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

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The Trustees of North European Oil Royalty Trust (NRT) declared a quarterly distribution of $0.38 per unit for Q2 fiscal 2022, payable on May 25, 2022. This amount is 171.43% higher than the $0.14 distribution in Q2 fiscal 2021, driven by increased natural gas prices. Royalty income under the Mobil Sulfur Agreement rose to $70,618, up from $36,411 in the previous year. Despite lower gas sales of 3.605 Bcf compared to 4.354 Bcf in Q1 2021, higher prices led to strong royalty growth, with cumulative 12-month distributions now at $0.92 per unit.

Positive
  • Quarterly distribution of $0.38 per unit, 171.43% higher than Q2 2021.
  • Royalty income under the Mobil Agreement increased from $36,411 to $70,618.
  • Cumulative 12-month distribution is $0.92 per unit, 196.77% higher than the prior period.
Negative
  • Gas sales decreased by 17.20% year-over-year to 3.605 Bcf.
  • Average exchange rates negatively impacted royalty income, down by 9.46%.

KEENE, N.H, April 29, 2022 /PRNewswire/ -- The Trustees of North European Oil Royalty Trust (NYSE-NRT) announced today a quarterly distribution of $0.38 per unit for the second quarter of fiscal 2022, payable on May 25, 2022 to owners of record on May 13, 2022.  Natural gas sold during the first calendar quarter of 2022 is the primary source of royalty income on which the May 2022 distribution is based. 

John R. Van Kirk, Managing Director, reported that this year's quarterly distribution of $0.38 per unit is 171.43%, or $0.24 per unit, higher than the distribution of $0.14 per unit for the second quarter of fiscal 2021.  For the quarter ending April 30, 2022, the impact on royalty income of higher gas prices easily offset both the lower gas sales and lower average exchange rate.  There were no adjustments during either the second quarter of fiscal 2022 or 2021.  Royalty income under the Mobil Sulfur Agreement was $70,618 and $36,411 for the second quarters of fiscal 2022 and 2021, respectively.  Additional details will be included in the earnings press release scheduled for publication on or about May 13, 2022.

The Trust receives all of 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 first calendar quarters of 2022 and 2021.  


Quarterly Gas Data Providing Basis for Fiscal Quarter Royalties

 

Mobil Agreement

1st Calendar Quarter

Ended 3/31/2022

1st Calendar Quarter

Ended 3/31/2021

Percentage

Change

Gas Sales (Bcf1)

3.605

4.354

- 17.20%

Gas Prices2 (Ecents/kWh3)

5.1442

1.5395

+ 234.15%

Average Exchange Rates4

1.0883

1.2020

- 9.46%

Gas Royalties

$2,307,437

$921,896

+ 150.29%





OEG Agreement




Gas Sales (Bcf)

13.123

14.495

- 9.47%

Gas Prices (Ecents/kWh)

5.2460

1.5700

+ 234.14%

Average Exchange Rates

1.0867

1.2022

- 9.61%

Gas Royalties

$1,257,976

$383,843

+ 227.73%

 

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

The cumulative 12-month distribution, which includes the May 2022 distribution and the three prior quarterly distributions, is $0.92 per unit.  This 12-month cumulative distribution is 196.77% or $0.61 per unit higher than the prior cumulative 12-month distribution of $0.31 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, e-mail: jvankirk@neort.com.  The Trust's press releases and other pertinent information are available on the Trust's website: www.neort.com.

Cision View original content:https://www.prnewswire.com/news-releases/north-european-oil-royalty-trust-announces-the-distribution-for-the-second-quarter-of-fiscal-2022-301536314.html

SOURCE North European Oil Royalty Trust

FAQ

What is the quarterly distribution amount for North European Oil Royalty Trust (NRT) in Q2 2022?

The quarterly distribution for Q2 2022 is $0.38 per unit.

How does the Q2 2022 distribution compare with Q2 2021 for North European Oil Royalty Trust (NRT)?

The Q2 2022 distribution is 171.43% higher at $0.38 per unit compared to $0.14 per unit in Q2 2021.

What was the royalty income for the Mobil Sulfur Agreement in Q2 2022 for North European Oil Royalty Trust (NRT)?

The royalty income under the Mobil Sulfur Agreement for Q2 2022 was $70,618.

What are the cumulative 12-month distributions for North European Oil Royalty Trust (NRT)?

The cumulative 12-month distribution is $0.92 per unit.

When is the distribution payable for North European Oil Royalty Trust (NRT) for Q2 2022?

The distribution is payable on May 25, 2022.

North European Oil Royalty Trust

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