Electronic income

NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES NET RESULTS FOR THE SECOND QUARTER OF FISCAL 2022 | News

KEENE, NH, May 13, 2022 /PRNewswire/ — North European Oil Royalty Trust (NYSE: NRT) has released second quarter fiscal 2022 net earnings which are shown in the table below compared to second quarter fiscal 2021 net earnings. Total royalty income includes all adjustments made by the operating companies based on their corrected royalty calculations for prior periods as well as any Mobil sulfur royalty. During the second quarters of fiscal 2022 and 2021, there were no prior period adjustments to total royalty income. The Trust has received separate sulfur royalty payments under the Mobil $70,618 and $36,411 in the second quarters of fiscal 2022 and 2021, respectively.

2nd fiscal quarter

Completed on 04/30/2022

2nd fiscal quarter

Completed on 04/30/2021

Percentage

Switch

Total royalty income

$3,773,568

$1,400,159

+ 169.51%

Net revenue

$3,559,968

$1,198,447

+ 197.05%

Distribution per unit

$0.38

$0.14

+ 171.43%

As part of the Mobil agreement for the second quarter of fiscal 2022, gas sales, gas prices and the average exchange rate showed percentage changes of -17.20%, +234.15 % and -9.46%, respectively, compared to the second quarter of fiscal 2021 Under the OEG agreement for the second quarter of fiscal 2022, gas sales, gas prices and the rate average exchange rates showed percentage changes of -9.47%, +234.14% and -9.61%, respectively, compared to the second quarter of fiscal 2021.

Trust expenses for the second quarter of fiscal 2022 increased by 6.03%, or $12,174for $213,988 from $201,814 in the second quarter of fiscal 2021. The increase in expenses reflects higher trustee fees, as detailed in the Trust Agreement, and higher New York Stock Exchange listing fees.

Total royalty revenue collected in the first six months of fiscal 2022 increased compared to fiscal 2021 primarily due to higher gas prices under the Mobil and OEG agreements. In the first six months of fiscal 2022, total royalty revenue amounts were not reduced by prior period adjustments. In the first six months of fiscal 2021, total royalty income was reduced by negative adjustments from prior periods of $538,651. The comparison of the relevant periods is presented below.

Six months

Completed on 04/30/2022

Six months

Completed on 04/30/2021

Percentage

Switch

Total royalty income

$6,320,107

$1,683,598

+ 275.39%

Net revenue

$5,911,787

$1,310,289

+ 351.18%

Distribution per Unit

$0.63

$0.18

+ 250.00%

The previously reported distribution of 38 cents per unit will be paid on May 25, 2022 to registered owners from May 132022. For more information, contact John R. Van Kirk, General Manager, at (732) 741-4008 or by email at [email protected] The Trust’s press releases and other relevant information are available on the Trust’s website: www.neort.com. The Trust’s 10-Q filing will be available from the SEC or on the Trust’s website, www.neort.com, at or about May 27, 2022.

View original content: https://www.prnewswire.com/news-releases/north-european-oil-royalty-trust-announces-net-income-for-the-second-quarter-of-fiscal-2022-301547127 . html

SOURCE North European Oil Royalty Trust