North European Oil Royalty Trust Files 2024 10-K

TL;DR

NEOT filed its 2024 10-K. All looks standard for an oil royalty trust.

AI Summary

North European Oil Royalty Trust filed its annual 10-K report for the fiscal year ended October 31, 2024. The trust, incorporated in Delaware with its principal executive offices in Keene, NH, operates within the Oil Royalty Traders sector. The filing details its financial performance and operational status for the reporting period.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of the trust's financial health and operational activities for the fiscal year 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — The filing is a standard annual report for a publicly traded trust, indicating routine operations without immediate red flags.

Key Numbers

• 1-08245 — SEC File Number (Identifies the trust's filing with the SEC.)
• 20241031 — Fiscal Year End (Marks the end of the reporting period for this 10-K.)

Key Players & Entities

• NORTH EUROPEAN OIL ROYALTY TRUST (company) — Registrant
• 0000072633-24-000018 (filing_id) — Accession Number
• 20241031 (date) — Fiscal Year End
• Keene, NH (location) — Principal Executive Office
• 001-08245 (company_id) — SEC File Number

FAQ

Key Financial Figures

• $65,904,598 — ich the common equity was last sold was $65,904,598. As of December 31, 2024, there were
• $154,599 — paid under the Mobil Agreement totaled $154,599 and $34,586 during fiscal 2024 and 2023
• $34,586 — he Mobil Agreement totaled $154,599 and $34,586 during fiscal 2024 and 2023, respective
• $5,456,698 — ty Income Gas Well and Oil Well Gas $5,456,698 Sulfur   $283,259 Oil  
• $283,259 — Well Gas $5,456,698 Sulfur   $283,259 Oil   $45,346   &em
• $45,346 — Sulfur   $283,259 Oil   $45,346      By Geographi
• $4,691,744 — ea Royalty Income Western Oldenburg $4,691,744 Eastern Oldenburg  $1,093,542
• $1,093,542 — $4,691,744 Eastern Oldenburg  $1,093,542 Non-Oldenburg Areas   &ems
• $17 — Non-Oldenburg Areas     $17      By Operating
• $4,234,142 B — bil Erdgas (under the Mobil Agreement) $4,234,142 BEB (under the OEG Agreement) $1,551,161
• $1,551,161 — 34,142 BEB (under the OEG Agreement) $1,551,161 Exhibit 99.1 to this Report is a repo

Filing Documents

• tenk2024.htm (10-K) — 118KB
• x4-123124.htm (EX-4) — 3KB
• x19-123124.htm (EX-19) — 22KB
• x31-123124.htm (EX-31) — 4KB
• x32-123124.htm (EX-32) — 2KB
• x97-123124.htm (EX-97) — 16KB
• x99-120524.htm (EX-99) — 56KB
• 0000072633-24-000018.txt ( ) — 222KB

financial statements of the registrant included in the filing

financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to Section 240.10D-1(b).   Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ___ No X On April 30, 2024, the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold was $65,904,598. As of December 31, 2024, there were 9,190,590 units of beneficial interest ("units") of the registrant outstanding. DOCUMENTS INCORPORATED BY REFERENCE Items 10, 11 12, 13 and 14 of Part III have been partially or wholly omitted from this report and the information required to be contained therein is incorporated by reference from the registrant's definitive proxy statement for the 2024 Annual Meeting to be held on February 26, 2025. _______________________________________ Table of Contents Page PART I Item 1.

Business

Business 1 Items 1A.

Risk Factors

Risk Factors 4 Item 1B. Unresolved Staff Comments 4 Item 1C. Cybersecurity 4 Item 2.

Properties

Properties 5 Item 3.

Legal Proceedings

Legal Proceedings 7 Item 4. Mine Safety Disclosures 8 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 8 Item 6. [Reserved] 8 Item 7.

Management's Discussion and Analysis of

Management's Discussion and Analysis of Financial Conditions and Results of Operations 8 Items 7A. Quantitative and Qualitative Disclosures about Market Risk 14 Item 8.

Financial Statements and

Financial Statements and Supplementary Data 15 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 27 Item 9A.

Controls and Procedures

Controls and Procedures 27 Item 9B. Other Information 28 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 28 PART III Item 10. Directors, Executive Officers and Corporate Governance 28 Item 11.

Executive Compensation

Executive Compensation 29 Item 12. Security and Related Stockholder Matters 29 Item 13. Certain Relationships and Related Transactions, and Director Independence 29 Item 14. Principal Accountant Fees and Services 29 PART IV Item 15 Exhibits and Financial 30 Item 16. Form 10-K Summary 30

Signatures

Signatures 31 Exhibit Index 32 PART I Item 1. Business . (a) General Development of Business . North European Oil Royalty Trust (the "Trust") is a grantor trust which, on behalf of the owners of units of beneficial interest in the Trust (the "unit owners"), holds overriding royalty rights covering gas and oil production in certain concessions or leases in the Federal Republic of Germany. The rights are held under contracts with local German exploration and development subsidiaries of ExxonMobil Corp. ("ExxonMobil") and the Royal Dutch/Shell Group of Companies ("Royal Dutch/Shell Group"). Under these contracts, the Trust receives various percentage royalties on the proceeds of the sales of certain products from the areas involved. At the present time, royalties are received for sales of gas well gas, oil well gas, crude oil, condensate and sulfur. See Item 2 of this annual report on Form 10-K (this "Report") for descriptions of the relationships of these companies and certain of these contracts. The royalty rights were received by the Trust from North European Oil Company (the "Company") upon dissolution of the Company in September 1975. The Company was organized in 1957 as the successor to North European Oil Corporation (the "Corporation"). The Trust is administered by trustees (the "Trustees") under an Agreement of Trust dated September 10, 1975, as amended (the "Trust Agreement"). Neither the Trust nor the Trustees on behalf of the Trust conduct any active business activities or operations. The function of the Trustees is to monitor, verify, collect, hold, invest and distribute the royalty payments made to the Trust. Under the Trust Agreement, the Trustees make quarterly distributions of the net funds received by the Trust on behalf of the unit owners, after making provisions to cover future anticipated expenses. Funds temporarily held by the Trust prior to their distribution are invested in an interest bearing money market account. There has been no

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