<PAGE>   1

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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                             ---------------------

                                   FORM 10-Q

<TABLE>
<S>       <C>                                                          <C>
[X]             QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
                FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 1999
                                       OR
[ ]            TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
</TABLE>

             FOR THE TRANSITION PERIOD FROM ________ TO ________ .
                         COMMISSION FILE NUMBER 0-8565

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

<TABLE>
<S>                                            <C>
                    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)
</TABLE>

       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.

<TABLE>
<CAPTION>
         Title of Each Class of Units              Number of Units of Beneficial Interest
            of Beneficial Interest                           December 31, 1999
         ----------------------------              --------------------------------------
<S>                                            <C>
         UNITS OF BENEFICIAL INTEREST                            2,000,000
</TABLE>

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<PAGE>   2

                             MARINE PETROLEUM TRUST

                                     INDEX

<TABLE>
<CAPTION>
                                                               PAGE
                                                              NUMBER
                                                              ------
<S>                                                           <C>
PART I. FINANCIAL INFORMATION

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

Condensed Consolidated Balance Sheets December 31, 1999 and
  June 30, 1999.............................................     2

Condensed Consolidated Statements of Income and
  Undistributed Income for the Three Months and Six Months
  Ended December 31, 1999 and 1998..........................     3

Condensed Consolidated Statements of Cash Flows for the Six
  Months Ended December 31, 1999 and 1998...................     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>
<PAGE>   3

                         PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

                     MARINE PETROLEUM TRUST AND SUBSIDIARY

                     CONDENSED CONSOLIDATED BALANCE SHEETS
                      DECEMBER 31, 1999 AND JUNE 30, 1999
                                  (UNAUDITED)

                                     ASSETS

<TABLE>
<CAPTION>
                                                              DECEMBER 31     JUNE 30
                                                                 1999           1999
                                                              -----------    ----------
<S>                                                           <C>            <C>
Current Assets:
  Cash and cash equivalents.................................  $1,609,836     $1,659,864
  Oil and gas royalties receivable..........................     437,398        307,657
  Receivable from affiliate.................................      87,729         80,939
                                                              ----------     ----------
          Total current assets..............................   2,134,963      2,048,460
                                                              ----------     ----------
Investment in affiliate.....................................     305,253        322,070
Office equipment, net.......................................         555            555
Producing oil and gas properties............................           7              7
                                                              ----------     ----------
                                                              $2,440,778     $2,371,092
                                                              ==========     ==========

                             LIABILITIES AND TRUST EQUITY

Current Liabilities:
  Accounts payable..........................................  $   47,583     $  244,250
  Income taxes payable......................................       9,096         10,156
                                                              ----------     ----------
          Total current liabilities.........................      56,679        254,406
                                                              ----------     ----------
Trust Equity:
  Corpus -- authorized 2,000,000 units of beneficial
     interest, issued 2,000,000 units at nominal value......           8              8
  Undistributed income......................................   2,384,091      2,116,678
                                                              ----------     ----------
          Total trust equity................................   2,384,099      2,116,686
                                                              ----------     ----------
                                                              $2,440,778     $2,371,092
                                                              ==========     ==========
</TABLE>

     See accompanying notes to condensed consolidated financial statements.

                                        2
<PAGE>   4

                     MARINE PETROLEUM TRUST AND SUBSIDIARY

      CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND UNDISTRIBUTED INCOME
      FOR THE THREE MONTHS AND SIX MONTHS ENDED DECEMBER 31, 1999 AND 1998
                                  (UNAUDITED)

<TABLE>
<CAPTION>
                                                       THREE MONTHS               SIX MONTHS
                                                  -----------------------   -----------------------
                                                     1999         1998         1999         1998
                                                  ----------   ----------   ----------   ----------
<S>                                               <C>          <C>          <C>          <C>
Income:
  Oil and gas royalties.........................  $1,044,398   $  843,063   $2,048,835   $1,512,297
  Equity in earnings of affiliate...............      84,756      101,465      171,237      149,907
  Interest income...............................      23,001       24,978       45,319       51,464
                                                  ----------   ----------   ----------   ----------
                                                   1,152,155      969,506    2,265,391    1,713,668
Expenses -- General and administrative..........      55,942       43,584       89,776      101,966
                                                  ----------   ----------   ----------   ----------
          Income before Federal income taxes....   1,096,213      925,922    2,175,615    1,611,702
Federal income taxes of subsidiary..............          --        1,100        2,140        1,100
                                                  ----------   ----------   ----------   ----------
          Net income............................   1,096,213      924,822    2,173,475    1,610,602
Undistributed income at beginning of period.....   2,321,426    1,843,701    2,116,678    1,809,260
                                                  ----------   ----------   ----------   ----------
                                                   3,417,639    2,768,523    4,290,153    3,419,862
Distributions to unitholders....................   1,033,548      811,803    1,906,062    1,463,142
                                                  ----------   ----------   ----------   ----------
Undistributed income at end of period...........  $2,384,091   $1,956,720   $2,384,091   $1,956,720
                                                  ==========   ==========   ==========   ==========
Net income per unit.............................  $     0.55   $     0.46   $     1.09   $     0.81
                                                  ==========   ==========   ==========   ==========
Distributions per unit..........................  $     0.51   $     0.41   $     0.95   $     0.73
                                                  ==========   ==========   ==========   ==========
</TABLE>

     See accompanying notes to condensed consolidated financial statements.

                                        3
<PAGE>   5

                     MARINE PETROLEUM TRUST AND SUBSIDIARY

                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
              FOR THE SIX MONTHS ENDED DECEMBER 31, 1999 AND 1998
                                  (UNAUDITED)

<TABLE>
<CAPTION>
                                                                 1999           1998
                                                              -----------    -----------
<S>                                                           <C>            <C>
Cash flows from operating activities:
  Net income................................................  $ 2,173,475    $ 1,610,602
  Adjustments to reconcile net income to net cash provided
     by operating activities:
     Equity in undistributed earnings of affiliate..........       16,817         15,282
     Change in assets and liabilities:
       Oil and gas royalties receivable.....................     (129,741)        29,949
       Receivable from affiliate............................       (6,790)        73,830
       Accounts payable.....................................     (196,667)      (371,832)
       Income taxes payable.................................       (1,060)        (3,300)
                                                              -----------    -----------
          Net cash provided by operating activities.........    1,856,034      1,354,531
                                                              -----------    -----------
Cash flows from financing activities -- distributions to
  unitholders...............................................   (1,906,062)    (1,463,142)
                                                              -----------    -----------
          Net decrease in cash and cash equivalents.........      (50,028)      (108,611)
                                                              -----------    -----------
Cash and cash equivalents at beginning of period............    1,659,864      1,922,336
                                                              -----------    -----------
Cash and cash equivalents at end of period..................  $ 1,609,836    $ 1,813,725
                                                              ===========    ===========
</TABLE>

     See accompanying notes to condensed consolidated financial statements.

                                        4
<PAGE>   6

                     MARINE PETROLEUM TRUST AND SUBSIDIARY

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               DECEMBER 31, 1999
                                  (UNAUDITED)

ACCOUNTING POLICIES

     The financial statements include the financial statements of Marine
Petroleum Trust (the "Trust") and its wholly-owned subsidiary (Marine Petroleum
Corporation), 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, 1999. 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
and six months ended December 31, 1999 are not necessarily indicative of the
results that may be expected for the year ending June 30, 2000.

UNDISTRIBUTED INCOME

     Undistributed income on December 31, 1999 includes $1,564,478 applicable to
the Trust and $819,613 applicable to Marine Petroleum Corporation. Distributions
to unitholders are dependent on the volume and price of oil and gas sold by
others and will fluctuate from quarter to quarter.

ACCOUNTS PAYABLE

     Marine Petroleum Corporation has provided an account payable of $47,000 at
December 31, 1999 to cover possible refunds that may be required upon
redetermination of gas prices for royalty payments in prior periods. During the
quarter ended December 31, 1999, Marine Petroleum Corporation determined that
$73,250 of the previously established account payable was no longer required.
Accordingly accounts payable was reduced and oil and gas royalties was increased
by $73,250.

                                        5
<PAGE>   7

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) expressly prohibit the operation of any kind of trade
or business. 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

     Increased oil and gas prices plus an increase in oil production resulted in
a 20% increase in net income for the current quarter as compared to the
comparable quarter a year ago.

     Distributions to unitholders amounted to $.51 per unit this quarter, an
increase of 24% over the distribution for the comparable quarter a year ago.

     The owners of the leases continue to drill new wells and work over old
wells. During the six months ended December 31, 1999, 24 operations were
conducted resulting in 8 new oil and 16 new gas wells capable of producing.
During the same period there were 6 operations that were unsuccessful.

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

<TABLE>
<CAPTION>
                                                                PRODUCTION
                                                          ----------------------    NET         CASH
QUARTER                                                   OIL(BBLS)    GAS(MCF)    INCOME   DISTRIBUTION
-------                                                   ----------   ---------   ------   ------------
<S>                                                       <C>          <C>         <C>      <C>
December 31, 1998.......................................    16,382      346,495     $.46        $.41
March 31, 1999..........................................    17,496      279,145      .37         .31
June 30, 1999...........................................    15,017      147,655      .36         .35
September 30, 1999......................................    23,388      213,537      .54         .44
December 31, 1999.......................................    24,244      180,380      .55         .51
</TABLE>

     The Trust's revenues are derived from the oil and 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 gas from such wells is 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 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; and the
discontinuation by parties subject to the contract dated April 30, 1951 between
the predecessors of Tidelands Royalty Trust "B" ("Tidelands") and Gulf Oil
Corporation of their efforts to obtain leases in the area that is subject to
Tidelands' interests.

                                        6
<PAGE>   8

     Important aspects of the Trust's operations are conducted by third parties.
As of the date of this report, the Trust has not experienced any significant
disruptions to financial or operating activities as a result of the Year 2000
issues. There were no internal system disruptions and the Trust is not aware of
any failures affecting third parties that conduct the Trust's operations. The
Trust will continue to monitor the situation for any internal or third party
disruptions, but expects none at this time. Costs incurred by the Trust related
to Year 2000 issues were not material.

RESULTS OF OPERATIONS -- THREE MONTHS ENDED DECEMBER 31, 1999 AND 1998

     Net income for the quarter ended December 31, 1999 amounted to $1,096,213
(including the $73,250 release of the accounts payable reserve) which was
approximately 19% more than the $924,822 (including the $74,000 release of the
accounts payable reserve) realized in the comparable period of 1998.

     Revenue from oil royalties, including the Trust's share of Tidelands'
royalties, increased 180% to $568,053 in the current quarter from $202,606
realized in the comparable period a year ago. As shown in the table below, the
increase in oil royalties over the comparable period a year ago was due to both
increased sales quantities and higher prices.

     Revenue from gas royalties, including the Trust's share of Tidelands'
royalties, decreased 24% to $562,968 in the current quarter from $744,171 in the
comparable period a year ago. The gas revenue figures include the additional
revenue from the reduction of the accounts payable reserve as discussed above.
As shown in the table below, gas production decreased over the comparable period
a year ago, while there was an increase in natural gas prices.

     Income from the Trust's equity in Tidelands decreased approximately 16% in
the current period over the comparable period last year due to a decrease in
Tidelands' revenue from natural gas.

     The quantities of oil and gas sold and the average prices realized from
current operations for the three months ended December 31, 1999, and those
realized in the comparable 1998 quarter, are presented in the following table:

<TABLE>
<CAPTION>
                                                                1999        1998
                                                              --------    --------
<S>                                                           <C>         <C>
OIL
  Barrels sold..............................................    24,244      16,382
  Average price.............................................  $  23.43    $  12.37

GAS
  Mcf sold..................................................   180,380     346,495
  Average price.............................................  $   3.12    $   2.15
</TABLE>

                                        7
<PAGE>   9

RESULTS OF OPERATIONS -- SIX MONTHS ENDED DECEMBER 31, 1999 AND 1998

     Net income for the six months ended December 31, 1999 amounted to
$2,173,475 (including the $197,250 release of the accounts payable reserve)
which was approximately 35% more than the $1,610,602 (including the $204,000
release of the accounts payable reserve) realized in the comparable period of
1998.

     Revenue from oil royalties, including the Trust's share of Tidelands'
royalties, increased 163% to $1,004,247 in the current six months from $381,807
realized in the comparable period a year ago. As shown in the table below, the
increase in oil royalties over the comparable period a year ago was due to both
increased sales quantities and higher prices.

     Revenue from gas royalties, including the Trust's share of Tidelands'
royalties, decreased 6% to $1,219,983 in the current six months from $1,296,606
in the comparable period a year ago. The gas revenue figures include the
additional revenue from the reduction of the accounts payable reserve as
discussed above. As shown in the table below, gas production decreased over the
comparable period a year ago, while there was an increase in natural gas prices.

     Income from the Trust's equity in Tidelands increased approximately 14% in
the current period over the comparable period last year due to an increase in
Tidelands' revenue from oil.

     The quantities of oil and gas sold and the average prices realized from
current operations for the six months ended December 31, 1999, and those
realized in the comparable 1998 period, are presented in the following table:

<TABLE>
<CAPTION>
                                                                1999       1998
                                                              --------   --------
<S>                                                           <C>        <C>
OIL
  Barrels sold..............................................    47,631     29,226
  Average price.............................................  $  21.08   $  13.06
GAS
  Mcf sold..................................................   393,917    570,415
  Average price.............................................  $   3.10   $   2.27
</TABLE>

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

     Not applicable.

                                        8
<PAGE>   10

                           PART II. OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

     (a) The following exhibits are included herein:

<TABLE>
<CAPTION>
        EXHIBIT
         NUMBER                             DESCRIPTION OF EXHIBIT
        -------                             ----------------------
<C>                      <S>
          27.1           -- Financial Data Schedule
</TABLE>

     (b) Current Reports on Form 8-K:

          None

                                        9
<PAGE>   11

                                   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

February 10, 2000                           By:   /s/ CINDY STOVER MILLER
                                              ----------------------------------
                                                     Cindy Stover Miller
                                                        Vice President

February 10, 2000                                    /s/ R. RAY BELL
                                            ------------------------------------
                                                Principal Accounting Officer

                                       10
<PAGE>   12

                               INDEX TO EXHIBITS

<TABLE>
<CAPTION>
        EXHIBIT
         NUMBER                             DESCRIPTION OF EXHIBIT
        -------                             ----------------------
<C>                      <S>
          27.1           -- Financial Data Schedule
</TABLE>