Enduro Royalty Trust Announces Monthly Cash Distribution
July 21 2015 - 9:00AM
Business Wire
Enduro Royalty Trust (NYSE: NDRO) (the “Trust”) today announced
a cash distribution to the holders of its units of beneficial
interest of $0.020142 per unit, payable on August 14, 2015 to
unitholders of record on July 31, 2015. The distribution primarily
represents oil production during the month of April 2015 and
natural gas production during March 2015.
The following table displays underlying oil and natural gas
sales volumes and average received wellhead prices attributable to
the current and prior month net profits interest calculations.
Underlying Sales Volumes
Average Price Oil Natural Gas
Oil Natural Gas Bbls
Bbls/D Mcf Mcf/D (per
Bbl) (per Mcf) Current Month 63,058 2,102 379,199
12,232 $ 46.18 $ 2.52 Prior Month 84,478 2,725 383,647
13,702 $ 46.15 $ 2.60
Oil cash receipts for the properties underlying the Trust
totaled $2.9 million for the current month, a decrease of $1.0
million from the prior month calculation. The decrease was due to
the impact of $0.6 million in negative revenue adjustments from one
operator in the Permian Basin as well as the inclusion in the prior
distribution period of $0.5 million in revenue receipts from
multiple months of production for two wells in the Permian Basin.
As previously disclosed, in April 2015, Enduro Resource Partners,
the sponsor of the Trust, received detail from one of its operators
including volume and revenue adjustments on several wells, which
were made to recoup overpayments of production from May 2014
through January 2015. In addition to the $0.6 million impact on
cash receipts, these adjustments reduced sales volumes by
approximately 8,000 Bbls (265 Bbls/D) and negatively impacted the
average wellhead price for the current distribution period.
Excluding the adjustments, the average price received for oil would
have been $49.34 per Bbl. The inclusion of $0.5 million in revenue
receipts for multiple production periods in the prior month
distribution added approximately 200 Bbls/D to the prior month
daily volumes.
Natural gas receipts were consistent with the prior month,
totaling $1.0 million. The decrease in sales volumes resulted from
the timing of cash receipts and production adjustments by
operators.
Total direct operating expenses, including lease operating
expenses, production and ad valorem taxes, and gathering and
transportation expenses, totaled $2.7 million, a decrease of $0.4
million from the prior month. The decrease was primarily
attributable to actual lease operating expenses that were less than
anticipated for prior months. Capital expenditures included in the
current month distribution totaled $0.3 million. Total direct
operating expenses and capital expenditures relate to expenses
incurred during May 2015.
About Enduro Royalty Trust
Enduro Royalty Trust is a Delaware statutory trust formed by
Enduro Resource Partners to own a net profits interest representing
the right to receive 80% of the net profits from the sale of oil
and natural gas production from certain of Enduro Resource
Partners’ properties in the states of Texas, Louisiana and New
Mexico. As described in the Trust’s filings with the Securities and
Exchange Commission, the amount of the periodic distributions is
expected to fluctuate, depending on the proceeds received by the
Trust as a result of actual production volumes, oil and gas prices,
the amount and timing of capital expenditures, and the Trust’s
administrative expenses, among other factors. Future distributions
are expected to be made on a monthly basis. For additional
information on the Trust, please visit
www.enduroroyaltytrust.com.
Forward-Looking Statements and Cautionary Statements
This press release contains statements that are “forward-looking
statements” within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. All statements contained in this
press release, other than statements of historical facts, are
“forward-looking statements” for purposes of these provisions.
These forward-looking statements include the amount and date of any
anticipated distribution to unitholders and expected expenses,
including capital expenditures. The anticipated distribution is
based, in large part, on the amount of cash received or expected to
be received by the Trust from Enduro Resource Partners with respect
to the relevant period. The amount of such cash received or
expected to be received is significantly affected by prevailing
commodity prices. Other important factors that could cause actual
results to differ materially include expenses of the Trust and
reserves for anticipated future expenses. Statements made in this
press release are qualified by the cautionary statements made in
this press release. Neither Enduro Resource Partners nor the
Trustee intends, and neither assumes any obligation, to update any
of the statements included in this press release. An investment in
units issued by Enduro Royalty Trust is subject to the risks
described in the Trust’s filings with the SEC, including the risks
described in the Trust’s Annual Report on Form 10-K for the year
ended December 31, 2014, filed with the SEC on March 12, 2015. The
Trust’s quarterly and other filed reports are or will be available
over the Internet at the SEC’s website at http://www.sec.gov.
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version on businesswire.com: http://www.businesswire.com/news/home/20150721005148/en/
Enduro Royalty TrustThe Bank of New York Mellon Trust Company,
N.A., as TrusteeSarah Newell, 1-512-236-6555
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