MV Oil Trust 2025年度报告

Washington, D.C. 20549 FORM 10-K (Mark One) Name of each exchange on which registered New York Stock Exchange Securities registered pursuant to Section12(g) of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.Yes☐No☒. 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 SecuritiesExchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and(2)has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by checkmark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuantto Rule405 of RegulationS-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant wasrequired to submit 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 forcomplying with any new or revised financial accounting standards provided pursuant to Section13(a) of 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 ofits internal control over financial reporting under Section404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered publicaccounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in 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-basedcompensation received 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 March24, 2026, 11,500,000Units of Beneficial Interest in MV Oil Trust were outstanding. 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.Item16.PageForward-Looking Statements1Glossary of Certain Oil and Natural Gas Terms3PART IBusiness7Risk Factors30Unresolved Staff Comments44Cybersecurity44Properties45Legal Proceedings45Mine Safety Disclosures45PART IIMarket for Registrant’s Common Equity, Related Unitholder Matters and Issuer Purchasesof Equity Securities46[Reserved]46Trustee’s Discussion and Analysis of Financial Condition and Results of Operations46Quantitative and Qualitative Disclosures About Market Risk50Financial Statements and Supplementary Data51Changes in and Disagreements with Accountants on Accounting and FinancialDisclosure61Controls and Procedures61Other Information62Disclosure Regarding Foreign Jurisdictions that Prevent Inspections62PART IIIDirectors, Executive Officers and Corporate Governance63Executive Compensation63Security Ownership of Certain Beneficial Owners and Management and RelatedUnitholder Matters63Certain Relationships and Related Transactions, and Director Independence64Principal Accountant Fees and Services65PART IVExhibit and Financial Statement Schedules66Form 10-K Summary67SIGNATURES68 FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this “Form 10-K”) contains forward-looking statements about MVPartners, LLC (“MV Partners”) and MV Oil Trust (the “Trust”) that are subject to risks and uncertaintiesand that are intended to qualify for the safe harbors from liability established by the Private SecuritiesLitigation Reform Act of 1995 and Section21E of the Securities Exchange Act of 1934, as amended (the“Exchange Act”). All statements other than statements of historical fact included in this document,including, without limitation, statements under “Business” and “Risk Factors” regarding the financialposition, business strategy, production and reserve growth, and other plans and objectives for the futureoperations of MV Partners and the Trust, are forward-looking statements. Such statements may be