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
The best-practices for building IoT applications with Go Code that attendees can use to build their own IoT applications. In his session at @ThingsExpo, Indraneel Mitra, Senior Solutions Architect & Technology Evangelist at Cognizant, provided valuable information and resources for both novice and experienced developers on how to get started with IoT and Golang in a day. He also provided information on how to use Intel Arduino Kit, Go Robotics API and AWS IoT stack to build an application tha...
It’s 2016: buildings are smart, connected and the IoT is fundamentally altering how control and operating systems work and speak to each other. Platforms across the enterprise are networked via inexpensive sensors to collect massive amounts of data for analytics, information management, and insights that can be used to continuously improve operations. In his session at @ThingsExpo, Brian Chemel, Co-Founder and CTO of Digital Lumens, will explore: The benefits sensor-networked systems bring to ...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
"Tintri was started in 2008 with the express purpose of building a storage appliance that is ideal for virtualized environments. We support a lot of different hypervisor platforms from VMware to OpenStack to Hyper-V," explained Dan Florea, Director of Product Management at Tintri, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
SaaS companies can greatly expand revenue potential by pushing beyond their own borders. The challenge is how to do this without degrading service quality. In his session at 18th Cloud Expo, Adam Rogers, Managing Director at Anexia, discussed how IaaS providers with a global presence and both virtual and dedicated infrastructure can help companies expand their service footprint with low “go-to-market” costs.
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
The competitive landscape of the global cloud computing market in the healthcare industry is crowded due to the presence of a large number of players. The large number of participants has led to the fragmented nature of the market. Some of the major players operating in the global cloud computing market in the healthcare industry are Cisco Systems Inc., Carestream Health Inc., Carecloud Corp., AGFA Healthcare, IBM Corp., Cleardata Networks, Merge Healthcare Inc., Microsoft Corp., Intel Corp., an...
"Avere Systems is a hybrid cloud solution provider. We have customers that want to use cloud storage and we have customers that want to take advantage of cloud compute," explained Rebecca Thompson, VP of Marketing at Avere Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
Ovum, a leading technology analyst firm, has published an in-depth report, Ovum Decision Matrix: Selecting a DevOps Release Management Solution, 2016–17. The report focuses on the automation aspects of DevOps, Release Management and compares solutions from the leading vendors.
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor – all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...