UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

for the quarterly period ended September 30, 2025

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

for the transition period from to

Commission File Number: 001-33219

MV OIL TRUST

(Exact name of registrant as specified in its charter)

Delaware		06-6554331
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

The Bank of New York Mellon Trust Company, N.A., Trustee
Global Corporate Trust
601 Travis Street, Floor 16
Houston, Texas		77002
(Address of principal executive offices)		(Zip Code)

1-713-483-6020

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Units of Beneficial Interest		MVO		The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (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 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required 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 reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ¨		Accelerated filer ¨
Non-accelerated filer x		Smaller reporting company x
		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 with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

As of November 10, 2025, 11,500,000 Units of Beneficial Interest in MV Oil Trust were outstanding.

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

MV OIL TRUST

STATEMENTS OF DISTRIBUTABLE INCOME

(Unaudited)

	Three months ended September 30,						Nine months ended September 30,
	2025			2024			2025			2024
Income from net profits interest	$	2,359,674		$	4,949,064		$	8,732,419		$	14,527,482
Cash on hand (withheld) used for Trust expenses		(31,613	)		1,341			133,835			6,338
General and administrative expenses⁽¹⁾		(200,561	)		(235,405	)		(816,254	)		(676,320	)
Distributable income	$	2,127,500		$	4,715,000		$	8,050,000		$	13,857,500
Distributions per Trust unit (11,500,000 Trust units issued and outstanding at September 30, 2025 and 2024)	$	0.185		$	0.410		$	0.700		$	1.2050

(1)

Includes $31,603 and $30,387 paid to MV Partners, LLC during the three months ended September 30, 2025 and 2024, respectively, and $94,808 and $91,162 during the nine months ended September 30, 2025 and 2024, respectively. Also includes $37,500 paid to The Bank of New York Mellon Trust Company, N.A. during each of the three months ended September 30, 2025 and 2024 and $112,500 during each of the nine months ended September 30, 2025 and 2024.

STATEMENTS OF ASSETS AND TRUST CORPUS

	September 30, 2025			December 31, 2024
		(Unaudited)
ASSETS
Cash and cash equivalents	$	1,147,561		$	1,281,396
Investment in net profits interest		50,383,675			50,383,675
Accumulated amortization		(48,949,318	)		(47,799,222	)
Total assets	$	2,581,918		$	3,865,849
TRUST CORPUS
Trust corpus, 11,500,000 Trust units issued and outstanding at September 30, 2025 and December 31, 2024	$	2,581,918		$	3,865,849

STATEMENTS OF CHANGES IN TRUST CORPUS

(Unaudited)

	Three months ended September 30,						Nine months ended September 30,
	2025			2024			2025			2024
Trust corpus, beginning of period	$	2,938,534		$	4,646,447		$	3,865,849		$	5,456,085
Income from net profits interest		2,359,674			4,949,064			8,732,419			14,527,482
Cash distributions		(2,127,500	)		(4,715,000	)		(8,050,000	)		(13,857,500	)
Trust expenses		(200,561	)		(235,405	)		(816,254	)		(676,320	)
Amortization of net profits interest		(388,229	)		(403,964	)		(1,150,096	)		(1,208,605	)
Trust corpus, end of period	$	2,581,918		$	4,241,142		$	2,581,918		$	4,241,142

The accompanying notes are an integral part of these financial statements.

MV OIL TRUST

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

Note 1—Organization of the Trust

MV Oil Trust (the “Trust”) is a statutory trust formed on August 3, 2006, under the Delaware Statutory Trust Act pursuant to a Trust Agreement (the “Trust Agreement”) among MV Partners, LLC, a Kansas limited liability company (“MV Partners”), as trustor, The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee”), and Wilmington Trust Company, as Delaware Trustee (the “Delaware Trustee”).

The Trust was created to acquire and hold a term net profits interest for the benefit of the Trust unitholders pursuant to a conveyance from MV Partners to the Trust. The term net profits interest represents the right to receive 80% of the net proceeds (calculated as described below in Note 5) from production from the underlying properties (as defined below) (the “net profits interest”). The net profits interest consists of MV Partners’ net interests in all of its oil and natural gas properties located in the Mid-Continent region in the states of Kansas and Colorado (the “underlying properties”). The underlying properties include approximately 850 producing oil and gas wells.

The net profits interest is passive in nature, and the Trustee has no management control over and no responsibility relating to the operation of the underlying properties. The net profits interest entitles the Trust to receive 80% of the net proceeds attributable to MV Partners’ interest from the sale of production from the underlying properties during the term of the Trust.

As of September 30, 2025, cumulatively, since inception, the Trust has received payment for 80% of the net proceeds attributable to MV Partners’ interest from the sale of 15.1 million barrels of oil equivalent (“MMBoe”) of production from the underlying properties (which amount is the equivalent of 12.1 MMBoe with respect to the Trust’s net profits interest). Consequently, the net profits interest will terminate on June 30, 2026 (the “Termination Date”) because the minimum amount of production (14.4 MMBoe) applicable to the net profits interest has been produced and sold (which amount is the equivalent of 11.5 MMBoe with respect to the Trust’s net profits interest). The Trustee will make a final quarterly cash distribution, if any, on or about July 24, 2026 to the Trust unitholders of record on the 15th day following June 30, 2026, and the Trust units are expected to be cancelled shortly thereafter. The Trust will not be entitled to any net proceeds that MV Partners receives after the Termination Date from the sale of production from the underlying properties. The Trust will dissolve and commence winding up its business and affairs after the Termination Date and, once the Trust winds up and terminates, it will pay no further distributions.

The Trustee can authorize the Trust to borrow money to pay administrative or incidental expenses of the Trust that exceed cash held by the Trust. The Trustee may authorize the Trust to borrow from the Trustee or the Delaware Trustee as a lender provided the terms of the loan are similar to the terms it would grant to a similarly situated commercial customer with whom it did not have a fiduciary relationship. The Trustee may also deposit funds awaiting distribution in an account with itself and make other short-term investments with the funds distributed to the Trust.

Note 2—Basis of Presentation

The accompanying Statement of Assets and Trust Corpus as of December 31, 2024, which has been derived from audited financial statements, and the unaudited interim financial statements as of September 30, 2025 and for the three and nine months ended September 30, 2025 and September 30, 2024, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain information and note disclosures normally included in annual financial statements have been omitted pursuant to those rules and regulations.

The preparation of financial statements requires the Trust to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Trustee believes such information includes all the disclosures necessary to make the information presented not misleading. The information furnished reflects all adjustments that are, in the opinion of the Trustee, necessary for a fair presentation of the results of the interim period presented. The financial information should be read in conjunction with the financial statements and notes thereto included in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2024.

Note 3—Trust Accounting Policies

The Trust uses the modified cash basis of accounting to report receipts of the net profits interest and payments of expenses incurred. The net profits interest represents the right to receive revenues (oil, gas and natural gas liquid sales) less direct operating expenses (lease operating expenses, lease maintenance, lease overhead, and production and property taxes) and an adjustment for lease equipment costs and lease development expenses (which are capitalized in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”)) of the underlying properties times 80%. Actual cash receipts may vary due to timing delays of actual cash receipts from the property operators or purchasers and due to wellhead and pipeline volume balancing agreements or practices. The actual cash distributions of the Trust will be made based on the terms of the conveyance that created the Trust’s net profits interest. Expenses of the Trust, which include accounting, engineering, legal and other professional fees, Trustee fees, an administrative fee paid to MV Partners and out-of-pocket expenses, are recognized when paid. Under U.S. GAAP, revenues and expenses would be recognized on an accrual basis. Amortization of the investment in net profits interest is recorded on a unit-of-production method in the period in which the cash is received with respect to such production. Such amortization does not reduce distributable income, rather it is charged directly to Trust corpus.

This comprehensive basis of accounting other than U.S. GAAP corresponds to the accounting permitted for royalty trusts by the SEC as specified by Staff Accounting Bulletin Topic 12:E, Financial Statements of Royalty Trusts.

Investment in the net profits interest was recorded initially at the historical cost of MV Partners and is periodically assessed to determine whether its aggregate value has been impaired below its total capitalized cost based on the underlying properties. The Trust will provide a write-down to its investment in the net profits interest if and when total capitalized costs, less accumulated amortization, exceed undiscounted future net revenues attributable to the proved oil and gas reserves of the underlying properties.

The Trust has one business activity as the owner of an investment in net profits interest, as reported in the accompanying Statements of Assets and Trust Corpus, and operates in a single operating and reportable segment. Operating segments are defined as components of an entity for which separate financial information is evaluated regularly by the chief operating decision maker (the “CODM”), which is the Trustee. The segment participates in activities and derives its income from net profits interest as reported in the accompanying Statements of Distributable Income, and the CODM uses this in making decisions about the allocation of cash reserves for current and future Trust general and administrative expenses and the ultimate distribution to the Trust unitholders.

No new accounting pronouncements were adopted or issued during the quarter ended September 30, 2025 that would impact the financial statements of the Trust.

Note 4—Investment in Net Profits Interest

The net profits interest was recorded at the historical cost of MV Partners on January 24, 2007, the date of conveyance of the net profits interest to the Trust, and was calculated as follows:

Oil and gas properties	$	96,210,819
Accumulated depreciation and depletion		(40,468,762	)
Hedge asset		7,237,537
Net property value to be conveyed		62,979,594
Times 80% net profits interest to Trust	$	50,383,675

Note 5—Income from Net Profits Interest

	Three months ended September 30,						Nine months ended September 30,
	2025			2024			2025			2024
Excess of revenues over direct operating expenses and lease equipment and development costs ⁽¹⁾	$	2,949,592		$	6,186,330		$	10,915,524		$	18,159,352
Times net profits interest over the term of the Trust		80	%		80	%		80	%		80	%
Income from net profits interest before reserve adjustments		2,359,674			4,949,064			8,732,419			14,527,482
MV Partners reserve for future capital expenditures ⁽²⁾		–			–			–			–
Income from net profits interest ⁽³⁾	$	2,359,674		$	4,949,064		$	8,732,419		$	14,527,482

(1)

Excess of revenues over direct operating expenses and lease equipment and development costs reflect expenses and costs incurred by MV Partners during the March through May production periods for the three months ended September 30, 2025 and 2024, respectively, and during each of the September through May production periods for the nine months ended September 30, 2025 and 2024, respectively. Pursuant to the terms of the conveyance of the net profits interest, lease equipment and development costs are to be deducted when calculating the distributable income to the Trust.

(2)

Pursuant to the terms of the conveyance of the net profits interest, MV Partners can reserve up to $1.0 million for future capital expenditures at any time. During the three and nine months ended September 30, 2025 and 2024, MV Partners did not withhold or release any dollar amounts due to the Trust. The reserve balance was $1.0 million at September 30, 2025 and 2024.

(3)

The income from net profits interest is based upon the cash receipts from MV Partners for the oil and gas production. The revenues from oil production are typically received by MV Partners one month after production; thus, the cash received by the Trust during the three months ended September 30, 2025 substantially represents the production by MV Partners from March 2025 through May 2025, and the cash received by the Trust during the three months ended September 30, 2024 substantially represents the production by MV Partners from March 2024 through May 2024. The cash received by the Trust during the nine months ended September 30, 2025 substantially represents the production by MV Partners from September 2024 through May 2025, and the cash received by the Trust during the nine months ended September 30, 2024 substantially represents the production by MV Partners from September 2023 through May 2024.

For the three and nine months ended September 30, 2025 and 2024, MV Purchasing, LLC, which is majority-owned by the indirect equity owners of MV Partners, purchased a majority of the production from the underlying properties. Sales to MV Purchasing, LLC are under short-term arrangements, ranging from one to six months, using market-sensitive pricing.

Note 6—Income Taxes

The Trust is a Delaware statutory trust and is not required to pay federal or state income taxes. Accordingly, no provision for federal or state income taxes has been made.

Note 7—Distributions to Unitholders

MV Partners makes quarterly payments of the net profits interest to the Trust. The Trustee determines for each quarter the amount available for distribution to the Trust unitholders. This distribution is expected to be made on or before the 25th day of the month following the end of each quarter to the Trust unitholders of record on the 15th day of the month following the end of each quarter (or the next succeeding business day). Such amounts will be equal to the excess, if any, of the cash received by the Trust relating to the preceding quarter, over the expenses of the Trust paid during such quarter, subject to adjustments for changes made by the Trustee during such quarter in any cash reserves established for future expenses of the Trust. From the first quarter of 2022 to the second quarter of 2023, the Trustee withheld a portion of the proceeds otherwise available for distribution each quarter and built a $1.265 million cash reserve for the payment of future known, anticipated or contingent expenses or liabilities of the Trust. The Trustee may increase or decrease the targeted amount at any time and may increase or decrease the rate at which it withholds funds to build the cash reserve at any time, without advance notice to the unitholders. Cash held in reserve will be invested as required by the Trust Agreement. Any cash reserved in excess of the amount necessary to pay or provide for the payment of future known, anticipated or contingent expenses or liabilities eventually will be distributed to unitholders, together with interest earned on the funds. This cash reserve is included in cash and cash equivalents on the accompanying Statements of Assets and Trust Corpus.

The first quarterly distribution during 2025 was $2,760,000, or $0.240 per Trust unit, and was made on January 24, 2025 to Trust unitholders owning Trust units as of January 16, 2025. Such distribution included the net proceeds attributable to the sale of production received by MV Partners from October 1, 2024 through December 31, 2024.

The second quarterly distribution during 2025 was $3,162,500, or $0.275 per Trust unit, and was made on April 25, 2025 to Trust unitholders owning Trust units as of April 15, 2025. Such distribution included the net proceeds attributable to the sale of production received by MV Partners from January 1, 2025 through March 31, 2025.

The third quarterly distribution during 2025 was $2,127,500, or $0.185 per Trust unit, and was made on July 25, 2025 to Trust unitholders owning Trust units as of July 15, 2025. Such distribution included the net proceeds attributable to the sale of production received by MV Partners from April 1, 2025 through June 30, 2025.

The first quarterly distribution during 2024 was $5,347,500, or $0.465 per Trust unit, and was made on January 25, 2024 to Trust unitholders owning Trust units as of January 16, 2024. Such distribution included the net proceeds attributable to the sale of production received by MV Partners from October 1, 2023 through December 31, 2023.

The second quarterly distribution during 2024 was $3,795,000, or $0.330 per Trust unit, and was made on April 25, 2024 to Trust unitholders owning Trust units as of April 15, 2024. Such distribution included the net proceeds attributable to the sale of production received by MV Partners from January 1, 2024 through March 31, 2024.

The third quarterly distribution during 2024 was $4,715,000, or $0.410 per Trust unit, and was made on July 25, 2024 to Trust unitholders owning Trust units as of July 15, 2024. Such distribution included the net proceeds attributable to the sale of production received by MV Partners from April 1, 2024 through June 30, 2024.

Note 8—Advance for Trust Expenses

Under the terms of the Trust Agreement, the Trustee is allowed to borrow money to pay Trust expenses. During the three months ended September 30, 2025 and 2024, there were no borrowings or amounts owed for money borrowed in previous quarters. MV Partners has provided a letter of credit in the amount of $1.8 million to the Trustee to protect the Trust against the risk that it does not have sufficient cash to pay future expenses.

Note 9—Subsequent Events

The fourth quarterly distribution during 2025 was $2,357,500, or $0.205 per Trust unit, and was made on October 24, 2025 to Trust unitholders owning Trust units as of October 15, 2025. Such distribution included the net proceeds attributable to the sale of production received by MV Partners from July 1, 2025 through September 30, 2025.

Item 2. Trustee’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion of the Trust’s financial condition and results of operations should be read in conjunction with the financial statements and notes thereto. The Trust’s purpose is, in general, to hold the net profits interest, to distribute to the Trust unitholders cash that the Trust receives in respect of the net profits interest, and to perform certain administrative functions in respect of the net profits interest and the Trust units. The Trust derives substantially all of its income and cash flows from the net profits interest. All information regarding operations has been provided to the Trustee by MV Partners.

Overview and Trust Termination

The Trust does not conduct any operations or activities. The net profits interest is passive in nature, and the Trustee has no management control over and no responsibility relating to the operation of the underlying properties. The Trust’s purpose is, in general, to hold the net profits interest, to distribute to the Trust unitholders cash that the Trust receives in respect of the net profits interest, and to perform certain administrative functions in respect of the net profits interest and the Trust units. The Trust derives substantially all of its income and cash flows from the net profits interest. The net profits interest entitles the Trust to receive 80% of the net proceeds attributable to MV Partners’ interest from the sale of production from the underlying properties during the term of the Trust.

Trust termination. As of September 30, 2025, cumulatively, since inception, the Trust has received payment for 80% of the net proceeds attributable to MV Partners’ interest from the sale of 15.1 million barrels of oil equivalent (“MMBoe”) of production from the underlying properties (which amount is the equivalent of 12.1 MMBoe with respect to the Trust’s net profits interest). Consequently, the net profits interest will terminate on June 30, 2026 (the “Termination Date”) because the minimum amount of production (14.4 MMBoe) applicable to the net profits interest has been produced and sold (which amount is the equivalent of 11.5 MMBoe with respect to the Trust’s net profits interest). The Trustee will make a final quarterly cash distribution, if any, on or about July 24, 2026 to the Trust unitholders of record on the 15th day following June 30, 2026, and the Trust units are expected to be cancelled shortly thereafter. The Trust will not be entitled to any net proceeds that MV Partners receives after the Termination Date from the sale of production from the underlying properties. The Trust will dissolve and commence winding up its business and affairs after the Termination Date and, once the Trust winds up and terminates, it will pay no further distributions.

Results of Operations

Results of Operations for the Quarters Ended September 30, 2025 and 2024

The cash received by the Trust from MV Partners during the quarter ended September 30, 2025 substantially represents the production by MV Partners from March 2025 through May 2025. The cash received by the Trust from MV Partners during the quarter ended September 30, 2024 substantially represents the production by MV Partners from March 2024 through May 2024. The revenues from oil production are typically received by MV Partners one month after production. The Trust’s income from net profits interest before reserve adjustments decreased $2,589,390 to $2,359,674 for the quarter ended September 30, 2025 from $4,949,064 for the quarter ended September 30, 2024. The decrease was primarily due to a $3,236,738 decrease in excess of revenues over direct operating expenses and lease equipment and development costs for the underlying properties to $2,949,592 from $6,186,330 for the same period in the prior year. These amounts were reduced by a Trustee holdback for current Trust expenses of $232,174 and $234,064 for the quarters ended September 30, 2025 and 2024, respectively. The Trustee paid general and administrative expenses of $200,561 and $235,405 for the quarters ended September 30, 2025 and 2024, respectively. During the quarters ended September 30, 2025 and 2024, MV Partners did not withhold or release any dollar amounts due to the Trust from the previously established reserve for future capital expenditures. These factors resulted in distributable income for the quarter ended September 30, 2025 of $2,127,500, a decrease of $2,587,500 from $4,715,000 for the quarter ended September 30, 2024.

The average price received for crude oil sold was $60.01 per Bbl and the average price received for natural gas sold was $2.97 per Mcf for the period from April 1, 2025 through June 30, 2025. The average price received for crude oil sold was $77.13 per Bbl and the average price received for natural gas sold was $2.07 per Mcf for the period from April 1, 2024 through June 30, 2024.

The overall production sales volumes attributable to the net profits interest for the oil and gas production collected during the period from April 1, 2025 through June 30, 2025 were 115,495 Bbls of oil and 3,156 Mcf of natural gas, for a total of 116,021 barrels of oil equivalent. The overall production sales volumes attributable to the net profits interest for the oil and gas production collected during the period from April 1, 2024 through June 30, 2024 were 119,962 Bbls of oil and 5,697 Mcf of natural gas, for a total of 120,912 barrels of oil equivalent.

Results of Operations for the Nine Months Ended September 30, 2025 and 2024

The cash received by the Trust from MV Partners during the nine months ended September 30, 2025 substantially represents the production by MV Partners from September 2024 through May 2025. The cash received by the Trust from MV Partners during the nine months ended September 30, 2024 substantially represents the production by MV Partners from September 2023 through May 2024. The revenues from oil production are typically received by MV Partners one month after production. The Trust’s income from net profits interest decreased $5,795,063 to $8,732,419 for the nine months ended September 30, 2025 from $14,527,482 for the nine months ended September 30, 2024. The decrease was primarily due to a $7,243,828 decrease in excess of revenues over direct operating expenses and lease equipment and development costs for the underlying properties to $10,915,524 from $18,159,352 for the same period in the prior year. These amounts were reduced by a Trustee holdback for current Trust expenses of $682,419 and $669,982 for the nine months ended September 30, 2025 and 2024, respectively. The Trustee paid general and administrative expenses of $816,254 and $676,320 for the nine months ended September 30, 2025 and 2024, respectively. During the nine months ended September 30, 2025 and 2024, MV Partners did not withhold or release any dollar amounts due to the Trust from the previously established reserve for future capital expenditures. These factors resulted in distributable income for the nine months ended September 30, 2025 of $8,050,000, a decrease of $5,807,500 from $13,857,500 for the nine months ended September 30, 2023.

The average price received for crude oil sold was $64.78 per Bbl and the average price received for natural gas sold was $2.51 per Mcf for the period from October 1, 2024 through June 30, 2025. The average price received for crude oil sold was $75.90 per Bbl and the average price received for natural gas sold was $2.31 per Mcf for the period from October 1, 2023 through June 30, 2024.

The overall production sales volumes attributable to the net profits interest for the oil and gas production collected during the period from October 1, 2024 through June 30, 2025 were 341,443 Bbls of oil, 13,549 Mcf of natural gas and 5 Bbls of natural gas liquids, for a total of 343,704 barrels of oil equivalent. The overall production sales volumes attributable to the net profits interest for the oil and gas production collected during the period from October 1, 2023 through June 30, 2024 were 358,874 Bbls of oil, 17,212 Mcf of natural gas and 11 Bbls of natural gas liquids, for a total of 361,750 barrels of oil equivalent.

Liquidity and Capital Resources

Other than Trust administrative expenses, including any reserves established by the Trustee for future liabilities, the Trust’s only use of cash is for distributions to Trust unitholders. Administrative expenses include payments to the Trustee as well as an annual administrative fee to MV Partners pursuant to an administrative services agreement. Each quarter, the Trustee determines the amount of funds available for distribution. Available funds are the excess cash, if any, received by the Trust from the net profits interest and payments from other sources (such as interest earned on any amounts reserved by the Trustee) in that quarter, over the Trust’s expenses paid for that quarter. Available funds are reduced by any cash the Trustee decides to hold as a reserve against future expenses.

From the first quarter of 2022 to the second quarter of 2023, the Trustee withheld a portion of the proceeds otherwise available for distribution each quarter and built a $1.265 million cash reserve for the payment of future known, anticipated or contingent expenses or liabilities. This amount is in addition to the $1.8 million letter of credit described below. The Trustee may increase or decrease the targeted amount at any time and may increase or decrease the rate at which it withholds funds to build the cash reserve at any time, without advance notice to the unitholders. Cash held in reserve will be invested as required by the Trust Agreement. Any cash reserved in excess of the amount necessary to pay or provide for the payment of future known, anticipated or contingent expenses or liabilities eventually will be distributed to unitholders, together with interest earned on the funds. As of September 30, 2025, $1,147,561 was held by the Trustee and is reported as cash and cash equivalents.

The Trustee may cause the Trust to borrow funds required to pay expenses if the Trustee determines that the cash on hand and the cash to be received are insufficient to cover the Trust’s expenses. If the Trust borrows funds, the Trust unitholders will not receive distributions until the borrowed funds are repaid. During the three and nine months ended September 30, 2025 and 2024, there were no such borrowings. MV Partners has provided a letter of credit in the amount of $1.8 million to the Trustee to protect the Trust against the risk that it does not have sufficient cash to pay future expenses.

Income to the Trust from the net profits interest is based on the calculation and definitions of “gross proceeds” and “net proceeds” contained in the conveyance.

Substantially all of the underlying properties are located in mature fields, and MV Partners does not expect future costs for the underlying properties to change significantly as compared to recent historical costs other than changes due to fluctuations in the general cost of oilfield services. MV Partners may establish a capital reserve of up to $1.0 million in the aggregate at any given time to reduce the impact on distributions of uneven capital expenditure timing. As of September 30, 2025, $1.0 million was held by MV Partners as a capital reserve.

The Trust does not have any transactions, arrangements or other relationships with unconsolidated entities or persons that could materially affect the Trust’s liquidity or the availability of capital resources.

Note Regarding Forward-Looking Statements

This Form 10-Q includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical fact included in this Form 10-Q, including without limitation the statements under “Trustee’s Discussion and Analysis of Financial Condition and Results of Operations” are forward-looking statements. Although MV Partners advised the Trust that it believes that the expectations reflected in the forward-looking statements contained herein are reasonable, such expectations may not prove to have been correct. Important factors that could cause actual results to differ materially from expectations (“Cautionary Statements”) are disclosed in this Form 10-Q and in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “Form 10-K”), including under the section “Item 1A. Risk Factors”. All subsequent written and oral forward-looking statements attributable to the Trust or persons acting on its behalf are expressly qualified in their entirety by the Cautionary Statements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

The Trust is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information under this Item.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures. The Trustee maintains disclosure controls and procedures designed to ensure that information required to be disclosed by the Trust in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and regulations promulgated by the SEC. Disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed by the Trust is accumulated and communicated by MV Partners to The Bank of New York Mellon Trust Company, N.A., as Trustee of the Trust, and its employees who participate in the preparation of the Trust’s periodic reports as appropriate to allow timely decisions regarding required disclosure.

As of the end of the period covered by this report, the Trustee carried out an evaluation of the Trust’s disclosure controls and procedures. A Trust Officer of the Trustee has concluded that the disclosure controls and procedures of the Trust are effective.

Due to the contractual arrangements of (i) the Trust Agreement and (ii) the conveyance of the net profits interest, the Trustee relies on (A) information provided by MV Partners, including historical operating data, plans for future operating and capital expenditures, reserve information and information relating to projected production, and (B) conclusions and reports regarding reserves by the Trust’s independent reserve engineers. See “Risk Factors—The Trust and the public Trust unitholders have no voting or managerial rights with respect to MV Partners, the operator of the underlying properties. As a result, public Trust unitholders have no ability to influence the operation of the underlying properties” and “Trustee’s Discussion and Analysis of Financial Condition and Results of Operations” in the Form 10-K for a description of certain risks relating to these arrangements and reliance on information when reported by MV Partners to the Trustee and recorded in the Trust’s results of operations.

Changes in Internal Control over Financial Reporting. During the quarter ended September 30, 2025, there was no change in the Trust’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting. The Trustee notes for purposes of clarification that it has no authority over, and makes no statement concerning, the internal control over financial reporting of MV Partners.

PART II—OTHER INFORMATION

Item 1A. Risk Factors.

There have not been any material changes from the risk factors previously disclosed in the Trust’s response to Item 1A to Part I of the Form 10-K.

Item 5. Other Information.

Rule 10b5-1 Trading Plans. During the three months ended September 30, 2025, no officer or employee of the Trustee who performs policy-making functions for the Trust adopted, modified, or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as such terms are defined in Item 408(a) of Regulation S-K, with respect to the Trust units.

Item 6. Exhibits.

The exhibits listed below are filed or furnished as part of this Quarterly Report on Form 10-Q.

Exhibit Number		Description
31		Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32		Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	MV OIL TRUST

	By:	The Bank of New York Mellon Trust Company, N.A., as Trustee

	By:	/s/ ELAINA C. RODGERS
		Elaina C. Rodgers
		Vice President
Date: November 10, 2025

The Registrant, MV Oil Trust, has no principal executive officer, principal financial officer, board of directors or persons performing similar functions. Accordingly, no additional signatures are available and none have been provided. In signing the report above, the Trustee does not imply that it has performed any such function or that such function exists pursuant to the terms of the Trust Agreement under which it serves.

MV Oil Trust 10-Q