Enduro Royalty Trust Announces Monthly Cash Distribution
January 19 2018 - 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 $0.018433 per unit, payable on February 14, 2018 to
unitholders of record on January 31, 2018. The distribution
primarily represents oil production during the month of October
2017 and natural gas production during September 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 52,890
1,706 353,764 11,792 $ 47.83 $ 2.87 Prior
Month 59,411 1,980 308,694 9,958 $ 46.84 $ 2.88
Oil cash receipts for the properties underlying the Trust
totaled $2.5 million for the current month, a decrease of $0.3
million from the prior month calculation as a result of a reduction
in sales volumes compared to the prior month, due to payment timing
differences as well as adjustments related to prior periods.
Included in the current month distribution calculation is an
adjustment by an operator in the Permian Basin reflecting an
adjusted working interest in a well, which resulted in a reduction
of 2,814 Bbls related to prior production periods. The reduction in
oil revenues due to the decrease in sales volumes was offset by an
increase in the realized wellhead price as a result of a 4.1%
increase in the NYMEX price to $51.58.
Natural gas cash receipts increased from $0.9 million in the
prior distribution period to $1.0 million in the current month due
to increases in natural gas volumes. Natural gas volumes increased
primarily due to production volumes from four gross (0.45 net)
wells in the Haynesville, which began production in September 2017.
These wells contributed 19% and 21% of the current month’s natural
gas revenues and volumes, respectively. As these wells began
producing in September, the current month's volumes represent
production for a partial month. Sales volumes related to these
wells included in the current month distribution calculation were
2,477 Mcf/D.
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 due
to an increase in lease operating expenses. Capital expenditures
for the current month distribution calculation were minimal at
$20,000. Total direct operating expenses and capital expenditures
relate to expenses incurred in November 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/20180119005093/en/
Enduro Royalty TrustThe Bank of New York Mellon Trust Company,
N.A., as TrusteeSarah Newell, 1-512-236-6555
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