North European Oil Royalty Q2 net income up 167%, distribution $1.05; warns Q3 drop due to overpayment

NORTH EUROPEAN OIL ROYALTY TRUST

Q2 FY2023 net income $9.50M vs $3.56M a year ago, up 167%.
Distribution per unit $1.05, up 176% from $0.38 in Q2 FY2022.
Six-month net income $19.04M, up 222% from $5.91M; distribution $2.05 vs $0.63.
Negative carry-over from overpaid royalties will substantially reduce Q3 distributions.
Trust expenses rose 46% to $313K, driven by higher trustee fees tied to royalty income.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

NORTH EUROPEAN OIL ROYALTY TRUST reported second quarter of fiscal 2023 results: revenue $9,760,018, net income $9,504,566, EPS $1.05.

Period: second quarter of fiscal 2023
Revenue: $9,760,018
Net income: $9,504,566
EPS: $1.05
Result: reported results

Exact text from the filing

2nd Fiscal Quarter Ended 4/30/2023 2nd Fiscal Quarter Ended 4/30/2022 Percentage Change Total Royalty Income $9,760,018 $3,773,568 +158.64% Net Income $9,504,566 $3,559,968 +166.98% Distribution per Unit $1.05 $0.38 +176.32%

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

NORTH EUROPEAN OIL ROYALTY TRUST reported Six Months Ended 4/30/2023 results: revenue $19,525,901, net income $19,040,580, EPS $2.05.

Period: Six Months Ended 4/30/2023
Revenue: $19,525,901
Net income: $19,040,580
EPS: $2.05
Result: reported results

Exact text from the filing

Six Months Ended 4/30/2023 Six Months Ended 4/30/2022 Percentage Change Total Royalty Income $19,525,901 $6,320,107 +208.95% Net Income $19,040,580 $5,911,787 +222.08% Distribution per Unit $2.05 $0.63 +225.40%

View on SEC.gov

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Source: SEC EDGAR

accession 0000072633-23-000007

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