KEENE,
N.H., May 13, 2022 /PRNewswire/ -- North
European Oil Royalty Trust (NYSE: NRT) reported the net income for
the second quarter of fiscal 2022 which appears in the table below
compared with the net income for the second quarter of fiscal 2021.
Total royalty income includes any adjustments made by the
operating companies based upon their corrected royalty calculations
for prior periods as well as any Mobil sulfur royalties.
During both the second quarters of fiscal 2022 and 2021, there were
no prior period adjustments to total royalty income. The
Trust received separate sulfur royalty payments under the Mobil
Agreement of $70,618 and $36,411 during the second quarters of fiscal 2022
and 2021, respectively.
|
2nd Fiscal
Quarter
Ended
4/30/2022
|
2nd Fiscal
Quarter
Ended
4/30/2021
|
Percentage
Change
|
Total Royalty
Income
|
$3,773,568
|
$1,400,159
|
+ 169.51%
|
Net Income
|
$3,559,968
|
$1,198,447
|
+ 197.05%
|
Distribution per
Unit
|
$0.38
|
$0.14
|
+ 171.43%
|
Under the Mobil Agreement for the second quarter of fiscal 2022,
gas sales, gas prices, and the average exchange rate showed
percentage changes of -17.20%, +234.15% and -9.46%, respectively,
in comparison to the second quarter of fiscal 2021. Under the
OEG Agreement for the second quarter of fiscal 2022, gas sales, gas
prices, and the average exchange rate showed percentage changes of
-9.47%, +234.14% and -9.61%, respectively, in comparison to the
second quarter of fiscal 2021.
Trust expenses for the second quarter of fiscal 2022 increased
6.03%, or $12,174, to $213,988 from $201,814 in the second quarter of fiscal
2021. The increase in expenses reflects higher Trustee fees
as specified by the Trust Agreement and higher listing fees on the
New York Stock Exchange.
Total royalty income received during the first six months of
fiscal 2022 increased in comparison to fiscal 2021 due primarily to
higher gas prices under both the Mobil and the OEG Agreements.
During the first six months of fiscal 2022, total royalty
income amounts were not reduced by prior period adjustments.
During the first six months of fiscal 2021, total royalty income
amounts were reduced by negative prior period adjustments of
$538,651. The comparison of the
relevant periods is shown below.
|
Six
Months
Ended
4/30/2022
|
Six
Months
Ended
4/30/2021
|
Percentage
Change
|
Total Royalty
Income
|
$6,320,107
|
$1,683,598
|
+ 275.39%
|
Net Income
|
$5,911,787
|
$1,310,289
|
+ 351.18%
|
Distribution per
Unit
|
$0.63
|
$0.18
|
+ 250.00%
|
The previously declared distribution of 38 cents per unit will be paid on May 25, 2022 to owners of record as of
May 13, 2022. 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. The Trust's 10-Q filing will be available
through the SEC or on the Trust's website, www.neort.com, on or
about May 27, 2022.
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SOURCE North European Oil Royalty Trust