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Sabine Royalty Trust (SBR+0.21%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing royalty income of $19,784,478 and interest income of $145,868. General and administrative expenses for the quarter were $859,880.
Distributable income for the quarter was $19,070,466, or $1.31 per unit. Distributions during the period were $0.379040, $0.450890, and $0.421310 per Unit payable to Unit holders of record on July 15, August 15, and September 16, 2024, respectively.
Royalty income for the quarter increased by approximately $5,419,000, or 38%, compared with the third quarter of 2023, primarily due to an increase in both oil and natural gas production and oil prices, partially offset by a decrease in natural gas prices.
Compared to the preceding quarter ended June 30, 2024, royalty income decreased approximately $2,823,000, or 12%, due mainly to decreased oil and natural gas production and lower prices.
Royalty income for the nine months ended September 30, 2024, increased approximately $4,217,000, or 7%, compared to the same 2023 period, primarily due to increased production and oil prices.
General and administrative expenses for the quarter ended September 30, 2024, increased approximately $93,700 compared to the same quarter of 2023, due primarily to the timing of payment of unitholder services and professional services.
The Trust's income and monthly distributions are influenced by commodity prices, which fluctuate due to various factors such as political conditions, weather, and supply and demand dynamics.
The Trust makes monthly distributions to the holders of Units of the excess of the preceding month’s royalty income received over expenses incurred. The Trust is permitted to borrow funds if necessary, but borrowings are not anticipated in the foreseeable future.
The Trust invests in no derivative financial instruments and has no foreign operations or long-term debt instruments. The Trust periodically holds short-term investments acquired with funds held by the Trust pending distribution to Unit holders.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sabine Royalty Trust quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.