Enduro Royalty Trust Announces Monthly Cash Distribution
21 Agosto 2018 - 10:15AM
Business Wire
Enduro Royalty Trust (NYSE: NDRO) (the “Trust”) today announced
a cash distribution to the holders of its units of beneficial
interest of $0.043769 per unit, payable on September 17, 2018 to
unitholders of record on August 31, 2018. The distribution
primarily represents oil production during the month of May 2018
and natural gas production during April 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 58,110 1,875 400,200 13,340
$ 62.82 $ 2.58 Prior Month 55,566 1,852 394,953 12,740 $ 62.81 $
2.50
Oil cash receipts for the properties underlying the Trust
totaled $3.7 million for the current month, an increase of $0.2
million from the prior month distribution period due to an increase
in volumes. In addition to one more day of production in May
compared to April, payment timing differences caused volume
fluctuations.
Natural gas cash receipts increased slightly from the prior
distribution period to $1.0 million in the current month primarily
due to a three percent increase in the realized wellhead price as
compared to the prior month. Natural gas sales volumes increased
due to payment timing differences associated with operators in the
Permian Basin.
Total direct operating expenses, including lease operating
expenses, production and ad valorem taxes, and gathering and
transportation expenses, were $2.5 million, consistent with the
prior month. Capital expenditures were $0.2 million in the current
month. Total direct operating expenses and capital expenditures
relate to expenses incurred in June 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 expected sale contemplated by the Purchase and Sale
Agreement between Enduro Resource Partners and COERT Holdings I LLC
for the properties underlying the Trust and all of the outstanding
Trust units owned by Enduro Resource Partners. The Trust has not
filed a Chapter 11 petition and expects to continue in the normal
course without disruption to the unitholders. 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/20180821005211/en/
Enduro Royalty TrustThe Bank of New York Mellon Trust Company,
N.A., as TrusteeSarah Newell, 1 512-236-6555
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