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NRT

North European Oil Royalty Trust

NRT

North European Oil Royalty Trust • NYSE
$6.09 ▲ 3.75% (+0.22)
Market Cap $55.97 M
52w High $6.95
52w Low $3.88
Dividend Yield 0.81%
P/E 10.15
Volume 46.46K
Outstanding Shares 9.19M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.642M ▲ $180.178K ▼ $2.459M ▲ 93.062% ▲ $0.27 ▲ $2.437M ▲
Q2-2025 $2.491M ▲ $227.821K ▼ $2.261M ▲ 90.784% ▲ $0.25 ▲ $2.261M ▲
Q1-2025 $519.433K ▼ $233.965K ▲ $285.468K ▼ 54.958% ▼ $0.031 ▼ $285.468K ▼
Q4-2024 $690.399K ▼ $163.664K ▼ $526.735K ▼ 76.294% ▼ $0.057 ▼ $526.735K ▼
Q3-2024 $2.484M $165.722K $2.318M 93.328% $0.25 $2.318M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $3.62M ▲ $3.62M ▲ $1.838M ▲ $1.782M ▲
Q1-2025 $1.727M ▲ $1.727M ▲ $367.624K ▲ $1.359M ▼
Q4-2024 $1.625M ▼ $1.625M ▼ $183.812K ▼ $1.442M ▲
Q3-2024 $3.029M ▲ $3.029M ▲ $1.93M ▲ $1.099M ▲
Q2-2024 $2.549M $2.549M $1.838M $710.539K

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $2.261M ▲ $2.491M ▲ $0 $-597.143K ▼ $1.893M ▲ $2.491M ▲
Q1-2025 $285.468K ▲ $519.433K ▼ $0 $-417.777K ▲ $101.656K ▲ $519.433K ▼
Q4-2024 $0 ▼ $690.399K ▼ $0 $-2.094M ▼ $-1.403M ▼ $690.399K ▼
Q3-2024 $2.318M ▲ $2.484M ▲ $0 $-2.004M ▼ $479.976K ▼ $2.484M ▲
Q2-2024 $2.034M $2.249M $0 $-674.73K $1.574M $2.249M

Five-Year Company Overview

Income Statement

Income Statement NRT’s income statement reflects a very simple, royalty‑driven business. It collects royalties from German oil and gas production and passes most of that income through to unitholders. Margins are extremely high because the trust has almost no operating costs. However, earnings are quite volatile from year to year, swinging up or down as gas and oil prices move and as production volumes change. Recent results show that profits remain positive but have stepped down from the unusually strong period in the prior couple of years, underlining how sensitive this trust is to commodity cycles rather than internal business initiatives.

Balance Sheet

Balance Sheet The balance sheet is intentionally very light. The trust holds little more than cash and receivables and carries no debt. It does not own drilling equipment or infrastructure and has no meaningful physical asset base beyond its royalty interests. This lean structure is a strength in terms of financial risk—there are no interest payments or large liabilities—but it also means there is very limited cushion or retained capital. Nearly all economic value flows out as distributions instead of being stockpiled on the balance sheet.

Cash Flow

Cash Flow Cash flow is straightforward and closely mirrors reported income. Cash comes in from royalties and, because the trust has minimal expenses and no capital spending, most of that cash is available for distribution. Free cash flow is therefore high in margin but variable in size. In the most recent period, cash generation has decreased from the previous elevated years, again reflecting lower royalty inflows rather than any operational issue at the trust itself. Cash flow will continue to rise and fall with energy prices and production levels, not with management decisions about investment or cost control.

Competitive Edge

Competitive Edge NRT’s competitive position rests on its long‑standing royalty agreements over specific German oil and gas fields. Its advantage is contractual rather than operational: those agreements give it a slice of production revenues with no responsibility for drilling, development, or operating costs. This creates a durable, low‑cost position as long as the underlying fields remain productive and the contracts stay in force. At the same time, the trust is narrowly focused—concentrated in one region and dependent on a small set of assets and counterparties. It cannot diversify, acquire new fields, or actively outcompete others; its “moat” is stable contracts, but it is exposed to field depletion, regulatory shifts in Germany and the EU, and the choices made by its operating partners, ExxonMobil and Shell subsidiaries.

Innovation and R&D

Innovation and R&D NRT does not conduct research, development, or operational innovation. It is a passive vehicle that simply receives royalties. Any technological advantage is indirect, coming from the advanced techniques used by ExxonMobil and Shell in the German fields. If those operators adopt better recovery technologies or extend field life, NRT may benefit through higher or more sustained royalties. If they scale back investment or if environmental policy constrains production, the trust has no tools of its own to offset that. So, from an innovation standpoint, NRT is essentially static and fully reliant on external innovation and regulatory trends.

Summary

North European Oil Royalty Trust is a focused, high‑margin royalty trust tied to German oil and gas production. Its financials show very low costs, no debt, and strong pass‑through of cash, but also clear sensitivity to commodity prices and production volumes, which makes income and distributions naturally volatile. The trust’s strength lies in simple, long‑term royalty agreements and a hands‑off structure that avoids operational risk. Its main vulnerabilities are the finite life and potential decline of the underlying fields, concentration in one geography, reliance on a few large operating partners, and exposure to European energy policy and the broader energy transition. It behaves less like a growing operating company and more like a depleting, income‑oriented vehicle whose fortunes are driven by external market and regulatory forces.

NEWS

October 31, 2025 · 9:00 AM UTC

NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES THE DISTRIBUTION FOR THE FOURTH QUARTER OF FISCAL 2025

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