MV Oil Trust (MVO, Financial) filed Quarterly Report for the period ended 2010-06-30.
Mv Oil Trust has a market cap of $329.1 million; its shares were traded at around $28.62 with and P/S ratio of 9.8. The dividend yield of Mv Oil Trust stocks is 13.5%.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 $224,489 and $235,196 for the quarters ended June 30, 2010 and 2009, respectively. The distributable income for the quarter ended June 30, 2010 was $6,957,500, an increase of $2,138,966 from distributable income of $4,818,534 for the quarter ended June 30, 2009.
Excess of revenues over direct operating 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. 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 net profits interest (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 ending September 30, 2010 and repayment of an advance of $175,000 for the quarter ended September 30, 2009, respectively, resulting in distributable income of $11,097,500 and $5,301,925 for the quarters ending 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 six months ended June 30, 2010 substantially represents the production by MV Partners from September 2009 through February 2010 and the cash received by the Trust during the six months ended June 30, 2009 substantially represents the production by MV Partners from September 2008 through February 2009. Excess of revenues over direct operating expenses and lease equipment and development costs from the underlying properties increased $6,454,215 to $17,406,219 for the period from October 1, 2009 through March 31, 2010 from $10,952,004 for the period from October 1, 2008 through March 31, 2009. Included in these amounts are payments to settle hedges totaling $3,205,826 and $3,429,721, respectively. In addition, amounts received to settle hedges were $18,183 for the period from October 1, 2009 through March 31, 2010 and $3,346,935 for the period from October 1, 2008 through March 31, 2009, which resulted in a total cash receipts over cash disbursements of $17,424,402 and $14,298,939, respectively. The increase for the period ended March 31, 2010 compared to the period ended March 31, 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 portion (80%) of these totals were $13,939,521 and $11,439,152, respectively, with the 2009 result reduced by a recovery of deficiency from the fourth quarter of 2008 in the amount of $4,889,179
Excess of revenues over direct operating expenses and lease equipment and development costs from the underlying properties increased $15,590,557 to $23,081,442 for the six months ended June 30, 2010 from $7,490,885 for the six months ended June 30, 2009. Included in these amounts are payments to settle hedges totaling $4,176,872 and $0, respectively. In addition, amounts received to settle hedges decreased $5,690,938 to $0 for the six months ended June 30, 2010 from $5,690,938 for the six months ended June 30, 2009, which resulted in total cash receipts over cash disbursements of $23,081,442 and $13,181,823, respectively. The Trust's portion (80%) of these totals were $18,465,153 and $10,545,458, respectively, which was decreased by a Trust holdback for future expenses of $410,153 and $425,000 for the six months ended June 30, 2010 and 2009, respectively, resulting in distributable income of $18,055,000 and $10,120,458 for the six months ended June 30, 2010 and 2009, respectively.
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Mv Oil Trust has a market cap of $329.1 million; its shares were traded at around $28.62 with and P/S ratio of 9.8. The dividend yield of Mv Oil Trust stocks is 13.5%.MVO is in the portfolios of Jim Simons of Renaissance Technologies LLC, George Soros of Soros Fund Management LLC.
Highlight of Business Operations:
direct operating expenses and lease equipment and development costs from the underlying properties increased $5,949,348 to $8,938,079 for the period from January 1, 2010 through March 31, 2010 from $2,988,731 for the period from January 1, 2009 through March 31, 2009. Included in these amounts are payments to settle hedges totaling $1,790,668 for the period from January 1, 2010 through March 31, 2010 and $0 for the period from January 1, 2009 through March 31, 2009. In addition, amounts received to settle hedges decreased $3,346,935 to $0 for the period from January 1, 2010 through March 31, 2010 from $3,346,935 for the period from January 1, 2009 through March 31, 2009, which resulted in total cash receipts over cash disbursements of $8,938,079 and $6,335,666, respectively, for the two periods. The Trust's income from net profits interest and hedge activities (80%) of these totals were $7,150,463 and $5,068,533, respectively. The increase in such 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.The Trustee paid general and administrative expenses of $224,489 and $235,196 for the quarters ended June 30, 2010 and 2009, respectively. The distributable income for the quarter ended June 30, 2010 was $6,957,500, an increase of $2,138,966 from distributable income of $4,818,534 for the quarter ended June 30, 2009.
Excess of revenues over direct operating 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. 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 net profits interest (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 ending September 30, 2010 and repayment of an advance of $175,000 for the quarter ended September 30, 2009, respectively, resulting in distributable income of $11,097,500 and $5,301,925 for the quarters ending 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 six months ended June 30, 2010 substantially represents the production by MV Partners from September 2009 through February 2010 and the cash received by the Trust during the six months ended June 30, 2009 substantially represents the production by MV Partners from September 2008 through February 2009. Excess of revenues over direct operating expenses and lease equipment and development costs from the underlying properties increased $6,454,215 to $17,406,219 for the period from October 1, 2009 through March 31, 2010 from $10,952,004 for the period from October 1, 2008 through March 31, 2009. Included in these amounts are payments to settle hedges totaling $3,205,826 and $3,429,721, respectively. In addition, amounts received to settle hedges were $18,183 for the period from October 1, 2009 through March 31, 2010 and $3,346,935 for the period from October 1, 2008 through March 31, 2009, which resulted in a total cash receipts over cash disbursements of $17,424,402 and $14,298,939, respectively. The increase for the period ended March 31, 2010 compared to the period ended March 31, 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 portion (80%) of these totals were $13,939,521 and $11,439,152, respectively, with the 2009 result reduced by a recovery of deficiency from the fourth quarter of 2008 in the amount of $4,889,179
Excess of revenues over direct operating expenses and lease equipment and development costs from the underlying properties increased $15,590,557 to $23,081,442 for the six months ended June 30, 2010 from $7,490,885 for the six months ended June 30, 2009. Included in these amounts are payments to settle hedges totaling $4,176,872 and $0, respectively. In addition, amounts received to settle hedges decreased $5,690,938 to $0 for the six months ended June 30, 2010 from $5,690,938 for the six months ended June 30, 2009, which resulted in total cash receipts over cash disbursements of $23,081,442 and $13,181,823, respectively. The Trust's portion (80%) of these totals were $18,465,153 and $10,545,458, respectively, which was decreased by a Trust holdback for future expenses of $410,153 and $425,000 for the six months ended June 30, 2010 and 2009, respectively, resulting in distributable income of $18,055,000 and $10,120,458 for the six months ended June 30, 2010 and 2009, respectively.
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