | | | | 177 | | | | | | 1,075,510 | | |
Proved undeveloped reserves | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2020
|
| | | | 159,548 | | | | | | — | | | | | | — | | | | | | 159,548 | | |
Proved undeveloped reserves converted to proved developed reserves by drilling
|
| | | | (68,621) | | | | | | — | | | | | | — | | | | | | (68,621) | | |
Additional proved undeveloped reserves added during 2021
|
| | | | 9,981 | | | | | | — | | | | | | — | | | | | | 9,981 | | |
Proved undeveloped reserves removed from drilling
plan |
| | | | (14,294) | | | | | | — | | | | | | — | | | | | | (14,294) | | |
Revisions of previous estimates
|
| | | | 3 | | | | | | — | | | | | | — | | | | | | 3 | | |
December 31, 2021
|
| | | | 86,617 | | | | | | — | | | | | | — | | | | | | 86,617 | | |
Proved undeveloped reserves converted to proved developed reserves by drilling
|
| | | | (31,444) | | | | | | — | | | | | | — | | | | | | (31,444) | | |
Additional proved undeveloped reserves added during 2022
|
| | | | 26,746 | | | | | | — | | | | | | — | | | | | | 26,746 | | |
Proved undeveloped reserves removed from
drilling plan |
| | | | (25,304) | | | | | | — | | | | | | — | | | | | | (25,304) | | |
Revisions of previous estimates
|
| | | | (26) | | | | | | — | | | | | | — | | | | | | (26) | | |
December 31, 2022
|
| | | | 56,589 | | | | | | — | | | | | | — | | | | | | 56,589 | | |
Proved undeveloped reserves converted to proved developed reserves by drilling
|
| | | | (17,513) | | | | | | — | | | | | | — | | | | | | (17,513) | | |
Additional proved undeveloped reserves added during 2023
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Proved undeveloped reserves removed from drilling
plan |
| | | | (21,859) | | | | | | — | | | | | | — | | | | | | (21,859) | | |
Revisions of previous estimates
|
| | | | (3,297) | | | | | | — | | | | | | — | | | | | | (3,297) | | |
December 31, 2023
|
| | | | 13,920 | | | | | | — | | | | | | — | | | | | | 13,920 | | |
| | |
2021
|
| |
2022
|
| |
2023
|
| |||||||||
Future cash inflows
|
| | | $ | 121,119,425 | | | | | $ | 138,608,602 | | | | | $ | 79,962,266 | | |
Future costs | | | | | | | | | | | | | | | | | | | |
Production
|
| | | | (65,037,972) | | | | | | (56,930,542) | | | | | | (39,562,496) | | |
Development
|
| | | | (1,442,500) | | | | | | (1,047,713) | | | | | | (472,000) | | |
Future net cash flows
|
| | | | 54,638,953 | | | | | | 80,630,347 | | | | | | 39,927,770 | | |
Less 10% discount factor
|
| | | | (9,376,987) | | | | | | (11,418,520) | | | | | | (4,176,829) | | |
Standardized measure of discounted future net cash flows
|
| | | $ | 45,261,966 | | | | | $ | 69,211,827 | | | | | $ | 35,750,941 | | |
| | |
2021
|
| |
2022
|
| |
2023
|
| |||||||||
Standardized measure at beginning of year
|
| | | $ | 12,821,162 | | | | | $ | 45,261,966 | | | | | $ | 69,211,827 | | |
Net proceeds to the Trust
|
| | | | (12,078,886) | | | | | | (27,204,589) | | | | | | (18,068,560) | | |
Net changes in price and production costs
|
| | | | 28,017,592 | | | | | | 39,987,484 | | | | | | (21,474,622) | | |
Changes in estimated future development costs
|
| | | | (289,926) | | | | | | (124,022) | | | | | | 334,663 | | |
Development costs incurred during the year
|
| | | | 1,002,600 | | | | | | 454,500 | | | | | | 188,000 | | |
Revisions of quantity estimates
|
| | | | 15,737,944 | | | | | | 4,463,154 | | | | | | 723,212 | | |
Accretion of discount
|
| | | | 1,282,116 | | | | | | 4,526,197 | | | | | | 6,921,183 | | |
Changes in production rates, timing and other(1)
|
| | | | (1,230,636) | | | | | | 1,847,137 | | | | | | (2,084,762) | | |
Standardized measure at end of year
|
| | | $ | 45,261,966 | | | | | $ | 69,211,827 | | | | | $ | 35,750,941 | | |
| | |
2021
|
| |
2022
|
| |
2023
|
| |||||||||
Oil (per Bbl)
|
| | | $ | 62.06 | | | | | $ | 89.17 | | | | | $ | 73.72 | | |
Gas (per Mcf)
|
| | | $ | 2.91 | | | | | $ | 6.10 | | | | | $ | 2.41 | | |
NGL (per Bbl)
|
| | | $ | 21.23 | | | | | $ | 37.47 | | | | | $ | 31.29 | | |
Beneficial Owner
|
| |
Trust Units
Beneficially Owned |
| |
Percent of
Class(1) |
| ||||||
MV Energy, LLC(2)
|
| | | | 2,875,000 | | | | | | 25.0% | | |
VAP-I, LLC(2)
|
| | | | 1,437,500 | | | | | | 12.5% | | |
Robert J. Raymond(3)
|
| | | | 1,016,114 | | | | | | 8.8% | | |
| | |
2022
|
| |
2023
|
| ||||||
Audit fees
|
| | | $ | 237,771 | | | | | $ | 256,172 | | |
Audit-related fees
|
| | | | — | | | | | | — | | |
Tax fees
|
| | | | — | | | | | | — | | |
All other fees
|
| | | | — | | | | | | — | | |
Total fees
|
| | | $ | 237,771 | | | | | $ | 256,172 | | |
| | |
Page in this
Form 10-K |
| |||
Report of Independent Registered Public Accounting Firm (PCAOB ID Number 248)
|
| | | | 49 | | |
Statements of Assets and Trust Corpus
|
| | | | 50 | | |
Statements of Distributable Income
|
| | | | 50 | | |
Statements of Changes in Trust Corpus
|
| | | | 50 | | |
Notes to Financial Statements
|
| | | | 51 | | |