| 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 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 | |
| Units of Beneficial Interest | | | MTR | | | New York Stock Exchange | |
| Large accelerated filer ☐ | | | Accelerated filer ☐ | | | Non-accelerated filer ☒ | | | Smaller reporting company ☒ | |
| | | | | | | | | | Emerging growth company ☐ | |
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PART I | | ||||||||||||
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| | | | 23 | | | |||||||
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| | | | 24 | | | |||||||
PART II | | ||||||||||||
| | | | 25 | | | |||||||
| | | | 25 | | | |||||||
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| | | | 27 | | | |||||||
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| | | | 49 | | | |||||||
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| | | | 50 | | | |||||||
| | | | 50 | | | |||||||
PART III | | ||||||||||||
| | | | 51 | | | |||||||
| | | | 51 | | | |||||||
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PART IV | | ||||||||||||
| | | | 53 | | | |||||||
| | | | 54 | | |
| | Simcoe | | Hilcorp | | Scout | | Total(1) | | | Simcoe | | Hilcorp | | Scout | | Total(1) | | ||||||||||||||||||||||||||||||||
Proved Developed | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Oil and Condensate | | | | 0 | | | | | 12 | | | | | 0 | | | | | 12 | | | | | | 0 | | | | | 14 | | | | | 0 | | | | | 14 | | | ||||||||
Natural Gas Liquids | | | | 0 | | | | | 415 | | | | | 24 | | | | | 439 | | | | | | 0 | | | | | 509 | | | | | 22 | | | | | 531 | | | ||||||||
Gas | | | | 1,196 | | | | | 6,269 | | | | | 676 | | | | | 8,141 | | | | | | 340 | | | | | 7,242 | | | | | 436 | | | | | 8,018 | | | ||||||||
Proved Undeveloped | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Oil and Condensate | | | | 0 | | | | | 0 | | | | | 0 | | | | | 0 | | | | | | 0 | | | | | 0 | | | | | 0 | | | | | 0 | | | ||||||||
Natural Gas Liquids | | | | 0 | | | | | 0 | | | | | 0 | | | | | 0 | | | | | | 0 | | | | | 0 | | | | | 0 | | | | | 0 | | | ||||||||
Gas | | | | 0 | | | | | 0 | | | | | 0 | | | | | 0 | | | | | | 0 | | | | | 0 | | | | | 0 | | | | | 0 | | | ||||||||
Total, Proved | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Oil and Condensate | | | | 0 | | | | | 12 | | | | | 0 | | | | | 12 | | | | | | 0 | | | | | 14 | | | | | 0 | | | | | 14 | | | ||||||||
Natural Gas Liquids | | | | 0 | | | | | 415 | | | | | 24 | | | | | 439 | | | | | | 0 | | | | | 509 | | | | | 22 | | | | | 531 | | | ||||||||
Gas | | | | 1,196 | | | | | 6,269 | | | | | 676 | | | | | 8,141 | | | | | | 340 | | | | | 7,242 | | | | | 436 | | | | | 8,018 | | |
| | | Simcoe | | | Hilcorp | | | Scout | | | Total | | ||||||||||||
Future Royalty income(1) | | | | $ | 982 | | | | | $ | 32,800 | | | | | $ | 3,363 | | | | | $ | 37,145 | | |
| | | Simcoe | | | Hilcorp | | | Scout | | | Total | | ||||||||||||
Standardized Measure of Future Net Royalty Income, discounted at 10% per annum(1) | | | | $ | 663 | | | | | $ | 13,718 | | | | | $ | 2,179 | | | | | $ | 16,560 | | |
| | | Simcoe | | | Hilcorp | | | Scout | | | Total | | ||||||||||||
Future Royalty income(1) | | | | $ | 420 | | | | | $ | 70,616 | | | | | $ | 3,416 | | | | | $ | 74,452 | | |
Standardized Measure of Future Net Royalty Income, discounted at 10% per annum(1) | | | | $ | 314 | | | | | $ | 28,580 | | | | | $ | 2,233 | | | | | $ | 31,126 | | |
| | Hugoton | | San Juan Basin — New Mexico(3) | | San Juan Basin — Colorado | | Total | | | Hugoton | | San Juan Basin — New Mexico(3) | | San Juan Basin — Colorado | | Total | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Natural Gas | | Natural Gas Liquids | | Oil and Condensate | | Natural Gas | | Natural Gas Liquids | | Oil and Condensate | | Natural Gas | | Natural Gas Liquids | | Oil and Condensate | | Natural Gas | | Natural Gas Liquids | | Oil and Condensate | | | Natural Gas | | Natural Gas Liquids | | Oil and Condensate | | Natural Gas | | Natural Gas Liquids | | Oil and Condensate | | Natural Gas | | Natural Gas Liquids | | Oil and Condensate | | Natural Gas | | Natural Gas Liquids | | Oil and Condensate | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Sales Price | | | $ | 6.50 | | | | $ | 25.24 | | | | $ | — | | | | $ | 6.73 | | | | $ | 47.91 | | | | $ | 89.86 | | | | $ | 1.05 | | | | $ | 0.73 | | | | $ | — | | | | $ | 5.06 | | | | $ | 37.51 | | | | $ | 89.86 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Production Costs (1) | | | $ | 11.19 | | | | $ | 49.76 | | | | $ | — | | | | $ | 3.13 | | | | $ | 25.23 | | | | $ | 47.39 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 6.01 | | | | $ | 30.39 | | | | $ | 47.39 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net production volumes attributable to the | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Royalty paid(2) | | | | 131,339 | | | | | 6,132 | | | | | — | | | | | 288,285 | | | | | 22,992 | | | | | 786 | | | | | — | | | | | — | | | | | — | | | | | 419,624 | | | | | 29,124 | | | | | 786 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2021: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||
Average Sales Price | | | $ | 3.96 | | | | $ | 20.43 | | | | $ | — | | | | $ | 2.60 | | | | $ | 18.02 | | | | $ | 44.71 | | | | $ | 2.56 | | | | $ | — | | | | $ | — | | | | $ | 2.97 | | | | $ | 18.65 | | | | $ | 44.71 | | | | | $ | 3.96 | | | | $ | 20.43 | | | | $ | — | | | | $ | 2.60 | | | | $ | 18.02 | | | | $ | 44.71 | | | | $ | 2.56 | | | | $ | — | | | | $ | — | | | | $ | 2.97 | | | | $ | 18.65 | | | | $ | 44.71 | | | ||||||||||||||||||||||||
Average Production Costs (1) | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 26.76 | | | | $ | 57.13 | | | | $ | 953.89 | | | | $ | 2.02 | | | | $ | — | | | | $ | — | | | | $ | 10.46 | | | | $ | 98.60 | | | | $ | 953.89 | | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 26.76 | | | | $ | 57.13 | | | | $ | 953.89 | | | | $ | 2.02 | | | | $ | — | | | | $ | — | | | | $ | 10.46 | | | | $ | 98.60 | | | | $ | 953.89 | | | ||||||||||||||||||||||||
Net production volumes attributable to the | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | ||||||||||||||||||||||||
Royalty paid(2) | | | | — | | | | | — | | | | | — | | | | | 61,047 | | | | | 6,075 | | | | | 209 | | | | | 242,360 | | | | | — | | | | | — | | | | | 303,407 | | | | | 6,075 | | | | | 209 | | | | | | — | | | | | — | | | | | — | | | | | 61,047 | | | | | 6,075 | | | | | 209 | | | | | 242,360 | | | | | — | | | | | — | | | | | 303,407 | | | | | 6,075 | | | | | 209 | | | ||||||||||||||||||||||||
Year ended December 31, 2020: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Sales Price | | | $ | 2.73 | | | | $ | 10.01 | | | | $ | — | | | | $ | 1.53 | | | | $ | 12.68 | | | | $ | 41.42 | | | | $ | .075 | | | | $ | — | | | | $ | — | | | | $ | 1.28 | | | | $ | 11.93 | | | | $ | 41.42 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Production Costs (1) | | | $ | 17.59 | | | | $ | 29.39 | | | | $ | — | | | | $ | 4.62 | | | | $ | 26.25 | | | | $ | (225.13) | | | | $ | 0.46 | | | | $ | — | | | | $ | — | | | | $ | 4.27 | | | | $ | 27.14 | | | | $ | (225.13) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net production volumes attributable to the | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Royalty paid(2) | | | | 68,957 | | | | | 6,011 | | | | | — | | | | | 144,318 | | | | | 15,271 | | | | | (534) | | | | | 254,346 | | | | | — | | | | | — | | | | | 467,621 | | | | | 21,282 | | | | | (534) | | |
| | Hugoton(5) | | San Juan Basin — New Mexico(5) | | San Juan Basin — Colorado(5) | | Total | | | Hugoton | | San Juan Basin — New Mexico(5) | | San Juan Basin — Colorado | | Total | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Natural Gas | | Natural Gas Liquids | | Oil and Condensate | | Natural Gas | | Natural Gas Liquids | | Oil and Condensate | | Natural Gas | | Natural Gas Liquids | | Oil and Condensate | | Natural Gas | | Natural Gas Liquids | | Oil and Condensate | | | Natural Gas | | Natural Gas Liquids | | Oil and Condensate | | Natural Gas | | Natural Gas Liquids | | Oil and Condensate | | Natural Gas | | Natural Gas Liquids | | Oil and Condensate | | Natural Gas | | Natural Gas Liquids | | Oil and Condensate | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Trust’s proportionate share of – Gross Proceeds (1) | | | $ | 2,330,351 | | | | $ | 461,261 | | | | $ | — | | | | $ | 2,858,942 | | | | $ | 1,691,049 | | | | $ | 109,809 | | | | $ | 323,305 | | | | $ | 2,820 | | | | $ | — | | | | $ | 5,512,598 | | | | $ | 2,155,130 | | | | $ | 109,809 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less the Trust’s proportionate share of – Capital costs | | | | (130,145) | | | | | (23,678) | | | | | — | | | | | (109,349) | | | | | (60,177) | | | | | (4,359) | | | | | — | | | | | — | | | | | — | | | | | (239,494) | | | | | 83,855) | | | | | (4,359) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs | | | | (1,340,108) | | | | | (281,414) | | | | | — | | | | | (793,691) | | | | | (519,956) | | | | | (32,908) | | | | | (148,683) | | | | | — | | | | | — | | | | | (2,282,482) | | | | | (801,370) | | | | | (32,908) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Proceeds(2) | | | $ | 860,098 | | | | $ | 156,169 | | | | $ | — | | | | $ | 1,955,902 | | | | $ | 1,110,916 | | | | $ | 72,542 | | | | $ | 174,622 | | | | $ | 2,820 | | | | $ | — | | | | $ | 2,990,622 | | | | $ | 1,269,905 | | | | $ | 72,542 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Royalty Income(2) | | | $ | 853,520 | | | | $ | 154,782 | | | | $ | — | | | | $ | 1,938,865 | | | | $ | 1,101,556 | | | | $ | 70,656 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 2,792,385 | | | | $ | 1,256,338 | | | | $ | 70,656 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Sales Price | | | $ | 6.50 | | | | $ | 25.24 | | | | $ | — | | | | $ | 6.73 | | | | $ | 47.91 | | | | $ | 89.86 | | | | $ | 1.05 | | | | $ | 0.73 | | | | $ | — | | | | $ | 5.06 | | | | $ | 37.51 | | | | $ | 89.86 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Production Costs (3) | | | $ | 11.19 | | | | $ | 49.76 | | | | $ | — | | | | $ | 3.13 | | | | $ | 25.23 | | | | $ | 47.39 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 6.01 | | | | $ | 30.39 | | | | $ | 47.39 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net production volumes attributable to the | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Royalty paid(4) | | | | 131,339 | | | | | 6,132 | | | | | — | | | | | 288,285 | | | | | 22,992 | | | | | 786 | | | | | — | | | | | — | | | | | — | | | | | 419,624 | | | | | 29,124 | | | | | 786 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2021: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||
The Trust’s proportionate share of – Gross Proceeds (1) | | | $ | 1,392,596 | | | | $ | 333,021 | | | | $ | — | | | | $ | 1,506,719 | | | | $ | 841,233 | | | | $ | 99,849 | | | | $ | 789,577 | | | | $ | — | | | | $ | — | | | | $ | 3,688,892 | | | | $ | 1,174,254 | | | | $ | 99,849 | | | | | $ | 1,392,596 | | | | $ | 333,021 | | | | $ | — | | | | $ | 1,506,719 | | | | $ | 841,233 | | | | $ | 99,849 | | | | $ | 789,577 | | | | $ | — | | | | $ | — | | | | $ | 3,688,892 | | | | $ | 1,174,254 | | | | $ | 99,849 | | | ||||||||||||||||||||||||
Less the Trust’s proportionate share of – Capital costs | | | | (18,943) | | | | | (3,604) | | | | | — | | | | | (1,024,914) | | | | | (1,361) | | | | | (161,421) | | | | | — | | | | | — | | | | | — | | | | | (1,043,857) | | | | | (4,965) | | | | | (161,421) | | | | | | (18,943) | | | | | (3,604) | | | | | — | | | | | (1,024,914) | | | | | (1,361) | | | | | (161,421) | | | | | — | | | | | — | | | | | — | | | | | (1,043,857) | | | | | (4,965) | | | | | (161,421) | | | ||||||||||||||||||||||||
Operating costs | | | | (1,031,937) | | | | | (248,346) | | | | | — | | | | | (608,952) | | | | | (345,700) | | | | | (38,289) | | | | | (488,939) | | | | | — | | | | | — | | | | | (2,129,828) | | | | | (594,046) | | | | | (38,289) | | | | | | (1,031,937) | | | | | (248,346) | | | | | — | | | | | (608,952) | | | | | (345,700) | | | | | (38,289) | | | | | (488,939) | | | | | — | | | | | — | | | | | (2,129,828) | | | | | (594,046) | | | | | (38,289) | | | ||||||||||||||||||||||||
Net Proceeds(2) | | | $ | 341,716 | | | | $ | 81,071 | | | | $ | — | | | | $ | (127,147) | | | | $ | 494,172 | | | | $ | (99,861) | | | | $ | 300,638 | | | | $ | — | | | | $ | — | | | | $ | 515,207 | | | | $ | 575,243 | | | | $ | (99,861) | | | | | $ | 341,716 | | | | $ | 81,071 | | | | $ | — | | | | $ | (127,147) | | | | $ | 494,172 | | | | $ | (99,861) | | | | $ | 300,638 | | | | $ | — | | | | $ | — | | | | $ | 515,207 | | | | $ | 575,243 | | | | $ | (99,861) | | | ||||||||||||||||||||||||
Royalty Income(2) | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 158,684 | | | | $ | 109,429 | | | | $ | 9,360 | | | | $ | 630,687 | | | | $ | — | | | | $ | — | | | | $ | 789,371 | | | | $ | 109,429 | | | | $ | 9,360 | | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 158,684 | | | | $ | 109,429 | | | | $ | 9,360 | | | | $ | 630,687 | | | | $ | — | | | | $ | — | | | | $ | 789,371 | | | | $ | 109,429 | | | | $ | 9,360 | | | ||||||||||||||||||||||||
Average Sales Price | | | $ | 3.96 | | | | $ | 20.43 | | | | $ | — | | | | $ | 2.60 | | | | $ | 18.02 | | | | $ | 44.71 | | | | $ | 2.56 | | | | $ | — | | | | $ | — | | | | $ | 2.97 | | | | $ | 18.65 | | | | $ | 44.71 | | | | | $ | 3.96 | | | | $ | 20.43 | | | | $ | — | | | | $ | 2.60 | | | | $ | 18.02 | | | | $ | 44.71 | | | | $ | 2.56 | | | | $ | — | | | | $ | — | | | | $ | 2.97 | | | | $ | 18.65 | | | | $ | 44.71 | | | ||||||||||||||||||||||||
Average Production Costs(3) | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 26.76 | | | | $ | 57.13 | | | | $ | 953.89 | | | | $ | 2.02 | | | | $ | — | | | | $ | — | | | | $ | 10.46 | | | | $ | 98.60 | | | | $ | 953.89 | | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 26.76 | | | | $ | 57.13 | | | | $ | 953.89 | | | | $ | 2.02 | | | | $ | — | | | | $ | — | | | | $ | 10.46 | | | | $ | 98.60 | | | | $ | 953.89 | | | ||||||||||||||||||||||||
Net production volumes attributable to the | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | ||||||||||||||||||||||||
Royalty paid(4) | | | | — | | | | | — | | | | | — | | | | | 61,047 | | | | | 6,075 | | | | | (209) | | | | | 242,360 | | | | | — | | | | | — | | | | | 303,407 | | | | | 6,075 | | | | | (209) | | | | | | — | | | | | — | | | | | — | | | | | 61,047 | | | | | 6,075 | | | | | (209) | | | | | 242,360 | | | | | — | | | | | — | | | | | 303,407 | | | | | 6,075 | | | | | (209) | | | ||||||||||||||||||||||||
Year ended December 31, 2020: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Trust’s proportionate share of – Gross Proceeds (1) | | | $ | 1,010,852 | | | | $ | 196,435 | | | | $ | — | | | | $ | 881,596 | | | | $ | 586,723 | | | | $ | 97,964 | | | | $ | 301,723 | | | | $ | — | | | | $ | — | | | | $ | 2,194,171 | | | | $ | 783,158 | | | | $ | 97,964 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less the Trust’s proportionate share of – Capital costs | | | | (1,123) | | | | | (207) | | | | | — | | | | | (50,124) | | | | | (13,117) | | | | | (32,354) | | | | | — | | | | | — | | | | | — | | | | | (51,247) | | | | | (13,324) | | | | | (32,354) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs | | | | (1,211,937) | | | | | (176,462) | | | | | — | | | | | (616,280) | | | | | (387,758) | | | | | (87,948) | | | | | (117,130) | | | | | — | | | | | — | | | | | (1,945,347) | | | | | (564,220) | | | | | (87,948) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Proceeds(2) | | | $ | (202,208) | | | | $ | 19,766 | | | | $ | — | | | | $ | 215,192 | | | | $ | 185,848 | | | | $ | (22,338) | | | | $ | 184,593 | | | | $ | — | | | | $ | — | | | | $ | 197,577 | | | | $ | 205,614 | | | | $ | (22,338) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Royalty Income(2) | | | $ | 188,274 | | | | $ | 60,172 | | | | $ | — | | | | $ | 220,687 | | | | $ | 193,704 | | | | $ | (22,136) | | | | $ | 191,448 | | | | $ | — | | | | $ | — | | | | $ | 600,409 | | | | $ | 253,876 | | | | $ | (22,136) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Sales Price | | | $ | 2.73 | | | | $ | 10.01 | | | | $ | — | | | | $ | 1.53 | | | | $ | 12.68 | | | | $ | 41.42 | | | | $ | 0.75 | | | | $ | — | | | | $ | — | | | | $ | 1.28 | | | | $ | 11.93 | | | | $ | 41.42 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Production Costs(3) | | | $ | 17.59 | | | | $ | 29.39 | | | | $ | — | | | | $ | 4.62 | | | | $ | 26.25 | | | | $ | (225.13) | | | | $ | 0.46 | | | | $ | — | | | | $ | — | | | | $ | 4.27 | | | | $ | 27.14 | | | | $ | (225.13) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net production volumes attributable to the | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Royalty paid(4) | | | | 68,957 | | | | | 6,011 | | | | | — | | | | | 144,318 | | | | | 15,271 | | | | | (534) | | | | | 254,346 | | | | | — | | | | | — | | | | | 467,621 | | | | | 21,282 | | | | | (534) | | |
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||
Royalty income | | | $ | 908,160 | | | | $ | 832,149 | | | | | $ | 4,119,378 | | | | $ | 908,160 | | | ||||
Interest income | | | | 117 | | | | | 5,756 | | | | | | 19,832 | | | | | 117 | | | ||||
General and administrative expenses | | | | (172,737) | | | | | (193,947) | | | |||||||||||||||
Cash reserves used/(withheld) for current Trust expenses | | | | 21,296 | | | | | (78,208) | | | |||||||||||||||
General and administrative expense | | | | (197,482) | | | | | (172,737) | | | |||||||||||||||
Income available for distribution prior to cash reserves used/(withheld) for Trust expenses | | | | 3,941,728 | | | | | 735,540 | | | |||||||||||||||
Cash reserves used/(withheld) for Trust expenses | | | | (259,500) | | | | | 21,296 | | | |||||||||||||||
Distributable income | | | $ | 756,836 | | | | $ | 565,750 | | | | | $ | 3,682,228 | | | | $ | 756,836 | | | ||||
Distributable income per unit | | | $ | 0.4061 | | | | $ | 0.3036 | | | | | $ | 1.9759 | | | | $ | 0.4061 | | | ||||
Units outstanding | | | | 1,863,590 | | | | | 1,863,590 | | |
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Natural Gas | | Natural Gas Liquids | | Oil and Condensate | | Natural Gas | | Natural Gas Liquids | | Oil and Condensate | | | Natural Gas | | Natural Gas Liquids | | Oil and Condensate | | Natural Gas | | Natural Gas Liquids | | Oil and Condensate | | ||||||||||||||||||||||||||||||||||||||||||||||||
Average sales price | | | $ | 3.96 | | | | $ | 20.43 | | | | | — | | | | $ | 2.73 | | | | $ | 10.01 | | | | | — | | | | | $ | 6.50 | | | | $ | 25.24 | | | | | — | | | | $ | 3.96 | | | | $ | 20.43 | | | | | — | | | ||||||||||||
| | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | | | (Mcf) | | | | | (Bbls) | | | | | (Bbls) | | | ||||||||||||
Actual production volumes attributable to the Royalty paid for Hugoton Royalty Properties | | | | 351,800 | | | | | 16,300 | | | | | — | | | | | 370,235 | | | | | 19,622 | | | | | — | | | | | | 358,592 | | | | | 18,273 | | | | | — | | | | | 351,800 | | | | | 16,300 | | | | | — | | | ||||||||||||
Net production volumes attributable to the Royalty paid for Hugoton Royalty Properties | | | | — | | | | | — | | | | | — | | | | | 68,957 | | | | | 6,011 | | | | | — | | | | | | 131,339 | | | | | 6,132 | | | | | — | | | | | — | | | | | — | | | | | — | | |
| | | 2022 | | | 2021 | | ||||||||||||||||||||||||||||||
| | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | ||||||||||||||||||
Average sales price(1) | | | | $ | 1.05 | | | | | $ | 0.73 | | | | | | — | | | | | $ | 2.56 | | | | | | — | | | | | | — | | |
| | | | | (Mcf) | | | | | | (Bbls) | | | | | | (Bbls) | | | | | | (Mcf) | | | | | | (Bbls) | | | | | | (Bbls) | | |
Actual production volumes attributable to the Royalty paid for San Juan Basin – Colorado Properties | | | | | 306,834 | | | | | | 3,882 | | | | | | — | | | | | | 308,299 | | | | | | — | | | | | | — | | |
Net production volumes attributable to the Royalty paid for San Juan Basin – Colorado Properties | | | | | — | | | | | | — | | | | | | — | | | | | | 242,360 | | | | | | — | | | | | | — | | |
| | | 2021 | | | 2020 | | ||||||||||||||||||||||||||||||
| | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | ||||||||||||||||||
Average sales price | | | | $ | 2.56 | | | | | | — | | | | | | — | | | | | $ | 0.75 | | | | | | — | | | | | | — | | |
| | | | | (Mcf) | | | | | | (Bbls) | | | | | | (Bbls) | | | | | | (Mcf) | | | | | | (Bbls) | | | | | | (Bbls) | | |
Actual production volumes attributable to the Royalty paid for San Juan Basin – Colorado Properties | | | | | 308,299 | | | | | | — | | | | | | — | | | | | | 396,782 | | | | | | — | | | | | | — | | |
Net production volumes attributable to the Royalty paid for San Juan Basin – Colorado Properties | | | | | 242,360 | | | | | | — | | | | | | — | | | | | | 254,346 | | | | | | — | | | | | | — | | |
| | | 2021 | | | 2020 | | ||||||||||||||||||||||||||||||
| | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | ||||||||||||||||||
Average sales price | | | | $ | 2.60 | | | | | $ | 18.02 | | | | | $ | 44.71 | | | | | $ | 1.53 | | | | | $ | 12.68 | | | | | $ | 41.42 | | |
| | | | | (Mcf) | | | | | | (Bbls) | | | | | | (Bbls) | | | | | | (Mcf) | | | | | | (Bbls) | | | | | | (Bbls) | | |
Actual production volumes attributable to the Royalty paid for San Juan Basin – New Mexico Properties | | | | | 580,198 | | | | | | 46,672 | | | | | | 2,233 | | | | | | 575,017 | | | | | | 45,872 | | | | | | 2,375 | | |
Net production volumes attributable to the Royalty paid for San Juan Basin – New Mexico Properties | | | | | 61,047 | | | | | | 6,075 | | | | | | 209 | | | | | | 144,318 | | | | | | 15,271 | | | | | | (534) | | |
| | | 2022 | | | 2021 | | ||||||||||||||||||||||||||||||
| | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | | Natural Gas | | | Natural Gas Liquids | | | Oil and Condensate | | ||||||||||||||||||
Average sales price | | | | $ | 6.73 | | | | | $ | 47.91 | | | | | $ | 89.86 | | | | | $ | 2.60 | | | | | $ | 18.02 | | | | | $ | 44.71 | | |
| | | | | (Mcf) | | | | | | (Bbls) | | | | | | (Bbls) | | | | | | (Mcf) | | | | | | (Bbls) | | | | | | (Bbls) | | |
Actual production volumes attributable to the Royalty paid for San Juan Basin – New Mexico Properties | | | | | 425,089 | | | | | | 35,297 | | | | | | 1,222 | | | | | | 580,198 | | | | | | 46,672 | | | | | | 2,233 | | |
Net production volumes attributable to the Royalty paid for San Juan Basin – New Mexico Properties | | | | | 288,285 | | | | | | 22,992 | | | | | | 786 | | | | | | 61,047 | | | | | | 6,075 | | | | | | 209 | | |
| | Years Ended December 31, | | | Years Ended December 31, | | ||||||||||||||||||||
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||
Royalty income | | | $ | 908,160 | | | | $ | 832,149 | | | | | $ | 4,119,378 | | | | $ | 908,160 | | | ||||
Interest income | | | | 117 | | | | | 5,756 | | | | | | 19,832 | | | | | 117 | | | ||||
General and administrative expenses | | | | (172,737) | | | | | (193,947) | | | | | | (197,482) | | | | | (172,737) | | | ||||
Income available for distribution prior to cash reserves withheld for Trust expenses | | | $ | 735,540 | | | | $ | 643,958 | | | |||||||||||||||
Income available for distribution prior to cash reserves used/(withheld) for Trust expenses | | | $ | 3,941,728 | | | | $ | 735,540 | | | |||||||||||||||
Cash reserves used/(withheld) for current Trust expenses | | | | 21,296 | | | | | (78,208) | | | | | | (259,500) | | | | | 21,296 | | | ||||
Distributable income | | | $ | 756,836 | | | | $ | 565,750 | | | | | $ | 3,682,228 | | | | $ | 756,836 | | | ||||
Distributable income per unit | | | $ | 0.4061 | | | | $ | 0.3036 | | | | | $ | 1.9759 | | | | $ | 0.4061 | | |
| | December 31, | | | December 31, | | ||||||||||||||||||||
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | ||||
Cash and short-term investments | | | $ | 1,266,979 | | | | $ | 1,076,485 | | | | | $ | 2,356,010 | | | | $ | 1,266,979 | | | ||||
Net overriding royalty interests in oil and gas properties | | | | 42,498,034 | | | | | 42,498,034 | | | | | | 42,498,034 | | | | | 42,498,034 | | | ||||
Accumulated amortization | | | | (41,026,117) | | | | | (40,984,296) | | | | | | (41,104,737) | | | | | (41,026,117) | | | ||||
Total assets | | | $ | 2,738,896 | | | | $ | 2,590,223 | | | | | $ | 3,749,307 | | | | $ | 2,738,896 | | | ||||
LIABILITIES AND TRUST CORPUS | | | | | | | | | | | | | | | | | | | | | | | ||||
Distributions payable | | | $ | 241,979 | | | | $ | — | | | | | $ | 1,058,842 | | | | $ | 241,979 | | | ||||
Trust corpus (1,863,590 units of beneficial interest, issued and outstanding) | | | | 2,496,917 | | | | | 2,590,223 | | | | | | 2,690,465 | | | | | 2,496,917 | | | ||||
Total liabilities and trust corpus | | | $ | 2,738,896 | | | | $ | 2,590,223 | | | | | $ | 3,749,307 | | | | $ | 2,738,896 | | |
| | Years Ended December 31, | | | Years Ended December 31, | | ||||||||||||||||||||
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||
Trust corpus, beginning of year | | | $ | 2,590,223 | | | | $ | 2,584,522 | | | | | $ | 2,496,917 | | | | $ | 2,590,223 | | | ||||
Cash reserves (used)/withheld for current Trust expenses | | | | (21,296) | | | | | 78,208 | | | | | | 259,500 | | | | | (21,296) | | | ||||
Distributable income | | | | 756,836 | | | | | 565,750 | | | | | | 3,682,228 | | | | | 756,836 | | | ||||
Distributions to unitholders | | | | (787,025) | | | | | (544,685) | | | | | | (3,669,560) | | | | | (787,025) | | | ||||
Amortization of net overriding royalty interests | | | | (41,821) | | | | | (93,572) | | | | | | (78,620) | | | | | (41,821) | | | ||||
Trust corpus, end of year | | | $ | 2,496,917 | | | | $ | 2,590,223 | | | | | $ | 2,690,465 | | | | $ | 2,496,917 | | |
| | | As of December 31, 2021 | | | As of December 31, 2020 | | ||||||
Hugoton Properties | | | | $ | 8,100 | | | | | $ | 430,888 | | |
San Juan Basin – Colorado Properties – Simcoe | | | | | 341,707 | | | | | | — | | |
San Juan Basin – Colorado Properties – Red Willow | | | | | 24,794 | | | | | | 36,453 | | |
San Juan Basin – New Mexico Properties – Hilcorp | | | | | 29,184 | | | | | | 18,874 | | |
Total | | | | $ | 403,785 | | | | | $ | 486,215 | | |
| | | As of December 31, 2022 | | | As of December 31, 2021 | | ||||||
Hugoton Properties | | | | $ | — | | | | | $ | 8,100 | | |
San Juan Basin – Colorado Properties – Simcoe | | | | | 206,432 | | | | | | 341,707 | | |
San Juan Basin – Colorado Properties – Red Willow | | | | | 2,884 | | | | | | 24,794 | | |
San Juan Basin – New Mexico Properties – Hilcorp | | | | | — | | | | | | 29,184 | | |
Total | | | | $ | 209,316 | | | | | $ | 403,785 | | |
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||
Income available for distribution prior to cash reserves withheld for Trust expenses | | | $ | 735,540 | | | | $ | 643,958 | | | | | $ | 3,941,728 | | | | $ | 735,540 | | | ||||
Increase in the Contingent Reserve | | | | (916,999) | | | | | (320,537) | | | | | | (4,139,210) | | | | | (916,999) | | | ||||
Withdrawal from the Contingent Reserve | | | | 968,483 | | | | | 221,264 | | | | | | 3,867,042 | | | | | 968,483 | | | ||||
Distributable Income Available for Distribution | | | $ | 787,025 | | | | $ | 544,685 | | | | | $ | 3,669,560 | | | | $ | 787,025 | | | ||||
Distributable Income Available for Distribution per unit | | | $ | 0.422 | | | | $ | 0.292 | | | | | $ | 1.969 | | | | $ | 0.422 | | | ||||
Units outstanding | | | | 1,863,590 | | | | | 1,863,590 | | | | | | 1,863,590 | | | | | 1,863,590 | | |
| | Oil and Condensate | | Natural Gas Liquids | | Natural Gas | | | Oil and Condensate | | Natural Gas Liquids | | Natural Gas | | ||||||||||||||||||||||||
| | (Bbls) | | (Bbls) | | (Mcf) | | | (Bbls) | | (Bbls) | | (Mcf) | | ||||||||||||||||||||||||
Proved Reserves: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
December 31, 2017 | | | | 8,177 | | | | | 360,009 | | | | | 6,310,336 | | | ||||||||||||||||||||||
Revisions to previous estimates | | | | 2,219 | | | | | 103,606 | | | | | 1,834,431 | | | ||||||||||||||||||||||
Extensions, discoveries and other additions | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||
Production | | | | (399) | | | | | (30,568) | | | | | (852,872) | | | ||||||||||||||||||||||
December 31, 2018 | | | | 9,997 | | | | | 433,047 | | | | | 7,291,895 | | | | | | 9,997 | | | | | 433,047 | | | | | 7,291,895 | | | ||||||
Revisions to previous estimates | | | | 3,358 | | | | | (1,488) | | | | | 1,826,202 | | | | | | 3,358 | | | | | (1,488) | | | | | 1,826,202 | | | ||||||
Extensions, discoveries and other additions | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | ||||||
Production | | | | (2,355) | | | | | (51,559) | | | | | (1,412,097) | | | | | | (2,355) | | | | | (51,559) | | | | | (1,412,097) | | | ||||||
December 31, 2019 | | | | 11,000 | | | | | 380,000 | | | | | 7,706,000 | | | | | | 11,000 | | | | | 380,000 | | | | | 7,706,000 | | | ||||||
Revisions to previous estimates | | | | (1,534) | | | | | (52,718) | | | | | (1,865,379) | | | | | | (1,534) | | | | | (52,718) | | | | | (1,865,379) | | | ||||||
Extensions, discoveries and other additions | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | ||||||
Production | | | | 534 | | | | | (21,282) | | | | | (467,621) | | | | | | 534 | | | | | (21,282) | | | | | (467,621) | | | ||||||
December 31, 2020 | | | | 10,000 | | | | | 306,000 | | | | | 5,373,000 | | | | | | 10,000 | | | | | 306,000 | | | | | 5,373,000 | | | ||||||
Revisions to previous estimates | | | | 2,209 | | | | | 139,075 | | | | | 3,071,407 | | | | | | 2,209 | | | | | 139,075 | | | | | 3,071,407 | | | ||||||
Extensions, discoveries and other additions | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | ||||||
Production | | | | (209) | | | | | (6,075) | | | | | (303,407) | | | | | | (209) | | | | | (6,075) | | | | | (303,407) | | | ||||||
December 31, 2021 | | | | 12,000 | | | | | 439,000 | | | | | 8,141,000 | | | | | | 12,000 | | | | | 439,000 | | | | | 8,141,000 | | | ||||||
Revisions to previous estimates | | | | 2,786 | | | | | 121,124 | | | | | 296,624 | | | ||||||||||||||||||||||
Extensions, discoveries and other additions | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||
Production | | | | (786) | | | | | (29,124) | | | | | (419,624) | | | ||||||||||||||||||||||
December 31, 2022 | | | | 14,000 | | | | | 531,000 | | | | | 8,018,000 | | | ||||||||||||||||||||||
Proved Developed Reserves: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
December 31, 2017 | | | | 8,177 | | | | | 360,009 | | | | | 6,310,336 | | | ||||||||||||||||||||||
December 31, 2018 | | | | 9,997 | | | | | 433,047 | | | | | 7,291,895 | | | | | | 9,997 | | | | | 433,047 | | | | | 7,291,895 | | | ||||||
December 31, 2019 | | | | 11,000 | | | | | 380,000 | | | | | 7,706,000 | | | | | | 11,000 | | | | | 380,000 | | | | | 7,706,000 | | | ||||||
December 31, 2020 | | | | 10,000 | | | | | 306,000 | | | | | 5,373,000 | | | | | | 10,000 | | | | | 306,000 | | | | | 5,373,000 | | | ||||||
December 31, 2021 | | | | 12,000 | | | | | 439,000 | | | | | 8,141,000 | | | | | | 12,000 | | | | | 439,000 | | | | | 8,141,000 | | | ||||||
December 31, 2022 | | | | 14,000 | | | | | 531,000 | | | | | 8,018,000 | | |
| | As of December 31, | | | As of December 31, | | ||||||||||||||||||||||||||||||||
| | 2021 | | 2020 | | 2019 | | | 2022 | | 2021 | | 2020 | | ||||||||||||||||||||||||
| | (In thousands) | | | (In thousands) | | ||||||||||||||||||||||||||||||||
The Trust’s proportionate share of future Gross Proceeds | | | $ | 58,418 | | | | $ | 20,082 | | | | $ | 35,252 | | | | | $ | 102,456 | | | | $ | 58,418 | | | | $ | 20,082 | | | ||||||
The Trust’s proportionate share of future operating costs | | | | (19,175) | | | | | (5,602) | | | | | (12,649) | | | | | | (25,886) | | | | | (19,175) | | | | | (5,602) | | | ||||||
Future capital costs | | | | (2,400) | | | | | (1,407) | | | | | (1,214) | | | | | | (2,430) | | | | | (2,400) | | | | | (1,407) | | | ||||||
Future Royalty income | | | $ | 36,843 | | | | $ | 13,073 | | | | $ | 21,389 | | | | | $ | 74,140 | | | | $ | 36,843 | | | | $ | 13,073 | | | ||||||
Discount at 10% per annum | | | | (20,283) | | | | | (6,503) | | | | | (10,896) | | | | | | (43,014) | | | | | (20,283) | | | | | (6,503) | | | ||||||
Standardized measure of future Royalty income from proved oil and gas reserves | | | $ | 16,560 | | | | $ | 6,570 | | | | $ | 10,493 | | | | | $ | 31,126 | | | | $ | 16,560 | | | | $ | 6,570 | | |
| | As of December 31, | | | As of December 31, | | ||||||||||||||||||||||||||||||||
| | 2021 | | 2020 | | 2019 | | | 2022 | | 2021 | | 2020 | | ||||||||||||||||||||||||
| | (In thousands) | | | (In thousands) | | ||||||||||||||||||||||||||||||||
Standardized measure of future Royalty income from proved oil and gas reserves at beginning of year | | | $ | 6,570 | | | | $ | 10,493 | | | | $ | 10,640 | | | | | $ | 16,560 | | | | $ | 6,570 | | | | $ | 10,493 | | | ||||||
Revisions of previous estimates | | | | 3,986 | | | | | (892) | | | | | 3,273 | | | | | | 5,933 | | | | | 3,986 | | | | | (892) | | | ||||||
Net changes in price and production costs | | | | 5,527 | | | | | (3,062) | | | | | 4,072 | | | | | | 10,126 | | | | | 5,527 | | | | | (3,062) | | | ||||||
Royalty income | | | | (908) | | | | | (832) | | | | | (1,808) | | | | | | (4,119) | | | | | (908) | | | | | (832) | | | ||||||
Accretion of discount | | | | 1,385 | | | | | 863 | | | | | 862 | | | | | | 2,626 | | | | | 1,385 | | | | | 863 | | | ||||||
Net changes in standardized measure | | | $ | 9,990 | | | | $ | (3,923) | | | | $ | (147) | | | | | $ | 14,566 | | | | $ | 9,990 | | | | $ | (3,923) | | | ||||||
Standardized measure of future Royalty income from proved oil and gas reserves at end of year | | | $ | 16,560 | | | | $ | 6,570 | | | | $ | 10,493 | | | | | $ | 31,126 | | | | $ | 16,560 | | | | $ | 6,570 | | |
Beneficial Owner | | | Trust Units Beneficially Owned | | | Percent of Class | | ||||||
Wells Fargo & Company | | | | | | | | | | | |
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||
Audit fees(1) | | | $ | 525,000 | | | | $ | 580,000 | | | | | $ | 525,000 | | | | $ | 525,000 | | | ||||
Audit-related fees | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Tax fees(2) | | | | 95,000 | | | | | 92,000 | | | | | | 95,000 | | | | | 95,000 | | | ||||
All other fees | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Total fees | | | $ | 620,000 | | | | $ | 672,000 | | | | | $ | 620,000 | | | | $ | 620,000 | | |
| | | Page in this Form 10-K | | |||
Report of Independent Registered Public Accounting Firm – KPMG LLP, Houston, TX, Auditor Firm ID: 185 | | | | | 34 | | |
Statements of Distributable Income | | | | | 36 | | |
Statements of Assets, Liabilities and Trust Corpus | | | | | 37 | | |
Statements of Changes in Trust Corpus | | | | | 38 | | |
Notes to Financial Statements | | | | | 39 | | |
| 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) | | | ||
| | 4(f) | | | | | | | | | | | | | | | | | ||
| | | 23 | | | | | | | | | | | | | | | | | |
| | | 31 | | | | | | | | | | | | | | | | | |
| | | 32 | | | | | | | | | | | | | | | | | |
| | | 99 | | | | | | | | | | | | | | | | |
Mesa Royalty Trust By: THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., TRUSTEE By: /s/ Elaina Rodgers Elaina Rodgers Vice President & Trust Officer |