Enduro Royalty Trust Announces Monthly Cash Distribution
19 November 2016 - 1:15AM
Business Wire
Enduro Royalty Trust (NYSE: NDRO) (the “Trust”) today announced
a cash distribution to the holders of its units of beneficial
interest of $0.028057 per unit, payable on December 14, 2016 to
unitholders of record on November 30, 2016. The distribution
primarily represents oil production during the month of August 2016
and natural gas production during July 2016.
The following table displays underlying oil and natural gas
sales volumes and average received wellhead prices attributable to
the current and prior month net profits interest calculations.
Underlying Sales Volumes
Average Price Oil Natural
Gas Oil Natural Gas Bbls
Bbls/D Mcf Mcf/D
(per Bbl) (per Mcf) Current Month 61,254 1,976
334,973 10,806 $ 41.85 $ 2.47 Prior Month 63,585 2,051 349,412
11,647 $ 41.83 $ 2.04
Oil cash receipts for the properties underlying the Trust
totaled $2.6 million for the current month, a decrease of $0.1
million from the prior month calculation. The decrease was due to
variances in oil production volumes resulting from natural
production declines along with payment timing differences related
to non-operated wells. Average oil NYMEX pricing remained
consistent for the respective periods with August average oil
prices at $45.01 per Bbl compared to $45.08 per Bbl in July.
Natural gas cash receipts increased from $0.7 million in the prior
distribution period to $0.8 million due to a 21 percent increase in
the realized wellhead price as compared to the prior month. This
increase in realized wellhead price was driven by a seven percent
increase in NYMEX pricing, from $2.61 per Mcf to $2.79 per Mcf,
combined with a narrowing of the differential from 22 percent to 12
percent.
Total direct operating expenses, including lease operating
expenses, production and ad valorem taxes, and gathering and
transportation expenses, increased $0.3 million to $2.4 million.
Actual capital expenditures incurred have continued to be less than
projected, resulting in a capital adjustment during the current
month calculation that increased net profits by $0.1 million. Total
direct operating expenses and capital expenditures relate to
expenses incurred during September 2016.
Enduro Resource Partners, the sponsor of the Trust (“Enduro”),
previously established a reserve for approved 2016 development
expenses. As a result of lower than anticipated capital
expenditures during the year, resulting in reduced expectations for
2016 capital expenditures, Enduro has released an additional
$50,000 of the reserve in the current distribution period, thereby
increasing the net profits attributable to the Trust. Enduro has a
remaining total reserve of $100,000 for approved 2016 development
expenses.
About Enduro Royalty Trust
Enduro Royalty Trust is a Delaware statutory trust formed by
Enduro Resource Partners to own a net profits interest representing
the right to receive 80% of the net profits from the sale of oil
and natural gas production from certain of Enduro Resource
Partners’ properties in the states of Texas, Louisiana and New
Mexico. As described in the Trust’s filings with the Securities and
Exchange Commission, the amount of the periodic distributions is
expected to fluctuate, depending on the proceeds received by the
Trust as a result of actual production volumes, oil and gas prices,
the amount and timing of capital expenditures, and the Trust’s
administrative expenses, among other factors. Future distributions
are expected to be made on a monthly basis. For additional
information on the Trust, please visit
www.enduroroyaltytrust.com.
Forward-Looking Statements and Cautionary Statements
This press release contains statements that are “forward-looking
statements” within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. All statements contained in this
press release, other than statements of historical facts, are
“forward-looking statements” for purposes of these provisions.
These forward-looking statements include the amount and date of any
anticipated distribution to unitholders and expected expenses,
including capital expenditures. The anticipated distribution is
based, in large part, on the amount of cash received or expected to
be received by the Trust from Enduro Resource Partners with respect
to the relevant period. The amount of such cash received or
expected to be received by the Trust (and its ability to pay
distributions) has been and will be significantly and negatively
affected by prevailing low commodity prices, which have declined
significantly, could decline further and could remain low for an
extended period of time. Other important factors that could cause
actual results to differ materially include expenses of the Trust
and reserves for anticipated future expenses. Statements made in
this press release are qualified by the cautionary statements made
in this press release. Neither Enduro Resource Partners nor the
Trustee intends, and neither assumes any obligation, to update any
of the statements included in this press release. An investment in
units issued by Enduro Royalty Trust is subject to the risks
described in the Trust’s filings with the SEC, including the risks
described in the Trust’s Annual Report on Form 10-K for the year
ended December 31, 2015, filed with the SEC on March 11, 2016. The
Trust’s quarterly and other filed reports are or will be available
over the Internet at the SEC’s website at http://www.sec.gov.
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version on businesswire.com: http://www.businesswire.com/news/home/20161118005028/en/
Enduro Royalty TrustThe Bank of New York Mellon Trust Company,
N.A., as TrusteeSarah Newell, 1 512-236-6555
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