Enduro Royalty Trust Announces Monthly Cash Distribution
October 21 2016 - 9:15AM
Business Wire
Enduro Royalty Trust (NYSE: NDRO) (the “Trust”) today announced
a cash distribution to the holders of its units of beneficial
interest of $0.03187 per unit, payable on November 15, 2016 to
unitholders of record on October 31, 2016. The distribution
primarily represents oil production during the month of July 2016
and natural gas production during June 2016.
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 63,585
2,051 349,412 11,647 $ 41.83 $ 2.04 Prior Month 63,325 2,111
378,239 12,201 $ 45.24 $ 1.85
Oil cash receipts for the properties underlying the Trust
totaled $2.7 million for the current month, a decrease of $0.2
million from the prior month calculation. The decrease was due to a
7.5 percent decrease in NYMEX oil prices from June to July,
partially offset by one more production day during July. Natural
gas cash receipts remained consistent, totaling approximately $0.7
million for both periods, as the reduced production volumes due to
one fewer production day in June was offset by an increase in
natural gas prices.
Total direct operating expenses, including lease operating
expenses, production and ad valorem taxes, and gathering and
transportation expenses, declined slightly but remained consistent
at $2.1 million. Capital expenditures for the current distribution
period were approximately $0.1 million. Total direct operating
expenses and capital expenditures relate to expenses incurred
during August 2016.
Enduro Resource Partners, the sponsor of the Trust (“Enduro”),
previously established a reserve for approved development expenses.
As a result of lower than anticipated capital expenditures to date
in 2016, resulting in reduced expectations for 2016 capital
expenditures, Enduro has released $100,000 of the reserve in the
current distribution period, thereby increasing the net profits
attributable to the Trust. Enduro has a remaining total reserve of
$150,000 for approved development expenses.
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 by the Trust (and its ability to pay
distributions) has been and will be significantly and negatively
affected by prevailing low commodity prices, which have declined
significantly, could decline further and could remain low for an
extended period of time. 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, 2015, filed with the SEC on March 11, 2016. 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/20161021005065/en/
Enduro Royalty TrustThe Bank of New York Mellon Trust Company,
N.A., as TrusteeSarah Newell, 1-512-236-6555
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