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.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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