MV Oil Trust Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2022
August 10, 2022 at 01:47 am IST
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MV Oil Trust reported earnings results for the second quarter and six months ended June 30, 2022. For the second quarter, the company reported net income was USD 4.89 million compared to USD 2.42 million a year ago. Basic earnings per share from continuing operations was USD 0.425 compared to USD 0.21 a year ago.
For the six months, net income was USD 9.6 million compared to USD 3.68 million a year ago. Basic earnings per share from continuing operations was USD 0.835 compared to USD 0.32 a year ago.
MV Oil Trust (the Trust) is a statutory trust. The business and affairs of the trust are managed by The Bank of New York Mellon Trust Company, N.A., (the Trustee). The Trust acquire and holds a term net profits interest, which include interest in underlying properties consisting of MV Partnersâ net interests in all of its oil and natural gas properties located in the Mid-Continent region in the states of Kansas and Colorado (the underlying properties). The underlying properties located in the El Dorado area are operated on behalf of MV Partners, LLC by Vess Oil Corporation and are located in the include El Dorado, Augusta and Valley Center Fields. These oil and gas properties include approximately 850 producing oil and gas wells. The El Dorado Field is located atop the Nemaha Ridge in Central Butler County. The Augusta Field is on a trend similar to the nearby El Dorado Field and strikes northeast parallel to the Nemaha Ridge.