Marine Petroleum Trust Cuts 3Q Distribution
DALLAS (AP) ¿ Marine Petroleum Trust on Friday said it was cutting its third-quarter cash distribution to 24.6 cents per unit of beneficial interest because of lower oil and natural gas prices as well as lower royalties caused by disruption from two 2008 hurricanes on the Gulf Coast.
The distribution will be made on Sept. 28 to unitholders of record on Aug. 31.
The distribution is down 6 percent from 26.1 cents distributed after the previous quarter.
More than half of the royalties in the distribution are from profits from properties offshore of Louisiana held by Marine Petroleum Corp.Shares of the company added 32 cents, or 2 percent, to close at $16.02.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV