North European Oil Royalty Trust (NYSE-NRT) reported the net income for the fourth quarter of fiscal 2018 which appears below compared with the fourth quarter of fiscal 2017.
Total royalty income includes adjustments made by the operating companies based upon their corrected royalty calculations for prior periods.
Total Royalty Income:$1,474,191 vs $2,144,268 (- 31.25%)
Net Income:$1,324,902 vs $2,010,828 (- 34.11%)
Distributions per Unit $0.15 vs $0.22 (- 31.82%)
The Trust receives nearly all of its royalties under two royalty agreements. The Mobil Agreement, the higher royalty rate agreement, covers gas sales from the western half of the Oldenburg concession. The OEG Agreement, the lower royalty rate agreement, covers gas sales from the entire Oldenburg concession. The factors determining the amount of gas royalties payable under the two agreements from the preceding calendar quarter are shown in the table below comparing the third calendar quarters of 2018 and 2017. Further details will be available in the Trusts annual report on Form 10-K which will be available through the SEC or on the Trusts website, www.neort.com, on or about December 28, 2018. Quarterly Gas Data Providing Basis for Fiscal Quarter Royalties …
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Source: US SEC
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