KEENE, N.H., May 14, 2021 /PRNewswire/ -- North European Oil
Royalty Trust (NYSE-NRT) reported the net income for the second
quarter of fiscal 2021 which appears in the table below compared
with the net income for the second quarter of fiscal 2020.
Total royalty income includes any adjustments made by the
operating companies based upon their corrected royalty calculations
for prior periods as well as any Mobil sulfur royalties.
During the second quarter of fiscal 2021, there were no prior
period adjustments to total royalty income, whereas during the
second quarter of fiscal 2020, total royalty income was reduced by
prior period adjustments totaling $137,944. The Trust received separate
sulfur royalty payments under the Mobil Agreement of $36,411 and $31,105
during the second quarters of fiscal 2021 and 2020,
respectively.
|
2nd Fiscal
Quarter Ended
4/30/2021
|
2nd Fiscal
Quarter Ended
4/30/2020
|
Percentage Change
|
Total Royalty
Income
|
$1,400,159
|
$1,275,824
|
+
9.75%
|
Net Income
|
$1,198,447
|
$1,041,902
|
+15.02%
|
Distribution per
Unit
|
$0.14
|
$0.11
|
+27.27%
|
Under the Mobil Agreement for the second quarter of fiscal 2021,
gas sales, gas prices, and the average exchange rate showed
percentage changes of -5.84%, -5.84% and +9.84%, respectively, in
comparison to the second quarter of fiscal 2020. Under the
OEG Agreement for the second quarter of fiscal 2021, gas sales, gas
prices, and the average exchange rate showed percentage changes of
-5.05%, -5.83% and +9.74%, respectively, in comparison to the
second quarter of fiscal 2020.
Trust expenses for the second quarter of fiscal 2021 decreased
13.94%, or $32,686, to $201,814 from $234,500 in the second quarter of fiscal
2020. The decrease in expenses reflects reduced Trustee fees
as specified by the Trust Agreement, reduced printing costs related
to the changed format for the annual report, lower meeting and
travel expenses resulting from the change to virtual meetings
during the pandemic- imposed restriction period, and the shift in
the timing of the payment relating to the biennial examination of
the royalty statements by the Trust's German accountants.
Total royalty income received during the first six months of
fiscal 2021 decreased in comparison to fiscal 2020 due to lower gas
prices and lower gas sales under both the Mobil and the OEG
Agreements. During the first six months of fiscal 2021 and
2020, total royalty income amounts were reduced by negative prior
period adjustments of $538,651 and
$388,634, respectively. The
comparison of the relevant periods is shown below.
|
Six
Months Ended
4/30/2021
|
Six
Months Ended
4/30/2020
|
Percentage Change
|
Total Royalty
Income
|
$1,683,598
|
$2,301,789
|
- 26.86%
|
Net Income
|
$1,310,289
|
$1,789,639
|
- 26.78%
|
Distribution per
Unit
|
$0.18
|
$0.19
|
-
5.26%
|
The previously declared distribution of 14 cents per unit will be paid on May 26, 2021 to owners of record as of
May 14, 2021. 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 and other
pertinent information are available on the Trust's website:
www.neort.com. The Trust's 10-Q filing will be available
through the SEC or on the Trust's website, www.neort.com, on or
about May 28, 2021.
View original
content:http://www.prnewswire.com/news-releases/north-european-oil-royalty-trust-announces-net-income-for-the-second-quarter-of-fiscal-2021-301291861.html
SOURCE North European Oil Royalty Trust