Financial Performance - Total royalty income for Q3 fiscal 2024 was $2,457,422, a decrease of 1.3% from $2,490,778 in Q3 fiscal 2023[31] - Net income for Q3 fiscal 2024 increased by 1.2% to $2,318,094 compared to $2,290,894 in Q3 fiscal 2023[31] - Total royalty income for the first nine months of fiscal 2024 decreased to $5,115,099, a decline of 76.8% compared to $22,016,679 in the same period of fiscal 2023[39] - Net income for the first nine months of fiscal 2024 was $4,531,078, down 78.8% from $21,331,474 in the prior year[39] Distributions - The Trust distributed $0.21 per unit to unit owners on August 28, 2024, consistent with the distribution in the same quarter of the previous year[31] - Distributions per unit fell to $0.46, representing a 79.6% decrease from $2.26 in the previous year[39] Gas Sales and Prices - Gas sales under the Mobil Agreement for Q2 2024 were 3.073 Bcf, up 3.9% from 2.957 Bcf in Q2 2023[34] - Average gas prices under the Mobil Agreement fell by 31.3% to 3.25 Ecents/Kwh in Q2 2024 from 4.73 Ecents/Kwh in Q2 2023[34] - Gas sales under the Mobil Agreement decreased by 4.0% to 9.531 Bcf, while gas prices dropped by 60.8% to 3.76 Ecents/Kwh[41] - Gas sales under the OEG Agreement decreased by 9.0% to 32.409 Bcf, with gas prices down 61.0% to 3.84 Ecents/Kwh[41] Royalty Income and Rates - Natural gas accounted for approximately 96.31% of cumulative royalty income in fiscal 2024[20] - The effective royalty rate on gas sold from western Oldenburg is approximately seven times higher than that from eastern Oldenburg, with western sales accounting for 78.2% of total royalties[36] - Gas royalties payable under the Mobil Agreement fell to $4,413,216, a decrease of 62.3% from $11,712,503[41] Trust Expenses - Trust expenses decreased by 28.5% to $165,722 in Q3 fiscal 2024 from $231,833 in Q3 fiscal 2023[37] - Trust expenses for the first nine months of fiscal 2024 decreased by 20.5% to $634,208 compared to $797,494 in the prior year[42] Other Income - The Trust received $68,205 in sulfur royalties in the first nine months of fiscal 2024, compared to $34,586 in the same period of fiscal 2023[23] - Trust interest income for the first nine months of fiscal 2024 was $50,187, down from $112,289 in the same period of fiscal 2023[42] Exchange Rates - The average exchange rate remained stable at 1.08 for the Mobil Agreement and decreased slightly to 1.07 for the OEG Agreement[41] Disclosure Controls - The Trust's disclosure controls and procedures were evaluated as effective as of July 31, 2024, with no significant changes identified during the third quarter[47]
North European Oil Royalty Trust(NRT) - 2024 Q3 - Quarterly Report