North European Oil Royalty Trust Files Q3 2024 Report

TL;DR

NEOT filed its 10-Q for Q3 2024. All systems go.

AI Summary

North European Oil Royalty Trust filed its quarterly report for the period ended July 31, 2024. The trust, incorporated in Delaware with its principal executive offices in Keene, NH, operates under the SIC code 6792 for Oil Royalty Traders. The filing is in accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934.

Why It Matters

This filing provides investors with an update on the financial performance and operational status of the North European Oil Royalty Trust for the third quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing for a publicly traded trust, indicating standard operational reporting rather than an unusual event.

Key Players & Entities

• NORTH EUROPEAN OIL ROYALTY TRUST (company) — Registrant
• 0000072633-24-000014 (filing_id) — Accession Number
• July 31, 2024 (date) — Quarterly period end date
• August 30, 2024 (date) — Filing date
• Keene, NH (location) — Principal Executive Offices
• 6792 (sic_code) — Oil Royalty Traders

FAQ

Key Financial Figures

• $3,028,632 — nt assets -- Cash and cash equivalents $3,028,632 $795,201 Producing gas and oil royal
• $795,201 — Cash and cash equivalents $3,028,632 $795,201 Producing gas and oil royalty rights,
• $3,028,633 —      1 Total Assets $3,028,633 $795,202 LIABILITIES AND TRUST CORP
• $795,202 —   1 Total Assets $3,028,633 $795,202 LIABILITIES AND TRUST CORPUS Curren
• $1,930,024 — istributions to be paid to unit owners $1,930,024  $0 Trust corpus (Notes 1 and 2
• $0 — paid to unit owners $1,930,024  $0 Trust corpus (Notes 1 and 2) 1 1
• $2,457,422 — Gas, sulfur and oil royalties received $2,457,422 $2,490,778 Interest income  &e
• $2,490,778 — and oil royalties received $2,457,422 $2,490,778 Interest income   26,394
• $2,483,816 — 94    31,949 Trust Income $2,483,816 $2,522,727 Operating expenses (164,
• $2,522,727 — msp; 31,949 Trust Income $2,483,816 $2,522,727 Operating expenses (164,223) (227,3
• $2,318,094 — ses (165,722) (231,833) Net Income $2,318,094 $2,290,894 Net income per unit $0.2
• $2,290,894 — 2) (231,833) Net Income $2,318,094 $2,290,894 Net income per unit $0.25 $0.25
• $0.25 — ,094 $2,290,894 Net income per unit $0.25 $0.25 Distributions per unit paid o
• $0.21 — nit paid or to be paid to unit owners $0.21 $0.21 Units outstanding at end of p
• $5,115,099 — Gas, sulfur and oil royalties received $5,115,099 $22,016,679 Interest income  

Filing Documents

• tenq3q24.htm (10-Q) — 54KB
• x31-083024.htm (EX-31) — 5KB
• x32-083024.htm (EX-32) — 1KB
• 0000072633-24-000014.txt ( ) — 61KB

-- FINANCIAL INFORMATION

PART I -- FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. AND TRUST CORPUS (NOTE 1) JULY 31, 2024 AND OCTOBER 31, 2023 (Unaudited) 2024 2023 ASSETS Current assets -- Cash and cash equivalents $3,028,632 $795,201 Producing gas and oil royalty rights, net of amortization (Notes 1 and 2)      1      1 Total Assets $3,028,633 $795,202 LIABILITIES AND TRUST CORPUS Current liabilities -- Distributions to be paid to unit owners $1,930,024  $0 Trust corpus (Notes 1 and 2) 1 1 Undistributed earnings 1,098,608 795,201 Total Liabilities and Trust Corpus $3,028,633 $795,202 The accompanying notes are an integral part of these financial statements. AND EXPENSES PAID (NOTE 1) FOR THE THREE MONTHS ENDED JULY 31, 2024 AND 2023 (Unaudited) 2024 2023 Gas, sulfur and oil royalties received $2,457,422 $2,490,778 Interest income   26,394    31,949 Trust Income $2,483,816 $2,522,727 Operating expenses (164,223) (227,308) Related party expenses (Note 3) (1,499) (4,525) Trust Expenses (165,722) (231,833) Net Income $2,318,094 $2,290,894 Net income per unit $0.25 $0.25 Distributions per unit paid or to be paid to unit owners $0.21 $0.21 Units outstanding at end of period 9,190,590 9,190,590 The accompanying notes are an integral part of these financial statements. AND EXPENSES PAID (NOTE 1) FOR THE NINE MONTHS ENDED JULY 31, 2024 AND 2023 (Unaudited) 2024 2023 Gas, sulfur and oil royalties received $5,115,099 $22,016,679 Interest income   50,187    &nbsp 112,289 Trust Income $5,165,286 $22,128,968 Operating expenses (629,235) (788,638) Related party expenses (Note 3) (4,973) (8,856) Trust Expenses (634,208) (797,494) Net Income $4,531,078 $21,331,474 Net income per unit $0.49 $2.32 Distributions per unit paid or t

  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 of the funds available after provision is made for anticipated present and future 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"). 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, approximately 1,386,000 acres, covers virtually the entire former Grand Duchy of Oldenburg and is located in the German federal state of Lower Saxony. None of the leases are active. Mobil Erdgas and BEB Erdgas und Erdol GmbH ("BEB") formed a company, ExxonMobil Production Deutschland GmbH ("EMPG"), to carry out all ex

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