Marine Petroleum Trust ("Marine") is a royalty trust that was created in 1956 under the laws of the State of Texas. Marine was organized for the sole purpose of providing an efficient, orderly and practical means for the administration and liquidation of rights to payments from certain oil and natural gas leases in the Gulf of Mexico, pursuant to license agreements and amendments thereto between Marine's predecessors and Gulf Oil Corporation ("Gulf"). As a result of various transactions that have occurred since 1956, the Gulf interests are now held by Chevron Corporation ("Chevron"), Elf Exploration, Inc. ("Elf") and their assignees. The indenture provides that the term of the Trust will expire on June 1, 2021, unless extended by the vote of the holders of the majority of the outstanding units of beneficial interests. The Trustâs wholly-owned subsidiary, Marine Petroleum Corporation, holds title to interests in properties subject to the Trustâs interest that are situated offshore of Louisiana. Ninety-eight percent of all oil, natural gas, and other mineral royalties collected by Marine Petroleum Corporation, less the cost of receiving and collecting, are paid to the Trust. Approximately 60 percent of Marineâs royalty revenues are attributable to oil and approximately 40 percent are ttributable to natural gas. The royalty revenues received by Marine are affected by a number of factors including the producing capabilities of the wells, seasonal fluctuations in demand, and by changes in the market price for oil and natural gas. Source
No articles found.
The Řrsted vision is a world that runs entirely on green energy. Řrsted develops, ...
The Řrsted vision is a world that runs entirely...
SunPower Corporation (NASDAQ: SPWR) designs, manufactures and delivers the highest...
SunPower Corporation (NASDAQ: SPWR) designs, ma...
South Plains Petroleum, Inc. is an oil and gas âproductionâ company which util...
South Plains Petroleum, Inc. is an oil and gas ...
Galp is a publicly held, Portuguese-based energy company, with an international pr...
Galp is a publicly held, Portuguese-based energ...
Penn Virginia Corporation is an independent oil and gas company engaged in the exp...
Penn Virginia Corporation is an independent oil...
Carrizo Oil & Gas, Inc. is a Houston-based energy company actively engaged in the ...
Carrizo Oil & Gas, Inc. is a Houston-based ener...
In the name, we use the possessive form of the word âwho' because we're giving r...
In the name, we use the possessive form of the ...
WE ALL WANT OUR TROOPS TO RETURN HOME SAFELY Warfare is inevitable. Mass casualtie...
WE ALL WANT OUR TROOPS TO RETURN HOME SAFELY Wa...
Join the National Investor Network and get the latest information with your interests in mind.