MV Oil Trust

What they do

The Trust owns a term net profits interest representing the right to receive 80% of net proceeds from MV Partners' interests in oil and natural gas properties in the Mid-Continent region of Kansas and Colorado. Those underlying properties produced predominantly oil from approximately 830 wells as of December 31, 2025, with 2025 production about 99% oil. The Trust has no employees; The Bank of New York Mellon Trust Company, N.A. serves as trustee.

Revenue drivers

• Net profits interest from oil production — The Trust receives 80% of net proceeds from MV Partners' sale of production from the underlying properties; 2025 production was roughly 99% oil.
• Oil price realizations — Distributions are highly sensitive to realized oil prices; the final payment period realized $91.58 per BOE, and NYMEX crude traded between $80.04 and $55.27 in 2025.
• Production volumes — The final quarterly payment period covered 140,993 BOE of production; as of December 31, 2025 the underlying properties had a projected reserve life of over 28 years.

Recent performance

For the quarter ended March 31, 2026, the Trust reported income from the net profits interest of $1,836,437 and distributable income of $1,610,000, or $0.140 per unit, versus $2,992,742 and $2,760,000, or $0.240 per unit, in the first quarter of 2025. For the final quarterly payment period ended June 30, 2026, volumes were 140,993 BOE at an average price of $91.58 per BOE, producing net profits of $6,667,161 and a Trust net profits interest of $5,333,729. The final distribution of $6,829,206, or $0.593844 per unit, is payable July 24, 2026 to unitholders of record on July 15, 2026, and includes a $1,000,000 release of MV Partners' reserve for capital expenditures and an $893,695 release of the Trustee's expense reserve.

Strategy

The Trust has no growth strategy; its purpose was to hold the term net profits interest, which terminated on June 30, 2026 because the minimum 14.4 MMBoe of applicable production had been produced and sold. The Trust dissolved as of the Termination Date, and the Trustee has commenced winding up its business and affairs. The Trustee is making the final distribution on July 24, 2026, after which the Trust Units are expected to be cancelled. The Trust intends to file a Form 15 to terminate registration and suspend reporting obligations, and plans to provide a second-quarter 2026 report on its website instead of a Form 10-Q.

Risks

• Termination and dissolution — The net profits interest terminated June 30, 2026 and the Trust dissolved, so it will receive no net proceeds from production after that date and will pay no further distributions.
• Unit value decline to zero — The Trust states the market price of the Trust Units is expected to decline to zero by the time of the final distribution.
• Delisting and deregistration — The Trust notified the NYSE of its intent to voluntarily withdraw the listing after the July 24, 2026 distribution, with trading expected to end before market open on July 27, 2026, and plans to terminate SEC registration on Form 15.
• Oil price and production volatility — Distributions were dependent on oil prices that ranged from $80.04 to $55.27 in 2025 and on production from mature fields subject to natural decline.

Outlook

The Trust has dissolved and the July 2026 distribution of $0.593844 per unit is the final Trust distribution. The Trustee is winding up the Trust's affairs, expects listing and trading of the Trust Units to end prior to market open on July 27, 2026, and plans to cancel the Trust Units shortly after delisting. No further distributions will be paid once the Trust terminates.