<PAGE>
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                       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, 2001

                                       OR

              [ ] 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 0-8565

                             MARINE PETROLEUM TRUST
             (Exact name of registrant as specified in its charter)


                  TEXAS                                          75-6008017
      (State or other jurisdiction                            (I.R.S. Employer
    of incorporation or organization)                        Identification No.)

          BANK OF AMERICA, N.A.                                  75283-0241
     P.O. BOX 830241, DALLAS, TEXAS                              (Zip Code)
(Address of principal executive offices)

        Registrant's telephone number, including area code (800) 985-0794

                                      None
               (Former name, former address and former fiscal year
                          if changed since last report)

                                   ----------

         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 number of units of beneficial interest outstanding as of the
latest practicable date.

    Title of Each Class of Units          Number of Units of Beneficial Interest
       of Beneficial Interest                       September 30, 2001
    ----------------------------          --------------------------------------
    UNITS OF BENEFICIAL INTEREST                        2,000,000


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<PAGE>

                             MARINE PETROLEUM TRUST

                                      INDEX

<Table>
<Caption>
                                                                                                                               PAGE
                                                                                                                              NUMBER
                                                                                                                              ------
<S>                                                                                                                           <C>
                                                    PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED).....................................................................................      2

Condensed Consolidated Balance Sheets September 30, 2001 and June 30, 2001...................................................      2

Condensed Consolidated Statements of Income for the Three Months Ended September 30, 2001 and 2000...........................      3

Condensed Consolidated Statements of Cash Flows for the Three Months Ended September 30, 2001 and 2000.......................      4

Notes to Condensed Consolidated Financial Statements.........................................................................      5

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS................................      6

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK...........................................................      8


                                                     PART II. OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.....................................................................................      9

Signatures...................................................................................................................     10
</Table>



                                        1
<PAGE>

                          PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS


                      MARINE PETROLEUM TRUST AND SUBSIDIARY

                      CONDENSED CONSOLIDATED BALANCE SHEETS
                      SEPTEMBER 30, 2001 AND JUNE 30, 2001
                                   (UNAUDITED)



<Table>
<Caption>
                                                                         SEPTEMBER 30,       JUNE 30,
                                                                              2001             2001
                                                                         --------------   --------------
<S>                                                                      <C>              <C>
                                     ASSETS

Current Assets:
    Cash and cash equivalents ........................................   $    2,053,507   $    2,515,239
    Oil and gas royalties receivable .................................          571,249          854,229
    Receivable from affiliate ........................................          100,838          165,216
                                                                         --------------   --------------
       Total current assets ..........................................   $    2,725,594   $    3,534,684
                                                                         --------------   --------------

Investment in affiliate ..............................................          323,601          338,788
Office equipment, at cost less accumulated depreciation ..............            2,400              555
Producing oil and gas properties .....................................                7                7
                                                                         --------------   --------------
                                                                         $    3,051,602   $    3,874,034
                                                                         ==============   ==============



                           LIABILITY AND TRUST EQUITY

Current Liability - Income taxes payable .............................   $       15,773   $       18,343
                                                                         --------------   --------------

Trust Equity:
    Corpus - authorized 2,000,000 units of beneficial interest,
      issued 2,000,000 units at nominal value ........................                8                8
    Undistributed income .............................................        3,035,821        3,855,683
                                                                         --------------   --------------
      Total trust equity .............................................        3,035,829        3,855,691
                                                                         --------------   --------------
                                                                         $    3,051,602   $    3,874,034
                                                                         ==============   ==============
</Table>

     See accompanying notes to condensed consolidated financial statements.



                                       2
<PAGE>

                      MARINE PETROLEUM TRUST AND SUBSIDIARY

                   CONDENSED CONSOLIDATED STATEMENT OF INCOME
             FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
                                   (UNAUDITED)


<Table>
<Caption>
                                                              THREE MONTHS
                                                     -------------------------------
                                                          2001             2000
                                                     --------------   --------------
<S>                                                  <C>              <C>
Income:
    Oil and gas royalties ........................   $    1,393,790   $    1,694,404
    Equity in earnings of affiliate ..............           77,479          201,434
    Interest income ..............................           23,524           27,001
                                                     --------------   --------------
          Total income ...........................        1,494,793        1,922,839
                                                     --------------   --------------

General and administrative expenses ..............           44,011           44,140
                                                     --------------   --------------
    Income before federal income taxes ...........        1,450,782        1,878,699
Federal income taxes of subsidiary ...............            2,430            5,400
                                                     --------------   --------------
    Net income ...................................        1,448,352        1,873,299
Undistributed income at beginning of year ........        3,855,683        2,559,993
                                                     --------------   --------------
                                                          5,304,035        4,433,292

Distributions to unitholders .....................        2,268,214        1,245,558
                                                     --------------   --------------

Undistributed income at end of period ............   $    3,035,821   $    3,187,734
                                                     ==============   ==============

Net income per unit ..............................   $         0.72   $         0.94
                                                     ==============   ==============

Distributions per unit ...........................   $         1.13   $         0.62
                                                     ==============   ==============
</Table>


     See accompanying notes to condensed consolidated financial statements.



                                       3
<PAGE>

                      MARINE PETROLEUM TRUST AND SUBSIDIARY

                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
             FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
                                   (UNAUDITED)


<Table>
<Caption>
                                                                                       2001            2000
                                                                                   ------------    ------------
<S>                                                                                <C>             <C>
Cash flows from operating activities:
    Net income .................................................................   $  1,448,352    $  1,873,299

    Adjustments to reconcile net income to net cash provided by operating
      activities:
     Equity in undistributed (earnings) loss of affiliate ......................         15,187         (49,738)
      Change in assets and liabilities:
          Oil and gas royalties receivable .....................................        282,980        (277,048)
          Receivable from affiliate ............................................         64,378         (66,646)
          Income taxes payable .................................................         (2,570)          2,775

                                                                                   ------------    ------------
             Net cash provided by operating activities .........................      1,808,327       1,482,642
                                                                                   ------------    ------------

Cash flows used in investing activities--
      Purchase of office equipment .............................................         (1,845)             --
                                                                                   ------------    ------------

Cash flows from financing activities--
      Distributions to unitholders .............................................     (2,268,214)     (1,245,558)
                                                                                   ------------    ------------

      Net increase (decrease) in cash and cash equivalents .....................       (461,732)        237,084

Cash and cash equivalents at beginning of period ...............................      2,515,239       1,681,598
                                                                                   ------------    ------------

Cash and cash equivalents at end of period .....................................   $  2,053,507    $  1,918,682
                                                                                   ============    ============
</Table>


     See accompanying notes to condensed consolidated financial statements.



                                       4
<PAGE>

                      MARINE PETROLEUM TRUST AND SUBSIDIARY

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               SEPTEMBER 30, 2001
                                   (UNAUDITED)

ACCOUNTING POLICIES

         The financial statements include the financial statements of Marine
Petroleum Trust (the "Trust") and its wholly-owned subsidiary, Marine Petroleum
Corporation ("MPC"), are condensed, and should be read in conjunction with the
Trust's annual report on Form 10-K for the fiscal year ended June 30, 2001. The
financial statements included herein are unaudited, but in the opinion of
management include all adjustments necessary for a fair presentation of the
results of operations for the periods indicated. Operating results for the three
months ended September 30, 2001 are not necessarily indicative of the results
that may be expected for the year ending June 30, 2002.

UNDISTRIBUTED INCOME

         The Trust's indenture provides that the corporate trustee is to
distribute all cash in the trust, less an amount reserved for the payment of
accrued liabilities and estimated future expenses, to unitholders on the 28th
day of March, June, September and December of each year. If the 28th falls on a
Saturday, Sunday or legal holiday, the distribution is payable on the
immediately preceding business day. Undistributed income includes $990,438 and
$879,511 applicable to MPC at September 30, 2001 and 2000, respectively.



                                       5
<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

FINANCIAL CONDITION - LIQUIDITY AND CAPITAL RESOURCES

         The Trust is a "royalty trust" with overriding royalty interests in oil
and gas leases in the Gulf of Mexico. The Trust's indenture, and the charter and
by-laws of its subsidiary, prohibit the operation of any kind of trade or
business inasmuch as it was organized for the sole purpose of providing an
efficient, orderly, and practical means for the administration and liquidation
of rights to payments from certain oil and gas leases in the Gulf of Mexico,
pursuant to license agreements and amendments thereto between the Trust's
predecessors and Gulf Oil Corporation ("Gulf"). These contracts provide for an
overriding royalty interest equal to three-fourths of 1% of the value at the
well of any oil, natural gas, or other minerals produced and sold. As a result
of various transactions that have occurred since 1956, the Gulf interests now
are held by Chevron Corporation ("Chevron"), Elf Exploration, Inc. ("Elf"), and
their assignees.

         In addition, the Trust owns a 32.6% equity interest in Tidelands
Royalty Trust "B" ("Tidelands"), a separate publicly traded royalty trust.

         All royalties received by the Trust, less administrative expenses, are
distributed quarterly to unitholders. Since the Trust's sole purpose is to
collect and distribute cash collected from royalties, there are no requirements
for capital.

GENERAL

         Decreased oil and natural gas prices, partially offset by an increase
in oil production, resulted in a 23% decrease in net income for the current
three months as compared to the comparable three months a year ago.

         Distributions to unitholders amounted to $1.13 per unit for the current
three months, an increase of 82% over the distribution for the comparable three
months a year ago.

         The Trust must rely on public records for information regarding
drilling operations. The public records indicate that an estimated 8 (7
successful) drilling and workover operations were conducted during the three
months ended September 30, 2001 on leases in which the Trust has an interest. In
the comparable period a year ago there were 16 drilling and work over operations
reported.

         The following table presents the net production quantities of oil and
natural gas and net income and distributions per unit for the last five
quarters.

<Table>
<Caption>
                                        PRODUCTION(1)
                                 ---------------------------
                                                   NATURAL         NET           CASH
QUARTER                           OIL (bbls)      GAS (mcf)       INCOME      DISTRIBUTION
------------------------------   ------------   ------------   ------------   ------------
<S>                              <C>            <C>            <C>            <C>
September 30, 2000 ...........         26,466        211,835            .94            .62
December 31, 2000 ............         31,213        237,470            .97            .86
March 31, 2001 ...............         23,646        256,017           1.15            .94
June 30, 2001 ................         31,229        266,558           1.18           1.17
September 30, 2001 ...........         29,748        211,925            .72           1.13
</Table>

----------

(1) Excludes the Trust's equity interest in Tidelands.



                                       6
<PAGE>

         The Trust's revenues are derived from the oil and natural gas
production activities of unrelated parties. The Trust's revenues and
distributions fluctuate from period to period based upon factors beyond the
Trust's control, including, without limitation, the number of productive wells
drilled and maintained on leases subject to the Trust's interest, the level of
production over time from such wells and the prices at which the oil and natural
gas from such wells are sold. The Trust believes that it will continue to have
revenues sufficient to permit distributions to be made to unitholders for the
foreseeable future, although no assurance can be made regarding the amounts
thereof. The foregoing sentence is a forward-looking statement. Factors that
might cause actual results to differ from expected results include reductions in
prices or demand for oil and natural gas, which might then lead to decreased
production; reductions in production due to depletion of existing wells or
disruptions in service, including as the result of storm damage to production
facilities, blowouts or other production accidents, and geological changes such
as cratering of productive formations; expiration or release of leases subject
to the Trust's interests.

         Important aspects of the Trust's operations are conducted by third
parties. These include the production and sale of oil and natural gas and the
calculation of royalty payments to the Trust, which are conducted by oil and
natural gas companies that lease tracts subject to the Trust's interests.
Similarly, the Trust's distributions are processed and paid by The Bank of New
York as the agent for the trustee of the Trust.

RESULTS OF OPERATIONS--THREE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000

         Net income for the quarter ended September 30, 2001 amounted to
approximately $1,448,000 which was 23% less than the approximately $1,873,000
realized in the comparable quarter a year ago. The quantities of oil and natural
gas sold increased while the average price realized for oil and natural gas
decreased in the current quarter as compared to the comparable quarter a year
ago.

         Revenue from oil royalties, excluding the Trust's equity interest in
Tidelands, decreased 3% to approximately $757,000 in the current quarter from
approximately $778,000 realized in the comparable quarter a year ago. As shown
in the table below, the decrease from the comparable quarter a year ago was due
to decreased prices partially offset by increased production.

         Revenue from natural gas royalties, excluding the Trust's equity
interest in Tidelands, decreased 31% to approximately $636,000 in the current
quarter from approximately $917,000 in the comparable quarter a year ago. As
shown in the table below, there was a slight increase in production and a
decrease in the current quarter prices.

         Income from the Trust's equity in Tidelands decreased approximately 62%
in the current quarter from the comparable quarter a year ago due to a decrease
in Tidelands' revenue from oil and natural gas.

         The quantities of oil and natural gas sold and the average prices
realized from current operations for the quarter ended September 30, 2001, and
those realized in the comparable quarter a year ago, excluding the Trust's
equity interest in Tidelands, are presented in the following table:

<Table>
<Caption>
                                2001          2000
                            -----------   -----------
<S>                         <C>           <C>
OIL
    Barrels sold ........        29,748        26,466
    Average price .......   $     25.46   $     29.39

NATURAL GAS
    Mcf sold ............       211,925       211,835
    Average price .......   $      3.00   $      4.33
</Table>



                                       7
<PAGE>

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         Not applicable.



                                       8
<PAGE>

                           PART II. OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

         (a)  The following exhibits are included herein:

              None

         (b)  Current Reports on Form 8-K:

              None



                                       9
<PAGE>

                                   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.

                                       MARINE PETROLEUM TRUST
                                       Bank of America, N.A., Trustee


November 14, 2001                      By:      /s/ CINDY STOVER MILLER
                                          --------------------------------------
                                                   Cindy Stover Miller
                                                     Vice President


November 14, 2001                      By:          /s/ R. RAY BELL
                                          --------------------------------------
                                                       R. Ray Bell
                                               Principal Accounting Officer



                                       10