Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.

North European Oil Royalty Trust Announces Net Income For The First Quarter Of Fiscal 2018

NRT

PR Newswire

RED BANK, N.J., Feb. 15, 2018 /PRNewswire/ -- North European Oil Royalty Trust (NYSE: NRT) reported the net income for the first quarter of fiscal 2018 which appears in the table below compared to net income for the first quarter of fiscal 2017.  Total royalty income includes adjustments made by the operating companies to reflect their corrected royalty calculations for prior periods as well as the inclusion or absence of Mobil sulfur royalties.  The total adjustments for the first quarter of fiscal 2018 decreased total royalty income by $129,582.  By comparison, in the first quarter of fiscal 2017, total adjustments increased total royalty income by $23,796.


  1st Fiscal Quarter

  Ended 1/31/2018

  1st Fiscal Quarter

  Ended 1/31/2017

Percentage

Change

Total Royalty Income

$1,770,241

$1,724,686

+   2.64%

Net Income

$1,495,086

$1,475,017

+   1.36%

Distributions per Unit

$0.17

$0.15

+ 13.33%

The Trust receives nearly all of its royalties under two royalty agreements.  The Mobil Agreement, which is the higher royalty rate agreement, covers gas sales from the western half of the Oldenburg concession.  The OEG Agreement, which is the lower royalty rate agreement, covers gas sales from the entire Oldenburg concession.  The factors determining the amount of gas royalties payable under the two agreements from the preceding calendar quarter are shown in the table below comparing the fourth calendar quarters of 2017 and 2016.  Further details will be available in the Trust's 10-Q filing available through the SEC or on the Trust's website, www.neort.com, on or about February 27, 2018.


Quarterly Gas Data Providing Basis for Fiscal Quarter Royalties

 

Mobil Agreement

4th Calendar Quarter

Ended 12/31/2017

4th Calendar Quarter

Ended 12/31/2016

Percentage

Change

Gas Sales (Bcf1)

5.660

6.489

-  12.78%

Gas Prices2 (Ecents/kWh3)

1.6593

1.4789

+ 12.20%

Average Exchange Rate4

1.1965

1.0582

+ 13.07%

Gas Royalties

$1,278,038

$1,164,964

+   9.71%





OEG Agreement




Gas Sales (Bcf)

18.150

20.060

-   9.52%

Gas Prices (Ecents/kWh)

1.6921

1.5081

+ 12.20%

Average Exchange Rate

1.2008

1.0590

+ 13.39%

Gas Royalties

$540,669

$466,168

+ 15.98%

 

1 Billion cubic feet   2 Gas prices derived from August-October period   3 Euro cents per kilowatt hour         

4 Based on average Euro/dollar exchange rates of cumulative royalty transfers

Trust expenses for the first quarter of fiscal 2018 increased 10.45%, or $26,167, to $276,626 from $250,459 for the first quarter of fiscal 2017.  The increase in expenses reflects costs relating to the biennial examination of the royalty statements by the Trust's German accountants, increased Trustee fees as specified in the Trust Agreement, and the timing of mailing costs associated with the annual meeting. 

The previously declared distribution of 17 cents per unit will be paid on February 28, 2018 to owners of record as of February 16, 2018.  For further information, contact John R. Van Kirk, Managing Director, at (732) 741-4008 or via e-mail at jvankirk@neort.com.  The Trust's press releases and other pertinent information are available on the Trust's website: www.neort.com.

Cision View original content:http://www.prnewswire.com/news-releases/north-european-oil-royalty-trust-announces-net-income-for-the-first-quarter-of-fiscal-2018-300599656.html

SOURCE North European Oil Royalty Trust



Get the latest news and updates from Stockhouse on social media

Follow STOCKHOUSE Today