Mesa Royalty Trust

Mesa Royalty Trust is a passive oil and gas royalty trust listed on the NYSE under the symbol MTR. The Trust owns an overriding royalty interest in the net proceeds attributable to certain producing oil and gas properties located in the Hugoton field of Kansas and the San Juan Basin fields of New Mexico and Colorado. The Trust does not actively operate any properties; instead, working interest owners such as Hilcorp San Juan LP (an affiliate of Hilcorp Energy Company) operate the underlying properties and remit royalty payments to the Trust. The Bank of New York Mellon Trust Company, N.A. serves as the Trustee. The Trust's income and distributions to unitholders are entirely dependent on production volumes, commodity prices, production and development costs incurred by working interest owners, and administrative expenses. The Trust has disclosed substantial accumulated excess production costs that reduce distributions, and it is currently building cash reserves to a target of $2.0 million for added liquidity, which is expected to materially reduce near-term distributions. Updated May 18, 2026