Mesa Royalty Trust (NYSE: MTR) announced today that it has reported distributable net profits of $108,024 for the month of July 2023. This represents a decrease of 40% from the distributable net profits of $180,046 reported for the same month in 2022.
The Decrease in Distributable Net Profits
The decrease in distributable net profits for July 2023 was primarily due to a decrease in production from the Trust’s oil and gas properties. Production from the Trust’s properties decreased by 20% in July 2023 compared to the same month in 2022.
The Distribution for July 2023
Based on the distributable net profits reported for July 2023, the Trust will pay a distribution of $0.057965309 per unit to unitholders of record on July 31, 2023. The distribution will be payable on October 31, 2023.
Outlook
The Trust expects production from its oil and gas properties to remain relatively flat for the remainder of 2023. However, the Trust is also expecting to receive additional income from the sale of certain of its properties. As a result, the Trust expects to report distributable net profits for the full year of 2023 that are in line with or slightly higher than the distributable net profits reported for 2022.
Conclusion
The Trust reported distributable net profits of $108,024 for the month of July 2023. This represents a decrease of 40% from the distributable net profits reported for the same month in 2022. The decrease in distributable net profits was primarily due to a decrease in production from the Trust’s oil and gas properties. The Trust expects production from its oil and gas properties to remain relatively flat for the remainder of 2023. However, the Trust is also expecting to receive additional income from the sale of certain of its properties. As a result, the Trust expects to report distributable net profits for the full year of 2023 that are in line with or slightly higher than the distributable net profits reported for 2022.
