NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES THE NET INCOME FOR THE FIRST QUARTER OF FISCAL 2023
1st Ended | 1st Ended | Percentage Change | |
Total Royalty Income | +283.50 % | ||
Net Income | +305.47 % | ||
Distributions per Unit | +300.00 % |
Despite the lingering economic effects caused by COVID-19 and the ongoing political and economic consequences of
Trust expenses for the first quarter of fiscal 2023 increased
The Trust's monthly royalty payments are paid prospectively based on the amount of royalties payable to the Trust in the prior quarter. End of quarter royalty adjustments result from the need to align prospective royalty payments from the operating companies with actual royalties that should have been paid. When actual prices and volumes are reported, there will be a positive reconciliation in the current quarter or a negative reconciliation in the subsequent quarter. Primarily as a result of the recent decline in gas prices, it is now anticipated that royalty payments to the Trust will be subject to a negative adjustment in the third fiscal quarter (May-
The previously declared distribution of
Forward-Looking Statements
This press release may contain forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Such statements address future expectations and events or conditions concerning the Trust, such as statements concerning future gas prices, royalty payments and cash distributions. Many of these statements are based on information provided to the Trust by the operating companies or by consultants using public information sources. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in any forward-looking statements. These include:
- risks and uncertainties concerning levels of gas production and gas sale prices, general
- economic conditions, currency exchange rates, and the overall impact of the novel coronavirus identified as COVID-19;
- the ability or willingness of the operating companies to perform under their contractual obligations with the Trust;
- potential disputes with the operating companies and the resolution thereof; and
- political and economic uncertainty arising from
Russia's invasion ofUkraine .
All such factors are difficult to predict, contain uncertainties that may materially affect actual results, and are generally beyond the control of the Trust. New factors emerge from time to time and it is not possible for the Trust to predict all such factors or to assess the impact of each such factor on the Trust. Any forward-looking statement speaks only as of the date on which such statement is made, and the Trust does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.
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