Enduro Royalty Trust Announces Monthly Cash Distribution
April 20 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 $0.059578 per unit, payable on May 14, 2018 to
unitholders of record on April 30, 2018. The distribution primarily
represents oil production during the month of January 2018 and
natural gas production during December 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 59,699 1,926 397,208
12,813 $ 60.77 $ 2.87 Prior Month 58,843 1,898 480,736
16,025 $ 55.79 $ 2.73
Oil cash receipts for the properties underlying the Trust
totaled $3.6 million for the current month, an increase of $0.3
million from the prior month distribution period as a result of an
increase in the realized wellhead price compared to the prior
month. The realized wellhead price increased $4.98 per Bbl as a
result of a 9.5% increase in the NYMEX oil price to $63.61.
Natural gas cash receipts decreased from $1.3 million in the
prior distribution period to $1.1 million in the current month due
to a decrease in natural gas volumes, partially offset by an
increase in the realized natural gas price. In the prior month
distribution calculation, natural gas volumes included multiple
periods of natural gas receipts from one well in the Haynesville
from the time it came online in September 2017 through November
2017.
Total direct operating expenses, including lease operating
expenses, production and ad valorem taxes, and gathering and
transportation expenses, were $2.3 million, a decrease of $0.5
million from the prior month. Capital expenditures increased the
net profits attributable to underlying properties by $50,000 due to
actual expenditures in prior months being lower than anticipated,
resulting in capital adjustments during the current month that
increased net profits. Total direct operating expenses and capital
expenditures relate to expenses incurred in February 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
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, 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/20180420005029/en/
Enduro Royalty TrustThe Bank of New York Mellon Trust Company,
N.A., as TrusteeSarah Newell, 1-512-236-6555
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