Enduro Royalty Trust Announces Monthly Cash Distribution
January 20 2017 - 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 $0.036205 per unit, payable on February 14, 2017 to
unitholders of record on January 31, 2017. The distribution
primarily represents oil production during the month of October
2016 and natural gas production during September 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
63,737 2,056 261,379 8,713 $ 45.04 $ 2.63 Prior Month 61,130
2,038 257,711 8,313 $ 41.10 $ 2.41
Oil cash receipts for the properties underlying the Trust
totaled $2.9 million for the current month, an increase of $0.4
million from the prior month calculation. The increase was
primarily due to a $3.94 per Bbl increase in the realized wellhead
price. Volume increases are primarily due to an additional day of
production in October compared to September. Natural gas cash
receipts increased from $0.6 million in the prior distribution
period to $0.7 million in the current month, primarily due to a
9.1% increase in the realized wellhead price. The natural gas
realized price increase was primarily driven by an increase of
$0.17 per Mcf in NYMEX prices from the prior period. Natural gas
volumes continue to be lower than prior months due to payment
timing delays. As previously disclosed, one of the operators in the
East Texas-North Louisiana area sold its properties, resulting in
payment delays that impacted the prior month distribution and
continue to impact the current month. Natural gas receipts were
approximately $190,000 lower in the current period as a result of
these delays, and natural gas sales volumes associated with this
revenue were approximately 73,000 Mcf. Enduro Resource Partners,
the sponsor of the Trust (“Enduro”), anticipates the revenue and
volumes from this operator to be included in the February 2017
distribution.
Total direct operating expenses, including lease operating
expenses, production and ad valorem taxes, and gathering and
transportation expenses, decreased $0.6 million to $2.0 million as
a result of lower than anticipated lease operating expenses in
prior months. Actual capital expenditures incurred have continued
to be less than projected, resulting in a capital expenditure
adjustment during the current month calculation that increased net
profits negligibly. Total direct operating expenses and capital
expenditures relate to expenses incurred during November 2016.
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/20170120005052/en/
Enduro Royalty TrustThe Bank of New York Mellon Trust Company,
N.A., as TrusteeSarah Newell, 1-512-236-6555
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