North European Oil Rty Tr - NRT STOCK NEWS

North European Oil Royalty Trust (NYSE-NRT) has declared a quarterly distribution of $0.02 per unit for Q4 fiscal 2024, payable on November 27, 2024. The reduced distribution primarily resulted from carry-over negative adjustments from the prior quarter and substantial negative adjustments from calendar 2023. The cumulative 12-month distribution, including November 2024 and three prior quarters, amounts to $0.48 per unit, representing a significant decrease of 78.8% or $1.78 per unit compared to the prior 12-month distribution of $2.26 per unit.

North European Oil Royalty Trust (NYSE: NRT) has appointed two new Trustees, effective October 1, 2024. Richard P. Howard, a Chartered Financial Analyst with over 47 years of experience in the energy industry, and Andrew S. Borodach, a transactional lawyer with more than 25 years of experience in financial services and insurance, will join the Trust's board. Howard brings extensive analytical and portfolio management expertise, while Borodach contributes significant legal and M&A experience. Nancy J. Floyd Prue, Managing Trustee, stated that their experience and perspectives will strengthen the Trust's management. With these appointments, North European Oil Royalty Trust will have a total of 5 Trustees.

North European Oil Royalty Trust (NYSE: NRT) has announced a quarterly distribution of $0.21 per unit for the third quarter of fiscal 2024, payable on August 28, 2024, to holders of record on August 16, 2024. This distribution matches the amount from the same quarter in fiscal 2023. The Trust's royalties are received under the Mobil and OEG Royalty Agreements, with scheduled monthly payments based on the previous calendar quarter's royalties.

There were negative adjustments of $387,930 under the Mobil Agreement and $219,645 under the OEG Agreement at the end of Q3 fiscal 2024. These will be offset against Q4 scheduled royalty payments. Estimated royalty payments for Q4 fiscal 2024 are $1.2 million at the current exchange rate of 1.09.

North European Oil Royalty Trust announced the passing of Willard B. Taylor, a Trustee and Director since the Trust's formation in 1975. Taylor, known for his calm clarity and broad wisdom, died on May 17, 2024. His death was reported by Managing Director John R. Van Kirk. The Trust acknowledges the significant contributions made by Taylor during his long tenure. For additional details, contact John R. Van Kirk or visit the Trust's website.

The North European Oil Royalty Trust (NYSE-NRT) declared a distribution of $0.20 per unit for the second quarter of fiscal 2024, payable on May 29, 2024. The Trust receives royalties under the Mobil and OEG Royalty Agreements. Positive royalty adjustments of $125,240 under the Mobil Agreement and $51,781 under the OEG Agreement were noted. Third-quarter royalties are estimated at $2.4 million. Expenses will impact distribution, and additional details will be in the Trust's 10-Q filing on or about May 30, 2024.

North European Oil Royalty Trust (NRT) reported a significant decline in net income, total royalty income, and distributions per unit for the first quarter of fiscal 2024 compared to the same period in 2023. The Trust attributes these decreases to negative adjustments and overpayments by operating companies. However, gas prices have stabilized, and the Trustees anticipate higher distributions in the upcoming quarters. Expenses remained consistent year-over-year.

North European Oil Royalty Trust (NRT) announced a distribution of $0.05 per unit for the first quarter of fiscal 2024, payable on February 28, 2024, to owners of record on February 16, 2024. The Trust receives royalties under the Mobil and OEG Royalty Agreements. End of quarter royalty adjustments result from the need to align scheduled royalty payments with actual royalties. As of the end of the first quarter of fiscal 2024, there remained a negative adjustment of Euros 200,113 under the OEG Agreement. The Trustees anticipate a higher distribution in the second quarter of 2024.

North European Oil Royalty Trust (NYSE-NRT) reported a decline in total royalty income, net income, and distributions per unit for the fourth quarter of fiscal 2023 compared to the fourth quarter of fiscal 2022. The decline is attributed to negative adjustments from prior periods and a decrease in gas sales due to a temporary shutdown at Grossenkneten. Despite the quarter-over-quarter falloff in gas prices, the average gas price for fiscal 2023 was higher than in fiscal 2022. The Trust's total royalty income and net income for fiscal 2023 showed an increase compared to fiscal 2022. The Trust also announced that there will be no distribution paid for the fourth quarter of fiscal 2023.

North European Oil Royalty Trust (NYSE-NRT) will not have a quarterly distribution for Q4 2023 due to a decline in gas sales volumes and negative adjustments. In Q4 2022, the distribution was $0.74 per unit. The shutdown of ExxonMobil's Grossenkneten desulphurization plant and declining German Border Import gas Price contributed to the absence of royalty payments. The residual balance of these adjustments will impact Q1 2024, and future cash distributions are uncertain due to gas price volatility and the Trust's pricing system.