NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES THE DISTRIBUTION FOR THE FOURTH QUARTER OF FISCAL 2022

Rhea-AI Summary

The North European Oil Royalty Trust (NRT) announced a quarterly distribution of $0.74 per unit for Q4 fiscal 2022, payable on November 30, 2022. This marks a significant increase of 428.57% from $0.14 in Q4 fiscal 2021, driven primarily by higher natural gas prices and positive adjustments from previous earnings. Gas sales during Q3 2022 totaled 16.45 Bcf, with the Mobil Agreement contributing the majority. The cumulative 12-month distribution for fiscal 2022 stands at $1.83 per unit, a 289.36% increase from $0.47 in 2021.

Positive

• Quarterly distribution of $0.74 per unit is a 428.57% increase from $0.14 in Q4 2021.
• Cumulative distribution for fiscal 2022 is $1.83 per unit, up 289.36% from $0.47 in fiscal 2021.

Negative

• Gas sales decreased by 12.20% under the Mobil Agreement compared to the previous year.
• Gas sales declined by 3.10% under the OEG Agreement from the previous year.

KEENE, N.H., Oct. 31, 2022 /PRNewswire/ -- The Trustees of North European Oil Royalty Trust (NYSE-NRT) announced a quarterly distribution of $0.74 per unit for the fourth quarter of fiscal 2022, payable on November 30, 2022 to holders of record on November 18, 2022.  Natural gas sold during the third calendar quarter of 2022 is the primary source of royalty income on which the November 2022 distribution is based.

John R. Van Kirk, Managing Director, reported that this year's quarterly distribution of $0.74 per unit is 428.57%, or $0.60 per unit, higher than the distribution of $0.14 per unit for the fourth quarter of fiscal 2021.  For the quarter ending October 31, 2022, the impact of higher gas prices in combination with the positive year-end adjustment for calendar 2021 ($1,550,048) more than offset the impact of lower gas sales and the decline in average exchange rates resulting in the higher distribution.  Additional details will be included in the earnings press release scheduled for publication on or about November 16, 2022.

The Trust receives all its royalties under two royalty agreements.  The Mobil Agreement, which is the higher royalty rate agreement, covers gas sales from the western half of the Oldenburg concession.  The OEG Agreement, which is 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 third calendar quarters of 2022 and 2021.  

	Quarterly Gas Data Providing Basis for Fiscal Quarter Royalties
Mobil Agreement	3rd Calendar Quarter   Ended 9/30/2022	3rd Calendar Quarter   Ended 9/30/2021	Percentage Change
Gas Sales (Bcf1)	3.499	3.985	-  12.20 %
Gas Prices2 (Ecents/Kwh3)	8.3302	1.9573	+325.60 %
Average Exchange Rates4	0.9864	1.1703	-   15.71%
Gas Royalties	$3,287,124	$1,043,662	+214.96 %
OEG Agreement
Gas Sales (Bcf)	12.951	13.365	-    3.10%
Gas Prices (Ecents/Kwh)	8.4951	1.9961	+325.58 %
Average Exchange Rates	0.9868	1.1714	-   15.76%
Gas Royalties	$1,904,864	$441,458	+331.49 %

1Billion cubic feet     2Gas prices derived from May-July period     3Euro cents per kilowatt hour     4Based on average Euro/dollar exchange rates of cumulative royalty transfers

The cumulative 12-month distribution for fiscal 2022, which includes this November distribution and the three prior quarterly distributions, is $1.83 per unit.  This 12-month cumulative distribution is 289.36% or $1.36 per unit higher than the cumulative 12-month distribution of $0.47 for fiscal 2021.  The Trust makes quarterly distributions to unit owners during the months of February, May, August, and November.

Contact – John R. Van Kirk, Managing Director, telephone: (732) 741-4008, e-mail: jvankirk@neort.com.  The Trust's press releases and other pertinent information are available on the Trust's website: www.neort.com. 

 

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SOURCE North European Oil Royalty Trust

FAQ

What is the quarterly distribution announced by North European Oil Royalty Trust (NRT) for Q4 2022?

The quarterly distribution announced by North European Oil Royalty Trust (NRT) for Q4 2022 is $0.74 per unit.

How does the Q4 2022 distribution compare to Q4 2021 for NRT?

The Q4 2022 distribution of $0.74 per unit is a 428.57% increase compared to $0.14 per unit in Q4 2021.

What is the total annual distribution for fiscal 2022 for NRT?

The total annual distribution for fiscal 2022 for North European Oil Royalty Trust (NRT) is $1.83 per unit.

What were the primary factors affecting NRT's distribution for Q4 2022?

Higher natural gas prices and a positive year-end adjustment were the primary factors affecting NRT's distribution for Q4 2022.

When is the payment date for NRT's Q4 2022 distribution?

The payment date for NRT's Q4 2022 distribution is November 30, 2022.