NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES THE DISTRIBUTION FOR THE SECOND QUARTER OF FISCAL 2022
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.
- 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.
- 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
John R. Van Kirk, Managing Director, reported that this year's quarterly distribution of
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 | - |
Gas Prices2 (Ecents/kWh3) | 5.1442 | 1.5395 | + |
Average Exchange Rates4 | 1.0883 | 1.2020 | - |
Gas Royalties | + | ||
OEG Agreement | |||
Gas Sales (Bcf) | 13.123 | 14.495 | - |
Gas Prices (Ecents/kWh) | 5.2460 | 1.5700 | + |
Average Exchange Rates | 1.0867 | 1.2022 | - |
Gas Royalties | + |
1 Billion cubic feet 2 Gas prices derived from November-January period 3 Euro cents per kilowatt hour |
The cumulative 12-month distribution, which includes the May 2022 distribution and the three prior quarterly distributions, is
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
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