Le Lézard
Classified in: Oil industry, Business

North European Oil Royalty Trust Announces the Net Income For The First Quarter Of Fiscal 2019


RED BANK, N.J., Feb. 15, 2019 /PRNewswire/ -- North European Oil Royalty Trust (NYSE-NRT) reported the net income for the first quarter of fiscal 2019 which appears in the table below compared to net income for the first quarter of fiscal 2018.  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 2019 increased total royalty income by $54,796.  By comparison, in the first quarter of fiscal 2018, total adjustments decreased total royalty income by $129,582.


  1st Fiscal Quarter

  Ended 1/31/2019

  1st Fiscal Quarter

  Ended 1/31/2018

Percentage

Change

Total Royalty Income

$2,303,000

$1,770,241

+  30.10%

Net Income

$2,037,785

$1,495,086

+  36.30%

Distributions per Unit

$0.22

$0.17

+  29.41%

The Trust receives nearly all of its royalties under two royalty agreements.  The Mobil Agreement, the higher royalty rate agreement, covers gas sales from the western half of the Oldenburg concession.  The OEG Agreement, 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 2018 and 2017.  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, 2019.


Quarterly Gas Data Providing Basis for Fiscal Quarter Royalties

 

Mobil Agreement

4th Calendar Quarter

Ended 12/31/2018

4th Calendar Quarter

Ended 12/31/2017

Percentage

Change

Gas Sales (Bcf1)

5.535

5.660

-   2.21%

Gas Prices2 (Ecents/kWh3)

2.0582

1.6593

+ 24.04%

Average Exchange Rate4

1.1349

1.1965

-   5.15%

Gas Royalties

$1,484,635

$1,278,038

+  16.17%





OEG Agreement




Gas Sales (Bcf)

17.536

18.150

-   3.38%

Gas Prices (Ecents/kWh)

2.0989

1.6921

+ 24.04%

Average Exchange Rate

1.1352

1.2008

-   5.46%

Gas Royalties

$649,180

$540,669

+ 20.07%


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 2019 decreased 3.26%, or $9,025, to $267,601 from $276,626 for the first quarter of fiscal 2018.  The decrease in expenses reflects shifts in the timing of payments relating to both the biennial examination of the royalty statements by the Trust's German accountants and the work done by the Trust's petroleum consultant, Graves & Co. Consulting LLC.

The previously declared distribution of 22 cents per unit will be paid on February 27, 2019 to owners of record as of February 15, 2019.  For further information, contact John R. Van Kirk, Managing Director, at (732) 741-4008 or via e-mail at [email protected].  The Trust's press releases and other pertinent information are available on the Trust's website: www.neort.com.

SOURCE North European Oil Royalty Trust


These press releases may also interest you

at 10:17
The life insurance comparison site QuickQuote.com recently published a guide to accidental death and dismemberment (AD&D) insurance. It revealed that some plans cost only $4 a month and provide $100,000 in coverage....

at 10:16
Quarterra Multifamily, a subsidiary of Lennar Corporation and a vertically integrated multifamily apartment builder, developer and property manager, today announced the continued growth and success of Quarterra Emblem Communities with the opening of...

at 10:15
For the fourth consecutive year, BMO has been recognized in the 2024 Report on Business, Women Lead Here list ? an annual benchmark recognizing Canadian businesses with the highest achievement for executive gender diversity.  In line with its...

at 10:15
Chartis, a comprehensive healthcare advisory firm, today announced that its line of business focused on helping medical staff services departments (MSSDs) transform to elevate performance will restore its former name?Greeley, A Chartis Company. It...

at 10:14
ElementalTV, an innovator of data-enriched CTV advertising audience solutions, has announced a strategic partnership with Spanglish Movies, a leader in content creation and publishing for the Hispanic market. Together, the companies have created...

at 10:10
Harbour BioMed ("HBM" or the "Company"; HKEX: 02142), a global biopharmaceutical company committed to the discovery, development and commercialization of novel antibody therapeutics focusing on immune-oncology and immunology, released annual...



News published on and distributed by: