North European Oil Royalty Trust royalty revenue rises 0.9% to $2,641,909
Key Facts
North European Oil Royalty Trust reported royalty revenue of $2,641,909 in the third quarter of fiscal 2026, up 0.9% from $2,617,231 in the corresponding period of 2025, according to its quarterly filing with the U.S. Securities and Exchange Commission. Net income was $2,474,360, compared with $2,459,107 a year earlier, an increase of 0.6%. The results show limited year-over-year growth in the latest quarter, alongside a larger increase in cumulative revenue during the fiscal year. Royalty revenue for the first nine months reached $7,237,569, versus $5,594,229 in the corresponding period, an increase of 29.4%.
The metrics diverged between the two main royalty agreements during the quarter. Production under the Mobil agreement rose 1.6%, while associated gas prices fell 1.8%, the report said. Under the OEG agreement, gas prices also fell 1.8%, while production declined 5.9%. This reflects differing production trends under the two agreements, with gas prices falling under both over the comparison period. Natural gas accounted for about 89% of royalty income in the quarter, making price changes a significant factor in the revenue mix.
By contrast, sulfur royalties rose to $245,217 in the third quarter of fiscal 2026 from $141,182 in the third quarter of fiscal 2025, according to the report. The increase was among the trust's sources of income alongside gas royalties, while total quarterly royalty revenue remained slightly above its level a year earlier. This performance alone does not establish that the trend will continue in subsequent periods, as the quarter's figures came amid diverging movements in production and gas prices under the Mobil and OEG agreements. Revenue for the first nine months was stronger than the standalone quarter, rising 29.4% year over year.
Cumulative distributions totaled $0.70 per unit during the first nine months of fiscal 2026, compared with $0.50 in the same period of 2025, an increase of 40.8%, according to the report. An earlier trust statement also said the fiscal third-quarter distribution of $0.26 was payable on August 31, 2026, to unitholders of record on August 17. The distribution covered, according to the statement, the 12-month period ended in August, during which total distributions were $1.01 per unit, up 47.5%, or $0.49, from $0.52 in the previous 12-month period. These figures show documented past distributions and do not confirm an amount or date for a subsequent distribution.
The trust's shares, which trade under the ticker NRT, closed at $8.44 on October 28, 2026, according to EL7 data. The available facts do not include a comparative share price or trading after the quarterly results were released, so the trading record here is limited to that day's closing price. The financial results show total royalty income rose year over year in the quarter, while net income gains were smaller than the growth in revenue for the first nine months. The large share of revenue from natural gas also highlights the sensitivity of the trust's income to the price and production changes reported under the two agreements.
In a separate report, Agilent said revenue was $1.88 billion in the third quarter of fiscal 2026, ended July 31, up 8.1% year over year on a reported basis and 7.3% on an underlying basis, according to its results release filed with the SEC. GAAP net income was $362 million, while earnings per share were $1.28, up 8% from the third quarter of the previous fiscal year. These are the reported third-quarter results; no date for the announcement of fourth-quarter results is available among the documented facts. No connection between these results and the royalty trust's performance has been announced.