KEENE,
N.H., July 31, 2023 /PRNewswire/ -- The Trustees
of North European Oil Royalty Trust (NYSE-NRT) announced today a
quarterly distribution of $0.21 per
unit for the third quarter of fiscal 2023, payable on August 30, 2023 to holders of record on
August 18, 2023.
This year's quarterly distribution of $0.21 per unit is 54.35%, or $0.25 per unit, lower than the distribution of
$0.46 per unit for the third quarter
of fiscal 2022. For the quarter ending July
31, 2023, the negative carry-over from the second quarter of
fiscal 2023, as well as lower gas sales and lower gas prices,
resulted in this decline. Distributions are based on actual royalty
income received less incurred and anticipated expenses. Additional
details will be available in the earnings press release scheduled
for publication on or about August 18,
2023.
In accordance with the agreements between the Trust and the
operating companies, the Trust's monthly scheduled royalty payments
are paid based on the amount of royalties that were payable to the
Trust in the prior calendar quarter. The recent decline in gas
prices and the three-week shutdown of the de-sulfurization plant
during the quarter for maintenance resulted in an overpayment of
royalties during the third quarter of fiscal 2023. This overpayment
of royalties has resulted in a negative carry-over that will
eliminate the amount of royalties that would be paid to the Trust
in the fourth fiscal quarter. This elimination of royalty income is
expected to result in the absence of a cash distribution to unit
owners for the Trust's fourth fiscal quarter. The potential impact
of the negative carry-over on the royalties payable or the cash
distributions to be made in any fiscal quarter beyond the fourth
fiscal quarter of 2023 cannot be determined with any certainty at
this time.
The cumulative 12-month distribution, which includes the
August 2023 distribution and the
three prior quarterly distributions, is $3.00 per unit. This 12-month cumulative
distribution is 143.90%, or $1.77 per
unit, higher than the prior 12-month distribution of $1.23 per unit. The Trust makes quarterly
distributions to unit owners during the months of February, May,
August, and November.
Contact – John R. Van Kirk,
Managing Director, telephone: (732) 741-4008, email:
jvankirk@neort.com. The Trust's press releases and other pertinent
information are available on the Trust's website:
www.neort.com.
Forward-Looking Statements
This press release may contain forward-looking statements
intended to qualify for the safe harbor from liability established
by the Private Securities Litigation Reform Act of 1995. Such
statements address future expectations and events or conditions
concerning the Trust, such as statements concerning future gas
prices, royalty payments and cash distributions. Many of these
statements are based on information provided to the Trust by the
operating companies or by consultants using public information
sources, are difficult to predict, and are generally beyond the
control of the Trust. These statements are subject to certain risks
and uncertainties that could cause actual results to differ
materially from those anticipated in any forward-looking
statements. These include: the fact that the assets of the Trust
are depleting assets and, if the operators developing the
concession do not perform additional development projects, the
assets may deplete faster than expected; risks and uncertainties
concerning levels of gas production and gas sale prices, general
economic conditions, and currency exchange rates; the ability or
willingness of the operating companies to perform under their
contractual obligations with the Trust; potential disputes with the
operating companies and the resolution thereof; and political and
economic uncertainty arising from Russia's invasion of Ukraine. Any forward-looking statement speaks
only as of the date on which such statement is made, and the Trust
does not undertake any obligation to update any forward-looking
statement to reflect events or circumstances after the date on
which such statement is made.
View original
content:https://www.prnewswire.com/news-releases/north-european-oil-royalty-trust-announces-the-distribution-for-the-third-quarter-of-fiscal-2023-301889615.html
SOURCE North European Oil Royalty Trust