NRT Q3 net income falls 46.6%; Q4 distribution eliminated due to royalty overpayment

NORTH EUROPEAN OIL ROYALTY TRUST

Q3 net income $2.29M, down 46.6% YoY from $4.29M; distribution per unit halved to $0.21.
Negative prior-period adjustment of $3.74M reduced Q3 royalty income; there was none in Q2 FY22.
Overpayment will fully offset Q4 royalty payments; no cash distribution expected in Q4 fiscal 2023.
Nine-month net income up 109% to $21.33M on earlier higher gas prices despite Q3 decline.
Gas sales down ~20% and gas prices down 23% under Mobil and OEG agreements vs Q3 FY22.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

NORTH EUROPEAN OIL ROYALTY TRUST reported third quarter of fiscal 2023 results: net income $2,290,894, EPS $0.21.

Period: third quarter of fiscal 2023
Net income: $2,290,894
EPS: $0.21
Result: reported results

Exact text from the filing

North European Oil Royalty Trust (NYSE-NRT) reported net income for the third quarter of fiscal 2023 compared with the third quarter of fiscal 2022 as detailed in the table below.

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Source: SEC EDGAR

accession 0000072633-23-000010

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