您的浏览器禁用了JavaScript(一种计算机语言,用以实现您与网页的交互),请解除该禁用,或者联系我们。[美股财报]:ECA马塞勒斯信托I单位2025年季度报告 - 发现报告

ECA马塞勒斯信托I单位2025年季度报告

2025-05-14美股财报E***
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ECA马塞勒斯信托I单位2025年季度报告

or ¨TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 ECA MARCELLUS TRUST I (State or other jurisdiction of Trust Company, N.A., TrusteeGlobal Corporate Trust601 Travis Street, 16th Floor (Zip Code) Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule12b-2 of the Exchange Act.Large accelerated filerAccelerated filer¨Non-acceleratedSmaller reporting companyEmerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act.¨ Item 1. Unaudited Financial StatementsStatement of Assets, Liabilities and Trust Corpus as of March 31, 2025 (Unaudited) and December 31, 2024 Item 2. Trustee’s Discussion and Analysis of Financial Condition and Results of OperationsItem 3. Quantitative and Qualitative Disclosures About Market Risk PART– II Other InformationItem 1A. Risk Factors Item 6. ExhibitsSIGNATURES Glossary of Certain Terms ECA Marcellus Trust I Three Months EndedMarch 31,20252024Trust Corpus, Balance at January 1,$13,372,881$14,236,383Cash reserves withheld, including interest116,420Distributable income911,520 See notes to the unaudited financial statements.5 NOTE 1. Organization of the TrustECA Marcellus Trust I is a Delaware statutory trust formed in March2010 by Energy Corporation of America (“LegacyECA”) to own royalty interests in 14 producing horizontal natural gas wells producing from the Marcellus Shale formation, all ofwhich are online and are located in Greene County, Pennsylvania (the “Producing Wells”), and royalty interests in 52 horizontal was not conveyed to the Trust until the closing of the initial public offering on July7, 2010. The total number of units the Trust isauthorized to issue is 17,605,000 units, all of which are now common units. The royalty interests were conveyed from Legacy ECA’sworking interest in the Producing Wells and the PUD Wells limited to the Marcellus Shale formation (the “Underlying Properties”). InNovember2017, Greylock Energy, LLC and certain of its wholly owned subsidiaries (“Greylock Energy”), including Greylock described in Note 4. The royalty interest in the Producing Wells (the “PDP Royalty Interest”) entitles the Trust to receive 90% of the proceeds(exclusive of any production or development costs but after deducting post-production costs and any applicable taxes) from the sale ofproduction of natural gas attributable to the Sponsor’s initial interest in the Producing Wells. The royalty interest in the PUD Wells(the “PUD Royalty Interest” and collectively with the PDP Royalty Interest, the “Royalty Interests”) entitles the Trust to receive 50% The Trust’s cash receipts in respect of the Royalty Interests are determined after deducting post-production costs and anyapplicable taxes associated with the Perpetual Royalty Interests. The Trust’s cash available for distribution is reduced by Trustadministrative expenses. Post-production costs generally consist of costs incurred to gather, compress, transport, process, treat,dehydrate and market the natural gas produced. Charges (the “Post-Production Services Fee”) payable to the Sponsor for such post- fuel in the compression process, the Trust will be charged for the electric usage as provided for in the Trust conveyance documents. Gross proceeds to the Trust attributable to the Royalty Interests during the three-month period ended March31, 2025 were$1.3 million and totaled approximately $2.8 million for the four consecutive quarters ended March31, 2025. The gross proceedsattributable to the Royalty Interests are dependent upon both the volume of hydrocarbons extracted and sold from the UnderlyingProperties and the price realized on those sales. The Trust has no control or influence over either the volumes sold or the proceedsrealized from those sales. The royalty income to which the Trust is entitled has experienced a substantial decline beginning in late2022, which has been driven by lower realized prices and, to a lesser extent, volume declines that are primarily related to the naturalproduction decline inherent in the Underlying Properties. Future volumes or realized pricing or both may not be sufficient to maintaingross proceeds attributable to the Royalty Interests over any four consecutive quarters in excess of $1.5million.The trust agreement provides that the Trust will terminate if gross proceeds to the Trust attributable to the Royalty Interests Trust. Greylock Production will have a right of first refusal to purchase the remaining 50% of the Royalty Interests at the termination The bus