KEENE,
N.H., Aug. 19, 2022 /PRNewswire/ -- North
European Oil Royalty Trust (NYSE-NRT) reported the net income for
the third quarter of fiscal 2022 which appears below compared with
the third quarter of fiscal 2021. Total royalty income for
the third quarter of fiscal 2022 increased from the third quarter
of fiscal 2021 as detailed in the July 29,
2022 distribution press release. This increase
resulted from the effect of higher gas prices under both the Mobil
and OEG Royalty Agreements. 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. There were no prior period
adjustments in the third quarters of fiscal 2022 and 2021.
Total royalty income was increased by Mobil sulfur royalties of
$101,221 and $50,184 in the third quarters of fiscal 2022 and
2021, respectively.
|
3rd Fiscal
Quarter
Ended
7/31/2022
|
3rd Fiscal
Quarter
Ended
7/31/2021
|
Percentage
Change
|
|
Total Royalty
Income
|
$4,442,665
|
$1,480,863
|
+
200.01 %
|
|
Net Income
|
$4,292,607
|
$1,363,590
|
+
214.80 %
|
|
Distributions per
Unit
|
$0.46
|
$0.15
|
+
206.67 %
|
Trust expenses for the third quarter of fiscal 2022 increased
28.24%, or $33,189, to $150,693 in comparison to $117,504 for the third quarter of fiscal
2021. The increase in expenses reflects higher Trustee fees
as specified by the provisions of the Trust Agreement.
Total royalty income received during the first nine months of
fiscal 2022 increased in comparison to fiscal 2021 due to higher
gas prices under both the Mobil and OEG Agreements during the first
nine months of fiscal 2022. The comparison of the relevant
periods is shown below.
|
Nine Months
Ended
7/31/2022
|
Nine Months
Ended
7/31/2021
|
Percentage
Change
|
|
Total Royalty
Income
|
$10,762,772
|
$3,164,461
|
+
240.11 %
|
|
Net Income
|
$10,204,395
|
$2,673,879
|
+
281.63 %
|
|
Distributions per
Unit
|
$1.09
|
$0.33
|
+
230.30 %
|
The previously declared distribution of 46 cents per unit will be paid on August 31, 2022 to owners of record as of
August 19, 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 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 August 31, 2022.
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SOURCE North European Oil Royalty Trust