MESA ROYALTY TRUST/TX — Form 10-Q
Filed August 14, 2026 · analyzed by the Periodic Agent
10-Q
▼ Likely negative
significance 32/100
What the filing says
Mesa Royalty Trust (1,863,590 units outstanding) reported Q2 2026 royalty income of $155,031, down 30% from $220,855 in Q2 2025. All royalty income came from Hilcorp (San Juan Basin–New Mexico Properties). Distributable income per unit fell to $0.0648 from $0.0946 YoY, driven by lower natural gas and NGL prices, reduced production volumes, and higher operating/capital costs. The Hugoton Properties (operated by Scout/Eiger) generated zero royalty income both periods due to expenses exceeding revenues. For H1 2026, royalty income was $206,719 vs. $331,817 in H1 2025 (−38%), with per-unit distribution of $0.0720 vs. $0.1485 (−51%).
Why this rating
Commodity-price-driven decline; Trust corpus ~$3.1M; royalty income decreased 30%–38% but remains core to operations. Lack of control over operators and commodity prices limits intervention. Material for unitholders but typical for royalty trusts.
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