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]
North European Oil Royalty Trust(NRT) - 2025 Q1 - Quarterly Report