Executive Summary

Q1 2025 distribution increased sequentially to $3.1625M ($0.275 per unit) from $2.7600M ($0.240 per unit) in Q4 2024, but declined year over year versus $3.7950M ($0.330 per unit) in Q1 2024, driven by lower BOE volumes and mixed pricing dynamics .
Underlying gross proceeds were $9.522M with average realized price of $67.77/BOE; costs were $5.297M, yielding net profits of $4.225M and Trust’s 80% NPI of $3.380M for the payment period ended March 31, 2025 .
The Trust does not issue operating guidance; no earnings call was held and no transcript is available for Q1 2025, limiting qualitative forward commentary; the Trust filed its 2024 10-K on March 20, 2025 .
Wall Street consensus estimates from S&P Global were largely unavailable for EPS and revenue for Q1 2025; investors should focus on distribution drivers (volumes, realized prices, costs) and commodity/OPEC dynamics highlighted in Trust disclosures .*

What Went Well and What Went Wrong

Sequential distribution uplift: Net cash proceeds to unitholders rose to $3.1625M ($0.275/unit) in Q1 2025 from $2.7600M ($0.240/unit) in Q4 2024, supported by higher net profits and a lower provision for Trust expenses .
Realized price resilience: Average price/BOE improved quarter over quarter to $67.77 from $65.89, cushioning the impact of slightly lower volumes .
No reserve for capex: MV Partners recorded no reserve for capital expenditures, allowing full 80% NPI to flow through to Trust cash proceeds ($3.380M) .

Year-over-year decline: Distribution fell vs Q1 2024 ($3.1625M vs $3.7950M), reflecting lower volumes (140,509 BOE vs 146,612 BOE) and slightly lower realized pricing ($67.77 vs $69.82/BOE) .
Costs elevated relative to proceeds: Costs of $5.297M consumed ~56% of gross proceeds ($9.522M), leaving net profits of $4.225M; while typical for the asset base, cost structure remains a key sensitivity for distributions .
Limited forward visibility: The Trust reiterates caution that actual cash receipts can differ due to drilling results, purchaser payment ability, and OPEC actions; absence of an earnings call limits management color on near-term operations .

Metric	Q1 2024	Q4 2024	Q1 2025
Volume (BOE)	146,612	144,095	140,509
Average Price ($/BOE)	$69.82	$65.89	$67.77
Gross Proceeds ($USD)	$10.2366M	$9.4938M	$9.5216M
Costs ($USD)	$5.2124M	$5.7529M	$5.2966M
Net Profits ($USD)	$5.0242M	$3.7409M	$4.2250M
Trust 80% Net Profits Interest ($USD)	$4.0194M	$2.9927M	$3.3800M
MV Partners Capex Reserve ($USD)	$0	$0	$0
Provision for Trust Expenses ($USD)	$(0.2244)M	$(0.2327)M	$(0.2175)M
Net Cash Proceeds for Distribution ($USD)	$3.7950M	$2.7600M	$3.1625M
Distribution per Unit ($USD)	$0.330	$0.240	$0.275

Notes: Payment periods align with quarter-end dates (Mar 31, Dec 31, Mar 31). Distributions payable to unitholders on specified dates per filings .

KPI	Q1 2024	Q4 2024	Q1 2025
Price vs Volume Mix (qualitative)	Higher price, higher volume	Lower price, slightly lower volume	Price recovery QoQ, volume down YoY
Expense Intensity (Costs/Gross Proceeds)	~51%	~61%	~56%
NPI Conversion (NPI/Net Profits)	~80% by structure	~80% by structure	~80% by structure

The Trust does not issue operating or financial guidance; Q1 2025 disclosures are limited to distribution mechanics and payment period data .

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	Q2–FY	Not provided	Not provided	Maintained
Margins	Q2–FY	Not provided	Not provided	Maintained
OpEx	Q2–FY	Not provided	Not provided	Maintained
Tax Rate	Q2–FY	Not provided	Not provided	Maintained
Dividends/Distributions	Q2 2025	No guidance; distributions depend on cash receipts	No guidance; distributions depend on cash receipts	Maintained

No earnings call transcript was published for Q1 2025; the Trust historically communicates via press releases and SEC filings .

Topic	Previous Mentions (Q3 2024, Q4 2024)	Current Period (Q1 2025)	Trend
Commodity pricing	Realized prices $73.90/BOE (Q3 2024) and $65.89/BOE (Q4 2024)	$67.77/BOE	Improving QoQ; down YoY vs Q1 2024
Volumes	149,086 BOE (Q3 2024); 144,095 BOE (Q4 2024)	140,509 BOE	Moderating sequentially
Capex reserve	No reserve recorded (Q3/Q4 2024)	No reserve	Stable
Expense provision	$(0.2529)M (Q3 2024); $(0.2327)M (Q4 2024)	$(0.2175)M	Lower QoQ
Macro/OPEC risk	Caution highlighted in releases	Caution reiterated (OPEC actions, purchaser payment ability)	Persistent risk disclosure

“No assurances can be given that such expectations will prove to be correct. The announced distributable amount is based on the amount of cash received or expected to be received by the Trustee… Any differences in actual cash receipts by the Trust could affect this distributable amount.” — MV Oil Trust press release, April 4, 2025 .
Risk drivers include “actual results of drilling operations… the ability of commodity purchasers to make payment, actions by… OPEC” — April 4, 2025 press release .

Not applicable. MV Oil Trust did not hold an earnings call or publish a Q&A transcript for Q1 2025; communications are via press releases and SEC filings .

Consensus estimates from S&P Global for Q1 2025 EPS and revenue were not available for MV Oil Trust; investors should treat distribution and underlying period metrics as primary indicators of quarterly performance .*
S&P Global retrieval summary: Primary EPS Consensus Mean — N/A; Revenue Consensus Mean — N/A; Target Price Consensus Mean — N/A.*

Metric	Q1 2025 Consensus	Q1 2025 Actual
Primary EPS Consensus Mean	N/A*	N/A (Trust release does not disclose EPS)
Revenue Consensus Mean	N/A*	N/A (Trust release discloses gross proceeds/net profits, not GAAP revenue)
Distribution per Unit	N/A*	$0.275

Values marked with an asterisk were retrieved from S&P Global. Where S&P Global data were unavailable, “N/A” is shown.*

Sequential improvement: Higher realized pricing and lower expense provision supported a QoQ increase in distribution to $0.275/unit; watch for pricing and cost trends into Q2 .
YoY headwinds: Lower volumes and slightly lower realized prices vs Q1 2024 reduced the distribution; volume stability remains a key lever for sustaining payouts .
Cost discipline: Costs fell QoQ ($5.297M vs $5.753M), improving net profits; continued expense management is material to distributable cash .
No guidance/call: Absence of guidance and earnings calls places emphasis on commodity/OPEC dynamics and operator actions; monitor SEC filings/news page for updates .
Distribution mechanics: No capex reserve was taken; any future reserves or purchaser payment issues could reduce distributable cash .
Tactical setup: Near-term distribution cadence will track realized prices and volumes; traders should watch crude benchmarks and any operator disclosure changes for payout sensitivity .
Medium-term: Trust structure means limited strategic levers; thesis rests on commodity cycle, field performance, and cost behavior as disclosed each quarter .