[FORM 10-Q Filing Information](index=1&type=section&id=FORM%2010-Q%20Filing%20Information) [Registrant Information](index=1&type=section&id=Registrant%20Information) This section provides the basic filing information for the North European Oil Royalty Trust's Form 10-Q, including its identification as a non-accelerated and smaller reporting company, and the number of units of beneficial interest outstanding - The registrant, North European Oil Royalty Trust, is classified as a **Non-accelerated filer** and a **Smaller reporting company**[4](index=4&type=chunk) - As of July 31, 2025, there were **9,190,590 Units of Beneficial Interest Outstanding**[5](index=5&type=chunk) [PART I -- FINANCIAL INFORMATION](index=2&type=section&id=PART%20I%20--%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements.](index=2&type=section&id=Item%201%2E%20Financial%20Statements%2E) This section presents the unaudited financial statements of North European Oil Royalty Trust, including the Statements of Assets, Liabilities and Trust Corpus, Statements of Revenue Collected and Expenses Paid (for three and nine months), Statements of Undistributed Earnings, and Statements of Changes in Cash and Cash Equivalents [STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS](index=2&type=section&id=STATEMENTS%20OF%20ASSETS%2C%20LIABILITIES%20AND%20TRUST%20CORPUS) The Trust's financial position shows an increase in total assets and undistributed earnings from October 31, 2024, to July 31, 2025, primarily driven by higher cash and cash equivalents | ASSETS, LIABILITIES AND TRUST CORPUS | July 31, 2025 | October 31, 2024 | | :----------------------------------- | :------------ | :--------------- | | **ASSETS** | | | | Cash and cash equivalents | $4,241,370 | $1,625,343 | | Producing gas and oil royalty rights | $1 | $1 | | Total Assets | $4,241,371 | $1,625,344 | | **LIABILITIES AND TRUST CORPUS** | | | | Distributions to be paid | $2,389,553 | $183,812 | | Trust corpus | $1 | $1 | | Undistributed earnings | $1,851,817 | $1,441,531 | | Total Liabilities and Trust Corpus | $4,241,371 | $1,625,344 | [STATEMENTS OF REVENUE COLLECTED AND EXPENSES PAID (Three Months)](index=3&type=section&id=STATEMENTS%20OF%20REVENUE%20COLLECTED%20AND%20EXPENSES%20PAID%20%28Three%20Months%29) For the three months ended July 31, 2025, the Trust reported an increase in net income and distributions per unit compared to the same period in 2024, driven by higher gas, sulfur, and oil royalties received | Metric | 3 Months Ended July 31, 2025 | 3 Months Ended July 31, 2024 | | :---------------------------------- | :--------------------------- | :--------------------------- | | Gas, sulfur and oil royalties received | $2,617,231 | $2,457,422 | | Interest income | $25,220 | $26,394 | | Trust Income | $2,642,451 | $2,483,816 | | Operating expenses | ($180,178) | ($164,223) | | Related party expenses | ($3,166) | ($1,499) | | Trust Expenses | ($183,344) | ($165,722) | | Net Income | $2,459,107 | $2,318,094 | | Net income per unit | $0.27 | $0.25 | | Distributions per unit | $0.26 | $0.21 | [STATEMENTS OF REVENUE COLLECTED AND EXPENSES PAID (Nine Months)](index=4&type=section&id=STATEMENTS%20OF%20REVENUE%20COLLECTED%20AND%20EXPENSES%20PAID%20%28Nine%20Months%29) For the nine months ended July 31, 2025, the Trust experienced growth in net income and distributions per unit, primarily due to increased gas, sulfur, and oil royalties compared to the prior year | Metric | 9 Months Ended July 31, 2025 | 9 Months Ended July 31, 2024 | | :---------------------------------- | :--------------------------- | :--------------------------- | | Gas, sulfur and oil royalties received | $5,594,229 | $5,115,099 | | Interest income | $58,180 | $50,187 | | Trust Income | $5,652,409 | $5,165,286 | | Operating expenses | ($640,011) | ($629,235) | | Related party expenses | ($6,817) | ($4,973) | | Trust Expenses | ($646,828) | ($634,208) | | Net Income | $5,005,581 | $4,531,078 | | Net income per unit | $0.54 | $0.49 | | Distributions per unit | $0.50 | $0.46 | [STATEMENTS OF UNDISTRIBUTED EARNINGS](index=5&type=section&id=STATEMENTS%20OF%20UNDISTRIBUTED%20EARNINGS) The Trust's undistributed earnings significantly increased from $1,098,608 at July 31, 2024, to $1,851,817 at July 31, 2025, reflecting higher net income over the period | Metric | 9 Months Ended July 31, 2025 | 9 Months Ended July 31, 2024 | | :---------------------------------- | :--------------------------- | :--------------------------- | | Balance, beginning of period | $1,441,531 | $795,201 | | Net income | $5,005,581 | $4,531,078 | | Current year distributions paid | $4,595,295 | $4,227,671 | | Balance, end of period | $1,851,817 | $1,098,608 | [STATEMENTS OF CHANGES IN CASH AND CASH EQUIVALENTS](index=6&type=section&id=STATEMENTS%20OF%20CHANGES%20IN%20CASH%20AND%20CASH%20EQUIVALENTS) Cash and cash equivalents increased by $2,616,027 for the nine months ended July 31, 2025, primarily from royalty and interest income, partially offset by trust expenses and distributions paid | Metric | 9 Months Ended July 31, 2025 | 9 Months Ended July 31, 2024 | | :---------------------------------- | :--------------------------- | :--------------------------- | | Gas, sulfur and oil royalties received | $5,594,229 | $5,115,099 | | Interest income | $58,180 | $50,187 | | Total Sources of Cash | $5,652,409 | $5,165,286 | | Payment of Trust expenses | $646,828 | $634,208 | | Distributions paid | $2,389,554 | $2,297,647 | | Total Uses of Cash | $3,036,382 | $2,931,855 | | Net increase in cash | $2,616,027 | $2,233,431 | | Cash and cash equivalents, beginning | $1,625,343 | $795,201 | | Cash and cash equivalents, end | $4,241,370 | $3,028,632 | [NOTES TO FINANCIAL STATEMENTS](index=7&type=section&id=NOTES%20TO%20FINANCIAL%20STATEMENTS) These notes provide essential details on the Trust's accounting policies, formation, related party transactions, and employee benefit plans, offering context for the financial statements [Summary of Significant Accounting Policies](index=7&type=section&id=Summary%20of%20Significant%20Accounting%20Policies) The Trust prepares its financial statements on a modified cash basis, recognizing revenue when cash is received and expenses when paid, which differs from GAAP. It holds royalty rights valued at $1 and is exempt from federal and state income taxes - The Trust's financial statements are prepared on a **modified cash basis of accounting**, where revenue is earned when cash is received and expenses are incurred when cash is paid, differing from GAAP but considered more meaningful for unit owners[12](index=12&type=chunk)[13](index=13&type=chunk) - Producing gas and oil royalty rights are valued at **$1**, as their remaining net book value is de minimis relative to annual royalties and does not reflect fair value or proved reserves[15](index=15&type=chunk) - The Trust, as a grantor trust, is **exempt from federal income taxes** and has no state income tax obligations[16](index=16&type=chunk) [Formation of the Trust](index=8&type=section&id=Formation%20of%20the%20Trust) Formed on September 10, 1975, the Trust holds overriding royalty rights for gas and oil production in Germany, transferred from North European Oil Company, under contracts with ExxonMobil and Royal Dutch/Shell subsidiaries - The Trust was formed on **September 10, 1975**, and holds overriding royalty rights covering gas and oil production in certain concessions or leases in the Federal Republic of Germany[20](index=20&type=chunk) - These rights are held under contracts with local German exploration and development subsidiaries of **ExxonMobil Corporation** and the **Royal Dutch/Shell Group of Companies**[20](index=20&type=chunk) [Related Party Transactions](index=8&type=section&id=Related%20Party%20Transactions) The Trust reimburses its Managing Director, John R. Van Kirk, for office expenses at cost, with reimbursements increasing in fiscal 2025 compared to 2024 - John R. Van Kirk, the Managing Director, is reimbursed for office expenses at cost[21](index=21&type=chunk) FY2025 and FY2024 Reimbursements | Period | FY2025 Reimbursement | FY2024 Reimbursement | | :-------------------- | :------------------- | :------------------- | | Third Quarter | $3,166 | $1,499 | | First Nine Months | $6,817 | $4,973 | [Employee Benefit Plan](index=8&type=section&id=Employee%20Benefit%20Plan) The Trust maintains a SIMPLE IRA plan for its employees, including the Managing Director, with authorized matching contributions up to 3% of cash compensation - The Trust has a **Savings Incentive Match Plan for Employees (SIMPLE IRA)** available to its employees, including the Managing Director[22](index=22&type=chunk) - Trustees authorized matching contributions up to **3% of cash compensation** for calendar years 2025 and 2024[22](index=22&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.](index=8&type=section&id=Item%202%2E%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations%2E) This section provides an overview of the Trust's operations, a detailed analysis of its financial performance for the third quarter and first nine months of fiscal 2025 compared to 2024, and outlines key risk factors [Executive Summary](index=8&type=section&id=Executive%20Summary) The Trust functions as a passive fixed investment trust, holding overriding royalty rights and distributing net income quarterly to unit owners. It is prohibited from engaging in any business or extractive operations - The Trust is a **passive fixed investment trust** that holds overriding royalty rights, receives income, pays expenses, and distributes remaining net funds quarterly to unit owners[23](index=23&type=chunk) - The Trust does not engage in any business or extractive operations and is precluded from such activities by the Trust Agreement[24](index=24&type=chunk) [Royalty Operations and Agreements](index=9&type=section&id=Royalty%20Operations%20and%20Agreements) The Trust's income is derived from overriding royalty rights on gas, sulfur, and oil sales in Germany, primarily from the Oldenburg concession, under agreements with Mobil Erdgas and OEG. Royalty amounts are influenced by gas sales volume, prices, sales area, and currency exchange rates, with natural gas accounting for approximately 93% of cumulative royalty income - The Trust holds overriding royalty rights on sales of gas, sulfur, and oil in the Federal Republic of Germany, primarily from the **Oldenburg concession** (**100% of royalties**)[25](index=25&type=chunk) - Natural gas provided approximately **93% of the cumulative royalty income** received in fiscal 2025[27](index=27&type=chunk) - Royalty income is primarily based on four factors: **amount of gas sold**, **price of gas**, **area from which gas is sold**, and the **exchange rate**[27](index=27&type=chunk) - The Mobil Agreement grants a **4% royalty on gross receipts** from sales in the western part of the Oldenburg concession, historically yielding significantly greater payments[29](index=29&type=chunk) - The OEG Agreement provides a **0.6667% royalty on gross receipts** from the entire Oldenburg concession, less certain allowed deductions[31](index=31&type=chunk) - Gas prices for royalty calculations are now based on the **German Border Import gas Price (GBIP)**, reducing disputes and prior year adjustments[32](index=32&type=chunk) - A **stronger Euro relative to the U.S. Dollar** results in more U.S. Dollars for the Trust when royalties are converted[33](index=33&type=chunk) - EMPG has not scheduled any new gas well drilling through 2025[34](index=34&type=chunk) [Results: Third Quarter of Fiscal 2025 Versus Third Quarter of Fiscal 2024](index=10&type=section&id=Results%3A%20Third%20Quarter%20of%20Fiscal%202025%20Versus%20Third%20Quarter%20of%20Fiscal%202024) The Trust's third fiscal quarter saw a 6.5% increase in total royalty income and a 6.1% rise in net income year-over-year, primarily driven by higher gas prices and a favorable Euro-to-Dollar exchange rate, despite a decrease in gas sales volume Third Fiscal Quarter Financial Performance (YoY) | Metric | 3rd Fiscal Quarter Ended 7/31/2025 | 3rd Fiscal Quarter Ended 7/31/2024 | Percentage Change | | :----------------------- | :--------------------------------- | :--------------------------------- | :---------------- | | Total Royalty Income | $2,617,231 | $2,457,422 | +6.5% | | Net Income | $2,459,107 | $2,318,094 | +6.1% | | Distributions per Unit | $0.26 | $0.21 | +23.8% | - The increase in total royalty income was due to **higher gas prices** and a **higher average exchange rate** applied to royalty conversions[36](index=36&type=chunk) Quarterly Gas Data (2nd Calendar Quarter YoY) | Metric | Mobil Agreement (6/30/2025) | Mobil Agreement (6/30/2024) | Percentage Change | | :-------------------- | :-------------------------- | :-------------------------- | :---------------- | | Gas Sales (Bcf) | 2.873 | 3.073 | -6.5% | | Gas Prices (Ecents/Kwh) | 4.46 | 3.25 | +37.2% | | Average Exchange Rate | 1.14 | 1.08 | +5.6% | | Gas Royalties | $1,680,818 | $1,228,023 | +36.9% | | | | | | | Metric | OEG Agreement (6/30/2025) | OEG Agreement (6/30/2024) | Percentage Change | | :-------------------- | :-------------------------- | :-------------------------- | :---------------- | | Gas Sales (Bcf) | 9.858 | 10.455 | -5.7% | | Gas Prices (Ecents/Kwh) | 4.55 | 3.31 | +37.5% | | Average Exchange Rate | 1.14 | 1.08 | +5.6% | | Gas Royalties | $769,494 | $521,713 | +47.5% | - Gas sales from western Oldenburg, accounting for **29.1% of total gas sales**, provided approximately **77.5% of all gas royalties**[41](index=41&type=chunk) - Trust expenses increased by **10.6% to $183,344**, mainly due to higher Trustee fees and mailing expenses[42](index=42&type=chunk) [Results: First Nine Months of Fiscal 2025 Versus First Nine Months of Fiscal 2024](index=12&type=section&id=Results%3A%20First%20Nine%20Months%20of%20Fiscal%202025%20Versus%20First%20Nine%20Months%20of%20Fiscal%202024) For the first nine months of fiscal 2025, total royalty income increased by 9.4% and net income by 10.5% year-over-year, primarily driven by higher gas prices, despite negative adjustments and decreased gas sales volumes. Mobil sulfur royalties also saw a significant increase Nine Months Financial Performance (YoY) | Metric | Nine Months Ended 7/31/2025 | Nine Months Ended 7/31/2024 | Percentage Change | | :----------------------- | :-------------------------- | :-------------------------- | :---------------- | | Total Royalty Income | $5,594,229 | $5,115,099 | +9.4% | | Net Income | $5,005,581 | $4,531,078 | +10.5% | | Distributions per Unit | $0.50 | $0.46 | +8.7% | - The increase in total royalty income was primarily due to **higher gas prices** under both Mobil and OEG Agreements, despite negative adjustments totaling **$1,815,276 in FY2025** (vs. $2,150,743 in FY2024)[46](index=46&type=chunk) - Mobil sulfur royalties increased to **$188,724 in FY2025** from $68,205 in FY2024[46](index=46&type=chunk) Nine-Month Gas Data (YoY) | Metric | Mobil Agreement (6/30/2025) | Mobil Agreement (6/30/2024) | Percentage Change | | :-------------------- | :-------------------------- | :-------------------------- | :---------------- | | Gas Sales (Bcf) | 8.935 | 9.531 | -6.3% | | Gas Prices (Ecents/Kwh) | 4.28 | 3.76 | +13.8% | | Average Exchange Rate | 1.09 | 1.08 | +0.9% | | Gas Royalties Payable | $4,767,339 | $4,413,216 | +8.0% | | | | | | | Metric | OEG Agreement (6/30/2025) | OEG Agreement (6/30/2024) | Percentage Change | | :-------------------- | :-------------------------- | :-------------------------- | :---------------- | | Gas Sales (Bcf) | 30.265 | 32.409 | -6.6% | | Gas Prices (Ecents/Kwh) | 4.37 | 3.84 | +13.8% | | Average Exchange Rate | 1.12 | 1.07 | +4.7% | | Gas Royalties Payable | $1,519,557 | $1,270,460 | +19.6% | - Gas sales from western Oldenburg, representing **29.5% of total gas sales**, contributed approximately **79.8% of all gas royalties**[49](index=49&type=chunk) - Trust expenses increased by **2.0% to $646,828** due to higher Trustee and transfer agent fees[50](index=50&type=chunk) - Interest income increased to **$58,180** from $50,187 due to higher net income[50](index=50&type=chunk) [Forward-Looking Statements and Risk Factors](index=13&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Factors) This section identifies forward-looking statements within the report and outlines key risks that could materially affect actual results, including asset depletion, volatility in gas production and prices, operating company performance, potential disputes, and geopolitical uncertainties - The Trust's assets are **depleting**, and depletion may accelerate if operators do not perform additional development projects[51](index=51&type=chunk) - Risks include uncertainties concerning **levels of gas production and sales prices**, general economic conditions, and currency exchange rates[51](index=51&type=chunk) - Other risks involve the ability or willingness of operating companies to perform contractual obligations, potential disputes, and **political/economic uncertainty** from geopolitical conflicts like the war in Ukraine[51](index=51&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk.](index=13&type=section&id=Item%203%2E%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk%2E) As a smaller reporting company, the Trust is exempt from providing the quantitative and qualitative disclosures about market risk typically required under this item - The Trust is a **smaller reporting company** and is not required to provide information on quantitative and qualitative disclosures about market risk[54](index=54&type=chunk) [Item 4. Controls and Procedures.](index=14&type=section&id=Item%204%2E%20Controls%20and%20Procedures%2E) The Managing Director evaluated the effectiveness of the Trust's disclosure controls and procedures as of July 31, 2025, concluding they were effective. No material changes to internal control over financial reporting were identified during the third fiscal quarter - The Managing Director concluded that the Trust's **disclosure controls and procedures were effective** as of July 31, 2025[56](index=56&type=chunk) - No changes in internal control over financial reporting were identified during the third quarter of fiscal 2025 that materially affected or are reasonably likely to materially affect the Trust's internal control over financial reporting[57](index=57&type=chunk) [PART II -- OTHER INFORMATION](index=14&type=section&id=PART%20II%20--%20OTHER%20INFORMATION) [Item 1. Legal Proceedings.](index=14&type=section&id=Item%201%2E%20Legal%20Proceedings%2E) The Trust is not currently involved in any pending legal proceedings - The Trust is not a party to any pending legal proceedings[59](index=59&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.](index=14&type=section&id=Item%202%2E%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds%2E) This item is not applicable to the Trust - This item is not applicable[59](index=59&type=chunk) [Item 3. Defaults Upon Senior Securities.](index=14&type=section&id=Item%203%2E%20Defaults%20Upon%20Senior%20Securities%2E) This item is not applicable to the Trust - This item is not applicable[59](index=59&type=chunk) [Item 4. Mine Safety Disclosure.](index=14&type=section&id=Item%204%2E%20Mine%20Safety%20Disclosure%2E) This item is not applicable to the Trust - This item is not applicable[59](index=59&type=chunk) [Item 5. Other Information.](index=14&type=section&id=Item%205%2E%20Other%20Information%2E) During the quarter ended July 31, 2025, no directors or officers adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements - No directors or officers adopted or terminated a "**Rule 10b5-1 trading arrangement**" or a "**non-Rule 10b5-1 trading arrangement**" during the quarter ended July 31, 2025[59](index=59&type=chunk) [Item 6. Exhibits.](index=14&type=section&id=Item%206%2E%20Exhibits%2E) This section lists the certifications required by the Sarbanes-Oxley Act of 2002, specifically Exhibit 31 (Section 302) and Exhibit 32 (Section 906) certifications - Exhibit 31: Certification of Chief Executive Officer and Chief Financial Officer pursuant to **Section 302 of the Sarbanes-Oxley Act of 2002**[61](index=61&type=chunk) - Exhibit 32: Certification of Chief Executive Officer and Chief Financial Officer pursuant to **Section 906 of the Sarbanes-Oxley Act of 2002**[62](index=62&type=chunk) [SIGNATURE](index=15&type=section&id=SIGNATURE) [Report Signature](index=15&type=section&id=Report%20Signature) The report is formally signed on behalf of the registrant by John R. Van Kirk, the Managing Director, on August 29, 2025 - The report was signed by **John R. Van Kirk, Managing Director**, on **August 29, 2025**[63](index=63&type=chunk)

Distribution Announcement - The North European Oil Royalty Trust announced a quarterly distribution of $0.26 per unit for Q3 fiscal 2025, an increase from $0.21 per unit in Q3 fiscal 2024, payable on August 27, 2025 [1] Royalty Payments and Adjustments - The Trust receives royalties under the Mobil and OEG Royalty Agreements, with scheduled monthly payments based on prior quarter royalties [2] - A net royalty payment of $31,235 was reported at the end of Q3 fiscal 2025, influenced by a negative adjustment and a positive Mobil sulfur royalty payment [2] - A minor negative adjustment of €8,705 under the OEG Agreement will be offset against scheduled payments in Q4 fiscal 2025 [2] Future Estimates - Scheduled royalty payments for Q4 fiscal 2025 are estimated at $2.6 million, subject to the exchange rate at the time of fund transfer [3] - Potential adjustments for calendar 2024 and end-of-quarter adjustments in October 2025 may affect the distribution calculation [3] - Expenses incurred during the quarter will be deducted from royalty income before calculating the Q4 distribution [3]

Financial Performance - Total royalty income for the second quarter of fiscal 2025 was $2,471,301, representing a 10.7% increase compared to $2,232,767 in the second quarter of fiscal 2024[39] - Net income for the second quarter of fiscal 2025 was $2,261,006, an increase of 11.2% from $2,033,899 in the second quarter of fiscal 2024[39] - In the first six months of fiscal 2025, total royalty income increased to $2,976,298, up 12.0% from $2,657,677 in the first six months of fiscal 2024[49] - Trust interest income increased to $32,960 in the first six months of fiscal 2025 compared to $23,793 in the same period of fiscal 2024[53] Royalty and Gas Sales - Natural gas accounted for approximately 92% of the cumulative royalty income received in fiscal 2025[27] - Gas sales for the six months ended 3/31/2025 decreased by 6.1% to 6.062 Bcf compared to 6.459 Bcf in the previous period[52] - Gas sales from western Oldenburg accounted for 29.7% of total gas sales from the Oldenburg concession, contributing approximately 81.8% of all royalties attributable to gas sales[52] - The effective royalty rate on gas sold from western Oldenburg is approximately seven times higher than that from eastern Oldenburg, significantly impacting the Trust's royalty income[45] Expenses and Distributions - Trust expenses for the second quarter of fiscal 2025 increased by 6.7% to $229,519 from $215,201 in the second quarter of fiscal 2024[46] - Trust expenses for the first six months of fiscal 2025 decreased by 1.1%, or $5,002, to $463,484 from $468,486 in the same period of fiscal 2024[53] - The Trust's distribution per unit remained unchanged at $0.20 for the second quarter of fiscal 2025[39] Gas Prices - The average gas price under the Mobil Agreement increased by 10.8% to $14.11 per Mcf in the first calendar quarter of 2025[41] - Gas prices increased by 4.6% to 4.1894 Ecents/Kwh from 4.0068 Ecents/Kwh[52] - Gas prices ($/Mcf) increased by 3.2% to $12.73 from $12.33[52] - Gas prices ($/Mcf) for the OEG Agreement increased by 10.9% to $14.08 from $12.70[52] Future Outlook and Operations - EMPG indicated that it will not be drilling any wells during 2025, focusing instead on workovers and maintenance to manage production decline[55] - The Trust's forward-looking statements are subject to risks including depletion of assets and geopolitical uncertainties[57] Royalty Calculations - The Trust's independent accountants will commence their examination of royalty calculations for 2023 and 2024 in October 2025[28]

Distribution Announcement - North European Oil Royalty Trust announced its distribution for the second quarter of fiscal 2025 on April 30, 2025[3] - The Trust's distribution details were disseminated through a press release via PR Newswire[4]

Core Viewpoint - North European Oil Royalty Trust announced a distribution of $0.20 per unit for Q2 of fiscal 2025, matching the distribution from Q2 of fiscal 2024 and increasing from $0.04 in Q1 of fiscal 2025 [1][2]. Distribution Details - The $0.20 distribution is payable on May 28, 2025, to owners of record on May 16, 2025 [1]. - The increase in distribution reflects higher prices and a reduced negative adjustment carryover compared to the first quarter of fiscal 2025 [2]. Royalty Agreements - The Trust receives royalties under the Mobil and OEG Royalty Agreements, with monthly payments based on royalties from the prior quarter [2]. - Positive adjustments at the end of Q2 fiscal 2025 included $73,451 under the Mobil Agreement and $97,508 under the OEG Agreement, along with a Mobil sulfur royalty payment of $57,240 [2]. Future Information - Additional details regarding the Trust's financials will be available in the upcoming 10-Q filing on or about May 30, 2025 [2].

Financial Performance - Total royalty income for the first quarter of fiscal 2025 was $505,697, representing a 19.0% increase from $424,910 in the first quarter of fiscal 2024[40] - Net income for the first quarter of fiscal 2025 was $285,468, a significant increase of 59.4% compared to $179,085 in the first quarter of fiscal 2024[40] - The distribution per unit decreased to $0.04 in the first quarter of fiscal 2025, down 20.0% from $0.05 in the first quarter of fiscal 2024[40] - Total royalty income in the first quarter of fiscal 2025 was reduced by prior period adjustments totaling $2,485,712 due to gas price fluctuations caused by the war in Ukraine[41] Revenue Sources - Natural gas accounted for approximately 82% of the cumulative royalty income received in fiscal 2025[28] - The Trust received $70,202 in sulfur royalties in the first fiscal quarter of 2025, compared to $68,205 in the first quarter of fiscal 2024[33] Gas Sales and Prices - Gas sales under the Mobil Agreement for the fourth calendar quarter of 2024 were 3.199 Bcf, a slight decrease of 0.7% from 3.223 Bcf in the fourth calendar quarter of 2023[44] - Gas prices under the Mobil Agreement increased by 0.8% to 3.8837 Ecents/Kwh in the fourth calendar quarter of 2024 compared to 3.8530 Ecents/Kwh in the same period of 2023[44] Expenses and Assets - Trust expenses decreased by 7.6%, or $19,320, to $233,965 in the first quarter of fiscal 2025 from $253,285 in the first quarter of fiscal 2024[48] - The Trust's assets increased due to higher royalty receipts during the first quarter of fiscal 2025 compared to the fiscal year-end on October 31, 2024[48] Risks and Classifications - The Trust faces risks and uncertainties related to gas production levels and sale prices, general economic conditions, and currency exchange rates[51] - The Trust is classified as a smaller reporting company and is not required to provide detailed market risk disclosures[52]

Distribution Announcement - North European Oil Royalty Trust announced its distribution for the first quarter of fiscal 2025 on January 31, 2025[4]. - The distribution announcement is part of the Trust's regular financial reporting cycle[4]. Compliance and Reporting - The report indicates compliance with the Securities Exchange Act of 1934[7]. - The press release was disseminated through PR Newswire, highlighting the Trust's financial performance[5]. - The managing director, John R. Van Kirk, signed the report, affirming its accuracy[8]. Financial Condition and Strategy - The financial condition and operational results were discussed in the context of the Trust's ongoing strategies[4]. - The Trust has not indicated any changes in its status as an emerging growth company[3]. - The Trust's fiscal year aligns with the calendar year, impacting its quarterly reporting[4]. - No specific financial figures or performance metrics were disclosed in the provided documents[4]. Trust Information - The Trust is listed on the New York Stock Exchange under the trading symbol NRT[2].

Core Viewpoint - North European Oil Royalty Trust announced a quarterly distribution of $0.04 per unit for Q1 fiscal 2025, reflecting a significant reduction due to negative adjustments from the previous calendar year [1][2]. Distribution Details - The distribution of $0.04 per unit is payable on February 26, 2025, to owners of record on February 14, 2025 [1]. - The reduction in distribution is primarily due to substantial negative adjustments from calendar 2023 under both Mobil and OEG royalty agreements [2]. - The negative carry-over adjustment from calendar 2023 eliminated all first quarter fiscal 2025 royalty payments under the OEG royalty, with a small residual negative balance affecting February 2025 payments [2]. Financial Adjustments - The negative carry-over adjustment from calendar 2023 was fully offset by a reduction in the scheduled royalty payment under the Mobil royalty in December 2024 [2]. - Further details regarding these financial adjustments will be available in the 10-Q report expected to be released on or about February 28, 2025 [2].

Gas Sales and Prices - Gas sales under the Mobil Agreement increased by 1.2% to 12.592 billion cubic feet in fiscal 2024 compared to 12.439 billion cubic feet in fiscal 2023[84] - Gas sales under the OEG Agreement decreased by 4.5% to 42.918 billion cubic feet in fiscal 2024 from 44.944 billion cubic feet in fiscal 2023[86] - Average gas prices under the OEG Agreement decreased by 55.4% to 3.7929 Euro cents/kWh in fiscal 2024 from 8.4965 Euro cents/kWh in fiscal 2023[87] - The average gas price under the Mobil Agreement decreased by 51.1% to $11.52 per thousand cubic feet in fiscal 2024 from $23.54 per thousand cubic feet in fiscal 2023[85] Financial Performance - The Trust's cash and cash equivalents increased to $1,625,343 in 2024 from $795,201 in 2023[139] - Royalties received decreased to $5,785,303 in fiscal 2024 from $22,016,103 in fiscal 2023[145] - Net income decreased to $5,057,813 in fiscal 2024 from $21,173,515 in fiscal 2023[143] - Distributions paid decreased to $4,411,483 in fiscal 2024 from $20,770,734 in fiscal 2023[143] Adjustments and Exchange Rates - Negative adjustments for calendar 2023 under the OEG and Mobil agreements were $1,000,143 and $1,619,368, respectively[83] - The average Euro/U.S. dollar exchange rate for fiscal 2024 was 1.0834, unchanged from fiscal 2023[85]

Distribution Announcement - North European Oil Royalty Trust announced the distribution for the fourth quarter of fiscal 2024 on October 31, 2024[2] - The press release regarding the distribution was disseminated through Cision PR Newswire[3] Report Details - The report was signed by John R. Van Kirk, Managing Director, on November 1, 2024[4]