Enduro Royalty Trust Announces Monthly Cash Distribution
June 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 $0.058200 per unit, payable on July 16, 2018 to
unitholders of record on June 29, 2018. The distribution primarily
represents oil production during the month of March 2018 and
natural gas production during February 2018.
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 59,985
1,935 395,489 14,125 $ 60.21 $ 3.02 Prior Month 52,534 1,876
359,703 11,603 $ 60.77 $ 2.92
Oil cash receipts for the properties underlying the Trust
totaled $3.6 million for the current month, an increase of $0.4
million from the prior month distribution period as a result of
increased sales volumes compared to the prior month. The increase
in sales volumes was primarily attributable to three additional
days of production in March compared to February.
Natural gas cash receipts increased from $1.0 million in the
prior distribution period to $1.2 million in the current month
primarily due to an increase in natural gas volumes, driven by
payment timing differences, as well as an increase in the realized
natural gas wellhead price. In addition, during the current
distribution period, volumes and revenues that were previously
being withheld due to an overpayment by an operator in the Permian
Basin from several years ago were recouped in full. This resulted
in additional natural gas volumes of 12,804 Mcf for this
distribution period.
Total direct operating expenses, including lease operating
expenses, production and ad valorem taxes, and gathering and
transportation expenses, were $2.2 million, a decrease of $0.4
million from the prior month. The decrease in direct operating
expenses is primarily due to lower than normal lease operating
expenses in the current distribution period. Capital expenditures
were $0.1 million in the current month. Total direct operating
expenses and capital expenditures relate to expenses incurred in
April 2018.
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,
reserves for anticipated future expenses and the outcome of the
bankruptcy proceedings involving Enduro Resource Partners,
including the related sale contemplated by the purchase agreement
with Evolution. 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, 2017, filed with the
SEC on March 12, 2018. 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: https://www.businesswire.com/news/home/20180619005096/en/
Enduro Royalty TrustThe Bank of New York Mellon Trust Company,
N.A., as TrusteeSarah Newell, 1-512-236-6555
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