Executive Summary

MV Oil Trust declared Q2 2025 net cash distribution of $2.1275M, or $0.185 per unit, with record date July 15 and payable July 25; volumes were 145,027 BOE at an average realized price of $59.82/BOE .
Distribution declined sequentially from $3.1625M ($0.275 per unit) in Q1 2025 amid lower realized prices ($67.77/BOE in Q1) despite slightly higher volumes .
Year-over-year, distribution fell from $4.7150M ($0.410 per unit) in Q2 2024 on materially lower oil prices ($76.62/BOE then vs $59.82/BOE now) and slightly lower volumes .
The press release reiterates commodity price sensitivity and cautions that OPEC actions and other macro factors can materially affect distributable cash; the trust provided no forward guidance and did not hold an earnings call .

What Went Well and What Went Wrong

What Went Well

Volumes increased quarter-over-quarter to 145,027 BOE from 140,509 BOE, partially offsetting price declines .
No MV Partners reserve for capital expenditures was taken in Q2 2025, maximizing cash available to the Trust ($2.3597M before Trust expenses) .
Administrative efficiency remained solid; provision for current estimated Trust expenses was $232,174, enabling $2.1275M to be distributed .

What Went Wrong

Realized pricing dropped to $59.82/BOE vs $67.77/BOE in Q1 and $76.62/BOE in Q2 2024, compressing net profits .
Distribution per unit declined to $0.185 from $0.275 in Q1 and $0.410 a year ago, reflecting commodity price pressure .
Gross proceeds fell to $8.6755M vs $9.5216M in Q1 and $11.5802M a year ago as prices weakened; costs rose sequentially to $5.7259M from $5.2966M, further pressuring net profits .

Financial Results

Trust Distribution & Underlying Metrics (Quarterly)

Metric	Q4 2024	Q1 2025	Q2 2025
Distribution per unit ($)	$0.240	$0.275	$0.185
Net cash proceeds available for distribution ($)	$2,760,000	$3,162,500	$2,127,500
Volume (BOE)	144,095	140,509	145,027
Average realized price ($/BOE)	$65.89	$67.77	$59.82
Gross proceeds ($)	$9,493,787	$9,521,619	$8,675,538
Costs ($)	$5,752,860	$5,296,614	$5,725,946
Net profits ($)	$3,740,927	$4,225,005	$2,949,592
Trust 80% net profits interest ($)	$2,992,742	$3,380,004	$2,359,674
Provision for Trust expenses ($)	$(232,742)	$(217,504)	$(232,174)

Year-over-Year Comparison

Metric	Q2 2024	Q2 2025
Distribution per unit ($)	$0.410	$0.185
Net cash proceeds available for distribution ($)	$4,715,000	$2,127,500
Volume (BOE)	151,140	145,027
Average realized price ($/BOE)	$76.62	$59.82
Gross proceeds ($)	$11,580,171	$8,675,538
Costs ($)	$5,393,841	$5,725,946
Net profits ($)	$6,186,330	$2,949,592
Trust 80% net profits interest ($)	$4,949,064	$2,359,674
Provision for Trust expenses ($)	$(234,064)	$(232,174)

Segment breakdown: Not applicable; MV Oil Trust distributes net profits from underlying properties and does not report operating segments .

KPIs: Distribution per unit, net cash distribution, realized price per BOE, volumes, and gross proceeds are primary drivers and are presented above .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Guidance (revenue/margins/OpEx/OI&E/tax/segments/dividends)	Q2 2025	None provided	None provided	Maintained (no formal guidance)

Notes: The Q2 2025 press release contains cautionary statements but no quantitative guidance; distribution amounts reflect cash receipts tied to commodity prices and operations of underlying properties .

Earnings Call Themes & Trends

No earnings call transcript was issued for Q2 2025; MV Oil Trust typically furnishes quarterly distribution announcements via press releases and 8-Ks without hosting calls .

Topic	Previous Mentions (Q4 2024 and Q1 2025)	Current Period (Q2 2025)	Trend
Commodity price sensitivity	Press releases emphasize realized prices and note macro/OPEC risks	Realized price fell to $59.82/BOE; cautionary language reiterated	Negative price trend vs prior periods
Volumes/production	Reported volumes stable-to-mixed (144,095 in Q4; 140,509 in Q1)	Volumes 145,027 BOE	Slightly up QoQ
Capex reserve	“MV Partners reserve for capital expenditures: $ --” in both Q4 and Q1	“$ --” reserve again	Stable (no reserve)
Trust expenses	~$232k-$218k range	$232,174	Stable

Management Commentary

“Unitholders of record on July 15, 2025 will receive a distribution amounting to $2,127,500 or $0.185 per unit payable July 25, 2025.” (Q2 press release) .
“This press release contains forward-looking statements… actions by the members of the Organization of Petroleum Exporting Countries, and other risk factors…” (Q2 press release risk factors emphasis) .
The press release focuses on realized price, volumes, and net profits allocation rather than strategic initiatives; as a passive trust, MVO highlights mechanical drivers of distributable cash .

Q&A Highlights

No Q&A; the trust did not hold an earnings call for Q2 2025 and communicates via press releases and 8-Ks .

Estimates Context

Wall Street consensus estimates via S&P Global: No consensus EPS or revenue estimates were available for Q2 2025 for MVO; coverage is limited for royalty trusts.
Consensus EPS (Q2 2025): N/A*
Consensus Revenue (Q2 2025): N/A*
Values retrieved from S&P Global.

Key Takeaways for Investors

Distribution declined sequentially and year-over-year driven primarily by lower realized oil prices; volumes improved modestly QoQ but could not offset price pressure .
The trust’s distributable cash is highly sensitive to commodity prices and underlying operator costs; macro/OPEC dynamics remain material risk factors to future payouts .
No capex reserve was withheld, maximizing cash available to the Trust, but higher costs vs Q1 pressured net profits .
With no formal guidance and no earnings call, investors should monitor realized prices and quarterly distribution announcements to gauge near-term payout trajectory .
The year-over-year decline underscores the volatility of distributions; risk management should consider oil price hedges or exposure balancing across energy holdings .
Record and payment dates are firm (July 15 and July 25, respectively), relevant for income-focused strategies and ex-date positioning .
Absent sell-side coverage, internal models should anchor on realized prices, volumes, and operator cost trends disclosed each quarter .

MV Oil Trust (MVO)·Q2 2025 Earnings Summary