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

Rhea-AI Summary

North European Oil Royalty Trust (NRT) reported a substantial rise in its fourth-quarter fiscal 2022 results. Total royalty income surged to $7,037,347, up 389.40% from $1,437,949 in Q4 2021. Net income reached $6,884,050, reflecting an increase of 428.45% from $1,302,678 last year. The Trust benefited from a notable upward adjustment of $1,550,020 in royalty income and the ongoing disruption in energy markets. Annual distributions per unit also increased to $0.74, a significant rise of 428.57%.

Positive

• Total royalty income increased to $17,800,119 (+286.76%) for the fiscal year.
• Net income up to $17,088,446 (+329.73%) for the fiscal year.
• Distributions per unit rose to $1.83 (+289.36%) for the fiscal year.

Negative

• Negative adjustment in fiscal 2021 decreased royalty income by $696,189.

KEENE, N.H., Nov. 16, 2022 /PRNewswire/ -- North European Oil Royalty Trust (NYSE-NRT) reported the net income for the fourth quarter of fiscal 2022 which appears below compared with the fourth quarter of fiscal 2021.  Total royalty income for the fourth quarter of fiscal 2022 includes a positive adjustment for 2021 of $1,550,020.  Total royalty income for the fourth quarter of fiscal 2021 includes a negative adjustment for 2020 of $157,538.  The year-over-year increase in total royalty income for the fourth quarter of fiscal 2022 can be attributed to the significant increase in gas prices and the positive adjustment applied in 2022.

	4th Fiscal Quarter   Ended 10/31/2022	4th Fiscal Quarter   Ended 10/31/2021	Percentage Change
Total Royalty Income	$7,037,347	$1,437,949	+389.40 %
Net Income	$6,884,050	$1,302,678	+428.45 %
Distributions per Unit	$0.74	$0.14	+428.57 %

The increase in total royalty income received for fiscal 2022 resulted primarily from the ongoing disruption of the German, as well as the European and world, energy markets.  The Trust received positive adjustments in fiscal 2022, which increased royalty income by $1,550,020, and in fiscal 2021 the Trust received negative adjustments, which decreased royalty income by $696,189.  Under the Mobil Agreement for fiscal 2022, gas prices, gas sales and average exchange rates showed percentage changes of +249.76%, -5.99% and -12.80%, respectively, in comparison to fiscal 2021.  Under the OEG Agreement for fiscal 2022, gas prices, gas sales and average exchange rates showed percentage changes of +254.51%, -1.04% and -13.04%, respectively, in comparison to fiscal 2021.  The comparison of the relevant periods is shown below.

	Fiscal Year   Ended 10/31/2022	Fiscal Year   Ended 10/31/2021	Percentage Change
Total Royalty Income	$17,800,119	$4,602,410	+286.76 %
Net Income	$17,088,446	$3,976,557	+329.73 %
Distributions per Unit	$1.83	$0.47	+289.36 %

The 2022 Annual Meeting is scheduled to begin at 11:00 a.m. on February 15, 2023.  The annual meeting is convened for purposes of voting on the proposals presented in the proxy statement.  The meeting will also provide the opportunity for unit owners and interested parties to pose questions to the Trustees and the Managing Director and will be held via Zoom.  Further details will be provided in the Notice of Annual Meeting of Unit Owners which is being mailed in early January.

The previously declared distribution of 74 cents per unit will be paid on November 30, 2022 to owners of record as of November 18, 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, along with 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 was North European Oil Royalty Trust's net income for Q4 2022?

North European Oil Royalty Trust reported a net income of $6,884,050 for Q4 2022.

How much did the royalty income increase in Q4 2022 compared to Q4 2021?

Royalty income increased by 389.40%, rising from $1,437,949 in Q4 2021 to $7,037,347 in Q4 2022.

What are the distributions per unit for North European Oil Royalty Trust?

The distribution per unit is $0.74 for Q4 2022, reflecting an increase of 428.57% from the previous year.

What is the total royalty income for the fiscal year ending October 31, 2022?

The total royalty income for the fiscal year ending October 31, 2022, is $17,800,119.