North European Oil Royalty Trust Q1 net income down 98.1% to $179K; distribution cut to $0.05/unit

NORTH EUROPEAN OIL ROYALTY TRUST

Total royalty income of $424,910, down 95.6% YoY from $9.77M, impacted by €1.99M negative prior-period adjustments.
Net income of $179,085, down 98.1% from $9.54M; distribution per unit $0.05 vs $1.00 a year ago.
Gas prices under Mobil Agreement fell 72.8% YoY; gas sales down 8.4% under Mobil, 13.9% under OEG.
Trustees anticipate higher Q2 distribution as negative carryover adjustments will be fully offset after mid-February.
Trust expenses essentially flat at $253,285 vs $252,792.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

NORTH EUROPEAN OIL ROYALTY TRUST reported the first quarter of fiscal 2024 results: revenue $424,910, net income $179,085.

Period: the first quarter of fiscal 2024
Revenue: $424,910
Net income: $179,085
Result: reported results

Exact text from the filing

were no prior period adjustments and no Mobil sulfur royalties. 1st Fiscal Quarter Ended 1/31/2024 1st Fiscal Quarter Ended 1/31/2023 Percentage Change Total Royalty Income $424,910 $9,765,883 -95.6% Net Income $179,085 $9,536,014 -98.1% Distributions per Unit $0.05 $1.00 -95.0% Following a prolonged decline in gas prices starting with the second quarter of

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Source: SEC EDGAR

accession 0000072633-24-000007

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