KEENE, N.H., Aug. 13, 2021 /PRNewswire/ -- North European
Oil Royalty Trust (NYSE-NRT) reported the net income for the third
quarter of fiscal 2021 which appears below compared with the third
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. As detailed in the July 31, 2021 distribution press release, total
royalty income for the third quarter of fiscal 2021 increased from
the third quarter of fiscal 2020. This increase resulted from
the combined effects of higher gas prices and higher average
exchange rates under both the Mobil and OEG Royalty Agreements and
higher gas sales under the OEG Royalty Agreement. In the
third quarter of fiscal 2021, total royalty income was not affected
because there were no prior period adjustments, but total royalty
income was increased by Mobil sulfur royalties of $50,184. In the third quarter of fiscal
2020, total royalty income was reduced by net prior period
adjustments totaling ($10,192) and
reflected no further increase due to the absence of current quarter
Mobil sulfur royalties.
|
3rd Fiscal
Quarter
Ended
7/31/2021
|
3rd Fiscal
Quarter
Ended
7/31/2020
|
Percentage
Change
|
Total Royalty
Income
|
$1,480,863
|
$1,399,614
|
+
5.81%
|
Net Income
|
$1,363,590
|
$1,278,075
|
+
6.69%
|
Distributions per
Unit
|
$0.15
|
$0.11
|
+ 36.36%
|
Trust expenses for the third quarter of fiscal 2021 decreased
3.50%, or $4,266, to $117,504 in comparison to $121,770 for the third quarter of fiscal
2020.
Total royalty income received during the first nine months of
fiscal 2021 decreased in comparison to fiscal 2020 due to lower gas
sales under both the Mobil and OEG Agreements during the first nine
months of fiscal 2021. The comparison of the relevant periods
is shown below.
|
Nine
Months
Ended
7/31/2021
|
Nine
Months
Ended
7/31/2020
|
Percentage
Change
|
Total Royalty
Income
|
$3,164,461
|
$3,701,403
|
- 14.51%
|
Net Income
|
$2,673,879
|
$3,067,714
|
- 12.84%
|
Distributions per
Unit
|
$0.33
|
$0.30
|
+ 10.00%
|
The previously declared distribution of 15 cents per unit will be paid on August 25, 2021 to owners of record as of
August 13, 2021. Comprehensive
details will be available in the Trust's 10-Q filing available
through the SEC or the Trust's website, www.neort.com, on or about
August 30, 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.
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SOURCE North European Oil Royalty Trust