Enduro Royalty Trust Announces Monthly Cash Distribution
June 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 $0.015040 per unit, payable on July 17, 2017 to
unitholders of record on June 30, 2017. The distribution primarily
represents oil production during the month of March 2017 and
natural gas production during February 2017.
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
63,106 2,036 291,314 10,404 $ 47.42 $ 3.01 Prior
Month 57,714 2,061 305,783 9,864 $ 50.05 $ 3.48
Oil cash receipts for the properties underlying the Trust
totaled $3.0 million for the current month, an increase of $0.1
million from the prior month calculation as a result of three
additional days of production in March compared to February, offset
by a decline in the average price received per Bbl as a result of a
corresponding decrease in the average NYMEX price of oil for the
period. Natural gas cash receipts decreased from $1.1 million in
the prior distribution period to $0.9 million in the current month
primarily due to a decrease of 14 percent in the realized wellhead
price as compared to the prior month. The decrease in realized
wellhead price was driven by decreases in futures pricing for
February, which is the basis upon which a significant portion of
the East Texas / North Louisiana gas volumes are sold. In addition,
there were three fewer days of production in February as compared
to January.
Total direct operating expenses, including lease operating
expenses, production and ad valorem taxes, and gathering and
transportation expenses, increased $0.3 million to $2.7 million.
The increase in direct operating expenses is primarily due to
higher than normal lease operating expenses for operations in the
New Mexico Permian area. Capital expenditures decreased $0.1
million from the previous period’s $0.5 million. Total direct
operating expenses and capital expenditures relate to expenses
incurred during April 2017.
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, 2016, filed with the SEC on March 15, 2017. 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/20170620005378/en/
Enduro Royalty TrustThe Bank of New York Mellon Trust Company,
N.A., as TrusteeSarah Newell, 1 512-236-6555
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