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

Rhea-AI Summary

The North European Oil Royalty Trust (NRT) has declared a quarterly distribution of $0.46 per unit for Q3 2022, payable on August 31, 2022. This amount represents a significant increase of 206.67% compared to $0.15 per unit for the same quarter in 2021. Higher natural gas prices have helped offset declines in gas sales and average exchange rates. The cumulative 12-month distribution now stands at $1.23 per unit, up 251.43% from the previous $0.35. Key driving factors include royalty agreements from the Mobil and OEG contracts.

Positive

• Quarterly distribution of $0.46 per unit, up 206.67% year-over-year.
• Cumulative 12-month distribution of $1.23 per unit, up 251.43%.
• Increased royalty income due to higher natural gas prices.

Negative

• Gas sales decreased by 13.95% under the Mobil Agreement.
• Gas sales decreased by 7.77% under the OEG Agreement.
• Average exchange rate impact reduced by 14.73%.

KEENE, N.H., July 29, 2022 /PRNewswire/ -- The Trustees of North European Oil Royalty Trust (NYSE-NRT) announced today a quarterly distribution of $0.46 per unit for the third quarter of fiscal 2022, payable on August 31, 2022 to holders of record on August 19, 2022.  Natural gas sold during the second calendar quarter of 2022 is the primary source of royalty income on which the August 2022 distribution is based.  

John R. Van Kirk, Managing Director, reported that this year's quarterly distribution of $0.46 per unit is 206.67%, or $0.31 per unit, higher than the distribution of $0.15 per unit for the third quarter of fiscal 2021.  For the quarter ending July 31, 2022, the impact on royalty income of higher gas prices substantially offset both the lower gas sales and lower average exchange rate.  Additional details will be available in the earnings press release scheduled for publication on or about August 19, 2022.

The Trust receives 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 second calendar quarters of 2022 and 2021.   

	Quarterly Gas Data Providing Basis for Fiscal Quarter Royalties
Mobil Agreement	2nd Calendar Quarter Ended 6/30/2022	2nd Calendar Quarter Ended 6/30/2021	Percentage Change
Gas Sales (Bcf)1	3.665	4.259	-  13.95 %
Gas Prices2 (Ecents/Kwh)3	6.1535	1.6032	+283.83 %
Average Exchange Rate4	1.0236	1.2004	-  14.73 %
Gas Royalties	$2,640,584	$937,634	+181.62 %
OEG Agreement
Gas Sales (Bcf)	13.341	14.465	-   7.77%
Gas Prices (Ecents/Kwh)	6.2753	1.6349	+283.83 %
Average Exchange Rate	1.0236	1.1998	-  14.69 %
Gas Royalties	$1,469,383	$402,862	+264.74 %

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

The cumulative 12-month distribution, which includes the August 2022 distribution and the three prior quarterly distributions, is $1.23 per unit.  This 12-month cumulative distribution is 251.43%, or $0.88 per unit, higher than the prior 12-month distribution of $0.35 per unit.  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, email: jvankirk@neort.com.  The Trust's press releases and other pertinent information are available on the Trust's website: www.neort.com.

View original content:https://www.prnewswire.com/news-releases/north-european-oil-royalty-trust-announces-the-distribution-for-the-third-quarter-of-fiscal-2022-301596350.html

SOURCE North European Oil Royalty Trust

FAQ

What is the quarterly distribution amount for NRT in Q3 2022?

The quarterly distribution amount for NRT in Q3 2022 is $0.46 per unit.

When is the NRT distribution payable?

The NRT distribution is payable on August 31, 2022.

What was the year-over-year change in the distribution for NRT?

The year-over-year change in the distribution for NRT was an increase of 206.67%.

How much is the cumulative 12-month distribution for NRT?

The cumulative 12-month distribution for NRT is $1.23 per unit.

What factors contributed to the NRT distribution increase?

The increase in NRT distribution was primarily due to higher natural gas prices offsetting lower gas sales.