MV Oil Trust (MVO, Financial) filed Annual Report for the period ended 2011-12-31.
Mv Oil Trust has a market cap of $506.3 million; its shares were traded at around $40.98 with a P/E ratio of 14 and P/S ratio of 15.6. The dividend yield of Mv Oil Trust stocks is 7.5%.
Income for the trust from the net profits interest and hedge activities was $32.5 million for the year ended December 31, 2010 compared to $19.0 million for the year ended December 31, 2009. General and administrative expense for the trust was $0.8 million for each of 2010 and 2009. The trust paid administration fees of $0.1 million to MV Partners for each of 2010 and 2009. As of December 31, 2010 and 2009, the trust had $92,000 and $67,000, respectively, as a reserve for future expenses. Distributable income was $31.7 million or $2.7550 per unit in 2010 compared to $17.9 million or $1.5604 per unit in 2009.
Revenues. Revenues from oil, natural gas and natural gas liquid sales increased $11.9 million to $80.9 million for the year ended December 31, 2011 compared to $69.0 million for the year ended December 31, 2010. This increase in revenues was primarily the result of an increase in the average price received for crude oil sold from $72.61 per Bbl for the year ended December 31, 2010 to $88.31 per Bbl for the year ended December 31, 2011. This increase in revenues reflects a decrease in the average price received for natural gas sold from $3.72 per Mcf for the year ended December 31, 2010 to $3.56 per Mcf for the year ended December 31, 2011. The revenues from oil, natural gas and natural gas liquids sales were also increased by a $9.2 million decrease in hedge activity expense. Total revenues increased $21.2 million from $59.7 million for the year ended December 31, 2010 to $80.9 million for the year ended December 31, 2011.
Revenues. Revenues from oil, natural gas and natural gas liquid sales increased $16.6 million to $69.0 million for the year ended December 31, 2010 compared to $52.4 million for the year ended December 31, 2009. This increase in revenues was primarily the result of an increase in the average price received for crude oil sold from $54.82 per Bbl for the year ended December 31, 2009 to $72.61 per Bbl for the year ended December 31, 2010. This increase in revenues reflects an increase in the average price received for natural gas sold from $2.80 per Mcf for the year ended December 31, 2009 to $3.72 per Mcf for the year ended December 31, 2010. The increase in revenues from oil, natural gas and natural gas liquids sales was partially offset by the increase in hedge activity expense. Total revenues increased $4.3 million from $55.4 million for the year ended December 31, 2009 to $59.7 million for the year ended December 31, 2010.
MV Partners expects total capital expenditures for the underlying properties during the five years ending December 31, 2016 will be approximately $13.0 million. Of this total, MV Partners contemplates spending approximately $9.0 million to drill development wells in seven project areas and approximately $4.0 million for recompletion and workovers of existing wells. MV Partners expects that these capital projects will add production that will partially offset the natural decline in production otherwise expected to occur with respect to the underlying properties. The trust is not directly obligated to pay any portion of any capital expenditures made with respect to the underlying properties; however, capital expenditures made by MV Partners with respect to the underlying properties will be deducted from the gross proceeds in calculating the net proceeds from which cash will be paid to the trust. As a result, the trust will indirectly bear an 80% (subject to certain limitations during the final three years of the trust, as described above under "Item 1. BusinessComputation of Net ProceedsNet Profits Interest") share of any capital expenditures made with respect to the underlying properties. Accordingly, higher or lower capital expenditures will, in general, directly decrease or increase, respectively, the cash received by the trust in respect of its net profits interest. As the cash received by the trust in respect of the net profits interest will be reduced by the trust's pro rata share of these capital expenditures, MV Partners expects that it will incur capital expenditures with respect to the underlying properties throughout the term of the trust on a basis that balances the impact of the capital expenditures on current cash distributions to the trust unitholders with the longer term benefits
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Mv Oil Trust has a market cap of $506.3 million; its shares were traded at around $40.98 with a P/E ratio of 14 and P/S ratio of 15.6. The dividend yield of Mv Oil Trust stocks is 7.5%.
Highlight of Business Operations:
Income for the trust from the net profits interest and hedge activities was $40.6 million for the year ended December 31, 2011 compared to $32.5 million for the year ended December 31, 2010. General and administrative expense for the trust was $0.7 million for 2011 and $0.8 million for 2010. The trust paid administration fees of $0.1 million to MV Partners for each of 2011 and 2010. As of December 31, 2011 and 2010, the trust had $275,000 and $92,000, respectively, as a reserve for future expenses. Distributable income was $39.7 million or $3.4500 per unit in 2011 compared to $31.7 million or $2.7550 per unit in 2010.Income for the trust from the net profits interest and hedge activities was $32.5 million for the year ended December 31, 2010 compared to $19.0 million for the year ended December 31, 2009. General and administrative expense for the trust was $0.8 million for each of 2010 and 2009. The trust paid administration fees of $0.1 million to MV Partners for each of 2010 and 2009. As of December 31, 2010 and 2009, the trust had $92,000 and $67,000, respectively, as a reserve for future expenses. Distributable income was $31.7 million or $2.7550 per unit in 2010 compared to $17.9 million or $1.5604 per unit in 2009.
Revenues. Revenues from oil, natural gas and natural gas liquid sales increased $11.9 million to $80.9 million for the year ended December 31, 2011 compared to $69.0 million for the year ended December 31, 2010. This increase in revenues was primarily the result of an increase in the average price received for crude oil sold from $72.61 per Bbl for the year ended December 31, 2010 to $88.31 per Bbl for the year ended December 31, 2011. This increase in revenues reflects a decrease in the average price received for natural gas sold from $3.72 per Mcf for the year ended December 31, 2010 to $3.56 per Mcf for the year ended December 31, 2011. The revenues from oil, natural gas and natural gas liquids sales were also increased by a $9.2 million decrease in hedge activity expense. Total revenues increased $21.2 million from $59.7 million for the year ended December 31, 2010 to $80.9 million for the year ended December 31, 2011.
Revenues. Revenues from oil, natural gas and natural gas liquid sales increased $16.6 million to $69.0 million for the year ended December 31, 2010 compared to $52.4 million for the year ended December 31, 2009. This increase in revenues was primarily the result of an increase in the average price received for crude oil sold from $54.82 per Bbl for the year ended December 31, 2009 to $72.61 per Bbl for the year ended December 31, 2010. This increase in revenues reflects an increase in the average price received for natural gas sold from $2.80 per Mcf for the year ended December 31, 2009 to $3.72 per Mcf for the year ended December 31, 2010. The increase in revenues from oil, natural gas and natural gas liquids sales was partially offset by the increase in hedge activity expense. Total revenues increased $4.3 million from $55.4 million for the year ended December 31, 2009 to $59.7 million for the year ended December 31, 2010.
MV Partners expects total capital expenditures for the underlying properties during the five years ending December 31, 2016 will be approximately $13.0 million. Of this total, MV Partners contemplates spending approximately $9.0 million to drill development wells in seven project areas and approximately $4.0 million for recompletion and workovers of existing wells. MV Partners expects that these capital projects will add production that will partially offset the natural decline in production otherwise expected to occur with respect to the underlying properties. The trust is not directly obligated to pay any portion of any capital expenditures made with respect to the underlying properties; however, capital expenditures made by MV Partners with respect to the underlying properties will be deducted from the gross proceeds in calculating the net proceeds from which cash will be paid to the trust. As a result, the trust will indirectly bear an 80% (subject to certain limitations during the final three years of the trust, as described above under "Item 1. BusinessComputation of Net ProceedsNet Profits Interest") share of any capital expenditures made with respect to the underlying properties. Accordingly, higher or lower capital expenditures will, in general, directly decrease or increase, respectively, the cash received by the trust in respect of its net profits interest. As the cash received by the trust in respect of the net profits interest will be reduced by the trust's pro rata share of these capital expenditures, MV Partners expects that it will incur capital expenditures with respect to the underlying properties throughout the term of the trust on a basis that balances the impact of the capital expenditures on current cash distributions to the trust unitholders with the longer term benefits
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