Welcome to our dedicated page for North European Oil Royalty Trust news (Ticker: NRT), a resource for investors and traders seeking the latest updates and insights on North European Oil Royalty Trust stock.
North European Oil Royalty Trust (NRT), headquartered in Keene, New Hampshire, operates as a grantor trust. The Trust holds overriding royalty rights, covering gas and oil production in various concessions or leases in the Federal Republic of Germany. NRT's primary revenue source stems from its royalty rights on the sale of well gas, oil well gas, crude oil, condensate, and sulfur. These royalties are obtained through contracts with German subsidiaries of industry giants ExxonMobil Corp. and the Royal Dutch/Shell Group of companies.
The Trust's operations focus on collecting and distributing royalties to its unit holders. It receives various percentages of royalties based on the proceeds from sales of the products in the specified areas. The royalties are disbursed quarterly, typically in February, May, August, and November. For instance, in the third quarter of fiscal 2023, the Trust announced a distribution of $0.21 per unit, despite lower gas sales and prices contributing to a significant reduction compared to the same period in the previous year.
Recent developments highlight the challenges and fluctuations that the Trust faces. The scheduled maintenance shutdown of the Grossenkneten desulfurization plant and the volatile German Border Import gas Price (GBIP) have led to overpayments in royalties. These overpayments have significantly impacted the Trust's quarterly distributions, even leading to the absence of distributions in the fourth quarter of fiscal 2023.
Despite these challenges, the Trust remains financially resilient. The cumulative 12-month distribution for fiscal 2023 reached $3.00 per unit, an increase from the previous 12-month period. The Trust's management continues to navigate the complexities of gas and oil market fluctuations and regulatory changes.
For the latest updates, NRT regularly publishes its earnings reports and press releases. The Trust's governance includes transparency and communication, ensuring stakeholders are well-informed of financial conditions, royalty adjustments, and potential future distributions. Key contact information includes John R. Van Kirk, the Managing Director, who can be reached via telephone at (732) 741-4008 or email at jvankirk@neort.com. More detailed information is also available on the Trust's website: www.neort.com.
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.
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