Enduro Royalty Trust Announces Monthly Cash Distribution
November 19 2015 - 8:00AM
Business Wire
Enduro Royalty Trust (NYSE: NDRO) (the “Trust”) today announced
a cash distribution to the holders of its units of beneficial
interest of $0.032287 per unit, payable on December 14, 2015 to
unitholders of record on November 30, 2015. The distribution
primarily represents oil production during the month of August 2015
and natural gas production during July 2015.
The following table displays underlying oil and natural gas
sales volumes and average received wellhead prices attributable to
the current and prior month net profits interest calculations.
Underlying Sales Volumes
Average Price Oil Natural Gas
Oil Natural Gas Bbls
Bbls/D Mcf Mcf/D (per
Bbl) (per Mcf) Current Month 69,396 2,239 410,089
13,229 $ 42.51 $ 2.60 Prior Month 71,875 2,319 394,272
13,142 $ 50.38 $ 2.47
Oil cash receipts for the properties underlying the Trust
totaled $3.0 million for the current month, a decrease of $0.7
million from the prior month calculation. The decrease was
primarily due to a 16% decrease in NYMEX oil prices from July to
August 2015. Natural gas receipts increased $0.1 million from the
prior month, totaling $1.1 million. The increase in natural gas
sales volumes resulted primarily from differences in the timing of
cash receipts.
Total direct operating expenses, including lease operating
expenses (“LOE”), production and ad valorem taxes, and gathering
and transportation expenses, totaled $2.9 million, an increase of
$0.4 million from the prior month. The increase in direct operating
expenses is due to lower than normal LOE in the prior period as a
result of actual LOE for prior months being lower than anticipated,
resulting in accrual adjustments. These adjustments resulted in a
$0.3 million LOE reduction in the prior month distribution.
Actual capital costs incurred have been less than projected,
resulting in a capital adjustment during the current month
distribution that increased the total distribution to be paid by
$0.3 million. Capital expenditures incurred during the current
month distribution period were $0.3 million, offset by $0.6 million
of accrual reductions related to projects where actual costs
incurred were less than projected.
Total direct operating expenses and capital expenditures relate
to expenses incurred during September 2015.
About Enduro Royalty Trust
Enduro Royalty Trust is a Delaware statutory trust formed by
Enduro Resource Partners to own a net profits interest representing
the right to receive 80% of the net profits from the sale of oil
and natural gas production from certain of Enduro Resource
Partners’ properties in the states of Texas, Louisiana and New
Mexico. As described in the Trust’s filings with the Securities and
Exchange Commission, the amount of the periodic distributions is
expected to fluctuate, depending on the proceeds received by the
Trust as a result of actual production volumes, oil and gas prices,
the amount and timing of capital expenditures, and the Trust’s
administrative expenses, among other factors. Future distributions
are expected to be made on a monthly basis. For additional
information on the Trust, please visit
www.enduroroyaltytrust.com.
Forward-Looking Statements and Cautionary Statements
This press release contains statements that are “forward-looking
statements” within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. All statements contained in this
press release, other than statements of historical facts, are
“forward-looking statements” for purposes of these provisions.
These forward-looking statements include the amount and date of any
anticipated distribution to unitholders and expected expenses,
including capital expenditures. The anticipated distribution is
based, in large part, on the amount of cash received or expected to
be received by the Trust from Enduro Resource Partners with respect
to the relevant period. The amount of such cash received or
expected to be received is significantly affected by prevailing
commodity prices. Other important factors that could cause actual
results to differ materially include expenses of the Trust and
reserves for anticipated future expenses. Statements made in this
press release are qualified by the cautionary statements made in
this press release. Neither Enduro Resource Partners nor the
Trustee intends, and neither assumes any obligation, to update any
of the statements included in this press release. An investment in
units issued by Enduro Royalty Trust is subject to the risks
described in the Trust’s filings with the SEC, including the risks
described in the Trust’s Annual Report on Form 10-K for the year
ended December 31, 2014, filed with the SEC on March 12, 2015. The
Trust’s quarterly and other filed reports are or will be available
over the Internet at the SEC’s website at http://www.sec.gov.
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version on businesswire.com: http://www.businesswire.com/news/home/20151119005102/en/
Enduro Royalty TrustThe Bank of New York Mellon Trust Company,
N.A., as TrusteeSarah Newell, 1-512-236-6555
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