KEENE, N.H., Feb. 12, 2021 /PRNewswire/ -- North European Oil
Royalty Trust (NYSE-NRT) (the "Trust") reported the net income for
the first quarter, ended January
31st, of fiscal 2021 which appears in the table
below compared to net income for the first quarter of fiscal
2020. 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 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). By comparison,
total royalties in the first quarter of fiscal 2020 were reduced by
negative adjustments of $388,634 and
increased by Mobil sulfur royalties of $39,273.
|
1st Fiscal
Quarter
Ended
1/31/2021
|
1st Fiscal
Quarter
Ended
1/31/2020
|
Percentage
Change
|
Total Royalty
Income
|
$283,439
|
$1,025,965
|
- 72.37%
|
Net Income
|
$111,842
|
$747,737
|
- 85.04%
|
Distributions per
Unit
|
$0.04
|
$0.08
|
- 50.00%
|
The economic disruption associated with COVID-19 continued to
impact the Trust's total royalty income received during the first
quarter of fiscal 2021. Under the Mobil Agreement for the
first quarter of fiscal 2021, gas sales, gas prices, and the
average exchange rate showed percentage changes of -34.03%, -11.92%
and +9.10%, respectively, in comparison to the first quarter of
fiscal 2020. In a corresponding comparison under the OEG
Agreement, gas sales, gas prices, and the average exchange rate
showed percentage changes of -27.48%, -11.92% and +9.07%,
respectively.
Trust expenses for the first quarter of fiscal 2021 decreased
38.71%, or $108,443, to $171,680 from $280,123 for the first quarter of fiscal
2020. The decrease in expenses reflects the lower insurance
costs, reduced Trustee fees as specified by the Trust Agreement,
lower meeting expenses resulting from the change to virtual
meetings, and the shift in the timing of the payment relating to
the biennial examination of the royalty statements by the Trust's
German accountants.
The previously declared distribution of $0.04 per unit will be paid on February 24, 2021 to owners of record as of
February 12, 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. The Trust's 10-Q filing will be available
through the SEC or on the Trust's website, www.neort.com, on or
about February 25, 2021.
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SOURCE North European Oil Royalty Trust