Mesa Royalty Trust 2024年度报告

Securities registered pursuant to Section12(g) of the Act:None Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act.Yes☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Actof 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject tosuch filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule405 of RegulationS-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required tosubmit such files).Yes☐No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule12b-2 of the Exchange Act. Large accelerated filer☐Accelerated filer☐Non-accelerated filer☒Smaller reporting company☒Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section13(a) if the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of itsinternal control over financial reporting under Section404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firmthat prepared or issued its audit report. Yes☐No☒ If securities are registered pursuant to Section12(b) of the Act, indicate by check mark whether the financial statements of the registrant includedin the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act). Yes☐No☒ As of March31, 2025, 1,863,590Units of Beneficial Interest were outstanding in Mesa Royalty Trust. DOCUMENTS INCORPORATED BY REFERENCE: None TABLE OF CONTENTS Item1.Item1A.Item1B.Item1C.Item2.Item3.Item4.Item5.Item6.Item7.Item7A.Item8.Item9.Item9A.Item9B.Item9C.Item10.Item11.Item12.Item13.Item14.Item15.PagePART IBusiness1Risk Factors15Unresolved Staff Comments24Cybersecurity24Properties26Legal Proceedings26Mine Safety Disclosures26PART IIMarket for Registrant’s Common Equity, Related Unitholder Matters and IssuerPurchases of Equity Securities27[Reserved]27Trustee’s Discussion and Analysis of Financial Condition and Results of Operations27Summary of Royalty Income, Production, Prices and Costs (Unaudited)29Quantitative and Qualitative Disclosures About Market Risk34Financial Statements and Supplementary Data37Changes in and Disagreements with Accountants on Accounting and Financial Disclosure49Controls and Procedures49Other Information50Disclosure Regarding Foreign Jurisdictions that Prevent Inspections50PART IIIDirectors, Executive Officers and Corporate Governance51Executive Compensation51Security Ownership of Certain Beneficial Owners and Management and RelatedUnitholder Matters51Certain Relationships and Related Transactions, and Director Independence52Principal Accounting Fees and Services52PART IVExhibits and Financial Statement Schedules53SIGNATURES55 DISCLOSURES REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (“Form 10-K”) includes “forward-looking statements” about MesaRoyalty Trust (the “Trust”) and other matters discussed herein that are subject to risks and uncertainties thatare intended to qualify for the safe harbor from liability established by the Private Securities LitigationReform Act of 1995 and Section21E of the Securities Exchange Act of 1934, as amended (the “ExchangeAct”). All statements other than statements of historical fact included in this document, including, withoutlimitation, statements under “Trustee’s Discussion and Analysis of Financial Condition and Results ofOperations,” including the Trust’s or any Working Interest Owner’s (as defined in “Item1 — Description ofthe Trust”) future financial position, status in any insolvency proceeding, business strategy, budgets,projected costs, political and regulatory matters, such as tax and environmental policy, climate regulations,expected market conditions and commodity pricing, interest rates, prices received by Working InterestOwn