North European Oil Royalty Trust Files Q1 2024 10-Q

TL;DR

NEOR Trust filed its 10-Q for Q1 2024. All systems go.

AI Summary

North European Oil Royalty Trust filed its 10-Q for the quarterly period ended April 30, 2024. The filing details its financial performance and operational status as of that date. The trust is incorporated in Delaware and its principal executive offices are located in Keene, NH.

Why It Matters

This filing provides investors with an update on the financial health and operational activities of the North European Oil Royalty Trust for the most recent quarter.

Risk Assessment

Risk Level: low — This filing is a routine quarterly report and does not contain significant new risks or material adverse events.

Key Numbers

• 1-8245 — SEC File Number (Identifies the specific SEC filing for the company.)
• 22-2084119 — I.R.S. Employer Identification No. (Tax identification number for the trust.)

Key Players & Entities

• NORTH EUROPEAN OIL ROYALTY TRUST (company) — Registrant
• 0000072633-24-000011 (filing_id) — Accession Number
• April 30, 2024 (date) — Quarterly period end date
• Keene, NH (location) — Principal executive offices

FAQ

Key Financial Figures

• $2,548,656 — nt assets -- Cash and cash equivalents $2,548,656 $795,201 Producing gas and oil royal
• $795,201 — Cash and cash equivalents $2,548,656 $795,201 Producing gas and oil royalty rights,
• $2,548,657 —     1 Total Assets $2,548,657 $795,202 LIABILITIES AND TRUST CORP
• $795,202 — ;  1 Total Assets $2,548,657 $795,202 LIABILITIES AND TRUST CORPUS Curren
• $1,838,118 — istributions to be paid to unit owners $1,838,118 $0 Trust corpus (Notes 1 and 2) 1
• $0 — to be paid to unit owners $1,838,118 $0 Trust corpus (Notes 1 and 2) 1 1
• $2,232,767 — Gas, sulfur and oil royalties received $2,232,767 $9,760,018 Interest income   1
• $9,760,018 — and oil royalties received $2,232,767 $9,760,018 Interest income   16,333 &emsp
• $2,249,100 — emsp;  57,417 Trust Income $2,249,100 $9,817,435 Operating expenses (213,
• $9,817,435 — emsp;57,417 Trust Income $2,249,100 $9,817,435 Operating expenses (213,679) (310,1
• $2,033,899 — ses (215,201) (312,869) Net Income $2,033,899 $9,504,566 Net income per unit $0.2
• $9,504,566 — 1) (312,869) Net Income $2,033,899 $9,504,566 Net income per unit $0.22 $1.03
• $0.22 — ,899 $9,504,566 Net income per unit $0.22 $1.03 Distributions per unit paid o
• $1.03 — ,504,566 Net income per unit $0.22 $1.03 Distributions per unit paid or to be
• $0.20 — nit paid or to be paid to unit owners $0.20 $1.05 The accompanying notes are an

Filing Documents

• tenq2q24.htm (10-Q) — 54KB
• x31-053124.htm (EX-31) — 5KB
• x32-053124.htm (EX-32) — 1KB
• 0000072633-24-000011.txt ( ) — 61KB

-- FINANCIAL INFORMATION

PART I -- FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. AND TRUST CORPUS (NOTE 1) APRIL 30, 2024 AND OCTOBER 31, 2023 (Unaudited) 2024 2023 ASSETS Current assets -- Cash and cash equivalents $2,548,656 $795,201 Producing gas and oil royalty rights, net of amortization (Notes 1 and 2)      1     1 Total Assets $2,548,657 $795,202 LIABILITIES AND TRUST CORPUS Current liabilities -- Distributions to be paid to unit owners $1,838,118 $0 Trust corpus (Notes 1 and 2) 1 1 Undistributed earnings  710,538 795,201 Total Liabilities and Trust Corpus $2,548,657 $795,202 The accompanying notes are an integral part of these financial statements. AND EXPENSES PAID (NOTE 1) FOR THE THREE MONTHS ENDED APRIL 30, 2024 AND 2023 (Unaudited) 2024 2023 Gas, sulfur and oil royalties received $2,232,767 $9,760,018 Interest income   16,333    57,417 Trust Income $2,249,100 $9,817,435 Operating expenses (213,679) (310,141) Related party expenses (Note 3)  (1,522)  (2,728) Trust Expenses (215,201) (312,869) Net Income $2,033,899 $9,504,566 Net income per unit $0.22 $1.03 Distributions per unit paid or to be paid to unit owners $0.20 $1.05 The accompanying notes are an integral part of these financial statements. AND EXPENSES PAID (NOTE 1) FOR THE SIX MONTHS ENDED APRIL 30, 2024 AND 2023 (Unaudited) 2024 2023 Gas, sulfur and oil royalties received $2,657,677 $19,525,901 Interest income   23,793    80,340 Trust Income $2,681,470 $19,606,241 Operating expenses (465,012) (561,330) Related party expenses (Note 3) (3,474) (4,331) Trust Expenses (468,486) (565,661) Net Income $2,212,984 $19,040,580 Net income per unit $0.24 $2.07 Distributions per unit paid or to be paid to unit owners $0.25 $2.05

  Management's Discussion and Analysis of

Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations. Executive Summary The Trust is a passive fixed investment trust which holds overriding royalty rights, receives income under those rights from certain operating companies, pays its expenses and distributes the remaining net funds to its unit owners. As mandated by the Trust Agreement, distributions of income are made on a quarterly basis. These distributions, as determined by the Trustees, constitute substantially all the funds on hand after provision is made for anticipated Trust expenses. The Trust does not engage in any business or extractive operations of any kind in the areas over which it holds royalty rights and is precluded from engaging in such activities by the Trust Agreement. There are no requirements, therefore, for capital resources with which to make capital expenditures or investments in order to continue the receipt of royalty revenues by the Trust. The properties of the Trust, which the Trust and Trustees hold pursuant to the Trust Agreement on behalf of the unit owners, are overriding royalty rights on sales of gas, sulfur and oil under a concession or leases in the Federal Republic of Germany. The actual concession or leases are held either by Mobil Erdgas-Erdol GmbH ("Mobil Erdgas"), a German operating subsidiary of the ExxonMobil Corporation ("ExxonMobil"), or by Oldenburgische Erdolgesellschaft ("OEG"). As a result of direct and indirect ownership, ExxonMobil owns two-thirds of OEG and the Royal Dutch/Shell Group of Companies owns one-third of OEG. BEB Erdgas und Erdol GmbH ("BEB"), a joint venture in which ExxonMobil and the Royal Dutch/Shell Group each own 50%, administers the concession held by OEG. The Oldenburg concession is the primary area from which the natural gas, sulfur and oil are extracted and currently provides 100% of all the royalties received by the Trust. The Oldenburg concession, at approximately 1,386,000 acres, covers

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