NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES NET INCOME FOR THE SECOND QUARTER OF FISCAL 2022
North European Oil Royalty Trust (NRT) reported significant growth in its financials for the second fiscal quarter of 2022, with total royalty income reaching $3,773,568, up 169.51% compared to $1,400,159 in Q2 2021. Net income also rose dramatically by 197.05% to $3,559,968.
The distribution per unit increased to $0.38, representing a 171.43% rise from last year. Despite increased expenses of 6.03% to $213,988, driven by higher trustee fees, the Trust's financial outlook remains positive due to rising gas prices.
- Total royalty income increased by 169.51% to $3,773,568 in Q2 2022.
- Net income surged by 197.05% to $3,559,968 in Q2 2022.
- Distribution per unit rose by 171.43% to $0.38 in Q2 2022.
- Trust expenses increased by 6.03% to $213,988, impacting net income.
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
2nd Fiscal Quarter Ended 4/30/2022 | 2nd Fiscal Quarter Ended 4/30/2021 | Percentage Change | |
Total Royalty Income | + | ||
Net Income | + | ||
Distribution per Unit | + |
Under the Mobil Agreement for the second quarter of fiscal 2022, gas sales, gas prices, and the average exchange rate showed percentage changes of -
Trust expenses for the second quarter of fiscal 2022 increased
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
Six Months Ended 4/30/2022 | Six Months Ended 4/30/2021 | Percentage Change | |
Total Royalty Income | + | ||
Net Income | + | ||
Distribution per Unit | + |
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
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