KEENE, N.H., Feb. 11, 2022 /PRNewswire/ -- North European
Oil Royalty Trust (NYSE: NRT) (the "Trust") reported its net income
for the first quarter of fiscal 2022 which appears in the table
below compared to its net income for the first quarter of fiscal
2021. Total royalty income includes positive and negative
adjustments that the operators made during the quarter based upon
their corrected royalty calculations for the prior periods, as well
as Mobil sulfur royalties. Total royalty income for the first
quarter of fiscal 2022 was not affected because there were no prior
period adjustments, but was increased by Mobil sulfur royalties of
$59,517. By comparison, total
royalties in the first quarter of fiscal 2021 were reduced by
negative adjustments of $538,651 and
increased by Mobil sulfur royalties of $65,267 (a correction of $35,070 for the first quarter of calendar 2020
and $30,197 for the fourth quarter of
calendar 2020).
|
1st Fiscal
Quarter
Ended
1/31/2022
|
1st Fiscal
Quarter
Ended
1/31/2021
|
Percentage
Change
|
Total Royalty
Income
|
$2,546,539
|
$283,439
|
+
798.44%
|
Net Income
|
$2,351,819
|
$111,842
|
+2,002.80%
|
Distributions per
Unit
|
$0.25
|
$0.04
|
+
525.00%
|
Despite the continuing economic disruption caused by COVID-19,
the resumption of a more "normal" economy resulted in increased
demands for energy. Under the Mobil Agreement for the first
quarter of fiscal 2022, gas prices, gas sales, and the average
exchange rate showed percentage changes of +156.42%, +27.41% and
-7.10%, respectively, in comparison to the first quarter of fiscal
2021. In a corresponding comparison under the OEG Agreement,
gas prices, gas sales, and the average exchange rate showed
percentage changes of +156.43%, +20.20% and -7.16%,
respectively.
Trust expenses for the first quarter of fiscal 2022 increased
13.56%, or $23,277, to $194,957 from $171,680 for the first quarter of fiscal
2021. The increase in expenses reflects the shift in the
timing of the payment relating to the biennial examination of the
royalty statements by the Trust's German accountants, increased
Trustee fees as specified by the Trust Agreement, and increased
fees associated with the Trust's petroleum consultant.
The previously declared distribution of $0.25 per unit will be paid on February 23, 2022 to owners of record as of
February 11, 2022.
Comprehensive details will be available in the Trust's 10-Q filing
available through the SEC or on the Trust's website, www.neort.com,
on or about February 25, 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 and other
pertinent information are also available on the Trust's
website.
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SOURCE North European Oil Royalty Trust