KEENE,
N.H., Oct. 31, 2023 /PRNewswire/ -- The Trustees
of North European Oil Royalty Trust (NYSE-NRT) announced that,
consistent with previous disclosures, there will not be a quarterly
distribution for the fourth quarter of fiscal 2023. This compares
to a distribution of $0.74 per unit
for the fourth quarter of fiscal 2022.
ExxonMobil's scheduled shutdown of the Grossenkneten
desulphurization plant for the first 18 days of this quarter
contributed to a decline in gas sales volumes. This reduction and
the continued decline in the German Border Import gas Price, as
well as negative adjustments from the current and prior quarters,
resulted in the absence of any royalty payments to the Trust for
the quarter ending October 31, 2023.
The residual balance of these adjustments will have an impact on
the first quarter of fiscal 2024. However, cash distributions in
any fiscal quarter beyond the fourth fiscal quarter of 2023 cannot
be determined with any certainty at this time. The volatility in
gas prices, coupled with the pricing system specified in the
Trust's agreements with the operating companies, contributed to the
uneven distributions in the most recent quarters. Distributions are
based on actual royalty income received less incurred and
anticipated expenses. Additional details will be included in the
earnings press release scheduled for publication on or about
November 17, 2023.
The cumulative 12-month distribution for fiscal 2023, which
reflects the absence of any November distribution but includes the
three prior quarterly distributions, is $2.26 per unit. This 12-month cumulative
distribution is 23.50% or $0.43 per
unit higher than the cumulative 12-month distribution of
$1.83 for fiscal 2022. The Trust
makes quarterly distributions, when possible, to unit owners during
the months of February, May, August, and November.
Contact – John R. Van Kirk,
Managing Director, telephone: (732) 741-4008, e-mail:
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.
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SOURCE North European Oil Royalty Trust