Welcome!

News Feed Item

North European Oil Royalty Trust Announces Net Income And Results For The First Quarter Of Fiscal 2014

RED BANK, N.J., Feb. 14, 2014 /PRNewswire/ -- North European Oil Royalty Trust (NYSE: NRT) reported the net income and results for the first quarter of fiscal 2014 which appear below compared with the first quarter of fiscal 2013.


  1st Fiscal Quarter

  Ended 1/31/2014

1st Fiscal Quarter

Ended 1/31/2013

Percentage

Change

Total Royalty Income

$5,295,533

$5,795,834

-   8.63%

Net Income

$4,958,808

$5,473,010

-   9.40%

Distribution per Unit

$0.54

$0.59

-   8.47%

The Trust receives nearly all of its royalties under two royalty agreements.  The Mobil Agreement is the higher royalty rate agreement and covers gas sales from the western half of the Oldenburg concession.  The OEG Agreement is the lower royalty rate agreement and covers gas sales from the entire Oldenburg concession.  The decline in total royalty income in the first quarter of fiscal 2014 as compared to the first quarter of fiscal 2013 primarily resulted from the combination of lower gas sales and lower gas prices under both the Mobil and OEG Agreements.  

 

Mobil Agreement

1st Fiscal Quarter

Ended 1/31/2014

1st Fiscal Quarter

Ended 1/31/2013

Percentage

Change

Gas Sales (Bcf1)

8.108

8.897

-   8.87%

Gas Prices (Ecents/Kwh2)

2.7458

2.9620

-   7.30%

Average Exchange Rate3

1.3597

1.3158

+   3.34%

Gas Royalties

$3,479,344

$3,980,691

-  12.59%





OEG Agreement




Gas Sales (Bcf)

25.467

27.117

-   6.08%

Gas Prices (Ecents/Kwh)

2.7962

3.0363

-   7.91%

Average Exchange Rate

1.3604

1.3083

+   3.98%

Gas Royalties

$1,604,867

$1,804,401

-  11.06%

 

1Billion cubic feet        2Euro cents per Kilowatt hour
3Based on average exchange rates of cumulative royalty transfers

Trust expenses for the first quarter of fiscal 2014 increased 3.61% or $11,894 to $341,641 in comparison to $329,747 in the first quarter of fiscal 2013.  The increase in expenses reflects costs associated with the biennial examination of the operating companies in Germany.

The previously declared distribution of 54 cents per unit will be paid on February 26, 2014 to owners of record as of February 14, 2014.  For further information contact John R. Van Kirk, Managing Director, at (732) 741-4008 or via e-mail at [email protected].  The text of the Trust's press releases along with other pertinent information is available on the Trust's website: www.neort.com.

SOURCE North European Oil Royalty Trust

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and containers together help companies achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of Dev...
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, will explore the value of Kibana 4 for log analysis and will give a real live, hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He will examine three use cases: IT operations, business intelligence, and security and compliance. This is a hands-on session that will require participants to bring their own laptops, and we will provide the rest.
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
"LinearHub provides smart video conferencing, which is the Roundee service, and we archive all the video conferences and we also provide the transcript," stated Sunghyuk Kim, CEO of LinearHub, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Updating DevOps to the latest production data slows down your development cycle. Probably it is due to slow, inefficient conventional storage and associated copy data management practices. In his session at @DevOpsSummit at 20th Cloud Expo, Dhiraj Sehgal, in Product and Solution at Tintri, will talk about DevOps and cloud-focused storage to update hundreds of child VMs (different flavors) with updates from a master VM in minutes, saving hours or even days in each development cycle. He will also...
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, will highlight the current challenges of these transformative technologies and share strategies for preparing your organization for these changes. This “view from the top” will outline the latest trends and developm...
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...