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North European Oil Royalty Trust has submitted its 10-K filing for the fiscal year ended October 31, 2024.
The Trust reported a decrease in gross royalty income to $5,785,303 from $22,016,103 in the previous fiscal year. The decrease is attributed to lower gas prices and significant negative adjustments.
For fiscal 2024, the Trust's total distribution was $0.48 per unit compared to $2.26 per unit in fiscal 2023. The Trust's net income was $5,057,813, down from $21,173,515 in the previous year.
Gas sales under the Mobil Agreement increased by 1.2% to 12.592 billion cubic feet, while average prices for gas sold decreased by 55.3%.
Gas sales under the OEG Agreement decreased by 4.5% to 42.918 billion cubic feet, with average gas prices decreasing by 55.4%.
The Trust's expenses decreased by 17.5% to $797,872 in fiscal 2024 from $967,591 in fiscal 2023.
The Trust does not engage in any business or extractive operations and is precluded from such activities by the Trust Agreement.
The Trust's primary assets are overriding royalty rights on gas and oil production in Germany, held under agreements with ExxonMobil and the Royal Dutch/Shell Group.
The Trust's consultant in Germany provides information on the German and European economies and energy markets, as well as monitoring the impact of geopolitical events.
The Trust's financial statements are prepared on a modified cash basis of accounting, which is a comprehensive basis of accounting other than GAAP.
The Trust has no off-balance sheet arrangements and does not engage in trading activities related to foreign exchange or commodity price fluctuations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the North European Oil Royality Trust annual 10-K report dated December 31, 2024. To report an error, please email earnings@qz.com.