NORTH EUROPEAN OIL ROYALTY TRUST
For the period ended Oct 31, 2025. Filed Dec 31, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Dec 31, 2025
NRT$7.05+4.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-10-31; filed 2024-12-31.
0000072633-24-000018
Item 7. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-10-31; filed 2025-12-31.
0001140361-25-047052
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 39 previous paragraphs and 40 current paragraphs.
19 unchanged; 12 reworded; 9 added; 6 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 6 previous and 12 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (9)
Current report
Negative calendar 2023 adjustments had an impact on both the fourth quarter of fiscal 2024 and the first quarter of fiscal 2025. The actual adjustments affecting scheduled royalty payments in the first quarter of fiscal 2025 totaled ($1,754,663). This adjustment eliminated royalties payable under the OEG Agreement and reduced royalties received under the Mobil Agreement to $505,864 during the first quarter of fiscal 2025. The year-end adjustment for calendar 2024 was $472,384. There is a negative end-of-quarter adjustment for the fourth fiscal quarter that will reduce royalty income for the first quarter of fiscal 2026 by Euros 266,306 ($308,168 based on the exchange rate of 1.157196 as of October 31, 2025).
Current report
Quarterly and Yearly Gas Sales under the Mobil Agreement in Billion cubic feet
Current report
Average Gas Prices under the Mobil Agreement in €cents per Kilowatt Hour
Current report
Average Euro Exchange Rate under the Mobil Agreement
Current report
Quarterly and Yearly Gas Sales under the OEG Agreement in Billion cubic feet
Current report
Average Gas Prices under the OEG Agreement in €cents per Kilowatt Hour
Current report
Average Euro Exchange Rate under the OEG Agreement
Current report
1 No royalty income under the OEG Royalty Agreement was deposited into the Trust’s account at Deutsche Bank and there was no conversion and transfer to the Trust’s account with M&T Bank. Consequently, no exchange rate was generated.
Current report
Trust expenses of $795,648 in fiscal 2025 were virtually unchanged from Trust expenses of $797,872 in fiscal 2024.
Removed paragraphs (6)
Previous report
Fiscal 2023 was a turbulent year with dramatic price swings and significant negative adjustments totaling $2,161,390 that carried over beyond the year's end. Fiscal 2024 was more stable price-wise despite the overall lower gas prices but it too was impacted by significant negative adjustments carrying over beyond the year's end. Due to the very high gas prices in effect towards the end of 2022 that were a determining factor in royalty payments in early 2023, the Trust was notified in September 2024 that the calendar 2023 end-of-year adjustment would be a sizeable negative amount under both royalty agreements. These negative adjustments eliminated the scheduled royalty payments for October 2024 and will have an impact on the first quarter of fiscal 2025, both eliminating the scheduled royalty payments in the case of the OEG royalty and significantly reducing these payments in the case of the Mobil royalty. Based on the November 20, 2024 Euro/dollar exchange rate of 1.0521, the OEG and Mobil negative adjustments for calendar 2023 are $1,000,143 and $1,619,368, respectively.
Previous report
Interest income for fiscal 2024 of $70,382 decreased from interest income of $125,003 for fiscal 2023 due to the reduced amount of royalties received. Trust expenses decreased $169,719, or 17.5%, to $797,872 in fiscal 2024 from $967,591 in fiscal 2023 due to higher Trustees' fees as specified in the provisions of the Trust Agreement paid during fiscal 2023.
Previous report
• risks and uncertainties concerning levels of gas production and gas sale prices, general economic conditions and currency exchange rates;
Previous report
• the ability or willingness of the operating companies to perform under their contractual obligations with the Trust;
Previous report
• potential disputes with the operating companies and the resolution thereof; and
Previous report
• political and economic uncertainty arising from the conflict in Ukraine and the Middle East.
Reworded paragraphs (12)
Previous wording
On approximately the 25th of the months of January, April, July and October, the operating companies calculate the volume of gas sold during the previous calendar quarter. This volume of gas sold is then multiplied by the average adjusted GBIP available at that time. The respective royalty amount is divided into thirds and forms the monthly royalty payments to the Trust for the Trust's upcoming fiscal quarter. When the operating companies determine the actual amount of royalties that were payable for the prior calendar quarter, they also look at the actual amount of royalties that were paid to the Trust for that period and calculate the difference between what was paid and what was payable. Positive adjustments are paid immediately and any negative adjustments are deducted from the next royalty payment. In September of the succeeding calendar year, the operating companies make the final determination of any necessary royalty adjustments for the prior calendar year with a positive or negative adjustment made accordingly.
Current wording
On approximately the 25 th of the months of January, April, July and October, the operating companies calculate the volume of gas sold during the previous calendar quarter. This volume of gas sold is then multiplied by the average adjusted GBIP available at that time. The respective royalty amount is divided into thirds and forms the monthly royalty payments to the Trust for the Trust’s upcoming fiscal quarter. When the operating companies determine the actual amount of royalties that were payable for the prior calendar quarter, they also look at the actual amount of royalties that were paid to the Trust for that period and calculate the difference between what was paid and what was payable. Positive adjustments are paid immediately and any negative adjustments are deducted from the next royalty payment. In September of the succeeding calendar year, the operating companies make the final determination of any necessary royalty adjustments for the prior calendar year with a positive or negative adjustment made accordingly.
Previous wording
The Trust has no means of ensuring continued income from overriding royalty rights at their present level or otherwise. The assets of the Trust are depleting assets and, if the operators developing the concession do not perform additional development projects, the assets may deplete faster than expected. Eventually, the assets of the Trust will cease to produce in commercial quantities and the Trust will cease to receive proceeds from such assets.
Current wording
The Trust has no means of ensuring continued income from overriding royalty rights at their present level or otherwise. The assets of the Trust are depleting assets. While future maintenance and development projects on the underlying assets will affect the quantity of proved reserves and can offset the reduction in the depletion of proved reserves, the timing and size of these projects, if they occur, will depend on the market prices of oil and natural gas. If the operators developing the concession do not perform such additional maintenance or development projects, thefuture rate of production decline of proved reserves may be higher than the rate currently expected by the Trust andassets may deplete faster than expected. Eventually, the assets of the Trust will cease to produce in commercial quantities and the Trust will cease to receive proceeds from such assets.
Previous wording
The Trust's consultant in Germany provides general information to the Trust on the German and European economies and energy markets as well as monitoring the continuing impact of the war in Ukraine and ongoing efforts by the European governments to respond to the economic impacts of the war. This information provides a context in which to evaluate the actions of the operating companies. The Trust's consultant receives reports from EMPG with respect to current and planned drilling and exploration efforts. However, EMPG and the operating companies continue to limit the information flow to that which is required by German law, and the Trust is not able to confirm the accuracy of any of the information supplied by EMPG or the operating companies.
Current wording
The Trust’s consultant in Germany provides general information to the Trust on the German and European economies and energy markets as well as monitoring the continuing impact of the war in Ukraine and ongoing efforts by the European governments to respond to the economic impacts of the war. This information provides a context in which to evaluate the actions of the operating companies.The Trust’s consultant receives reports from EMPG with respect to current and planned drilling and exploration efforts. However, EMPG and the operating companies continue to limit the information flow to that which is required by German law, and the Trust cannot confirm the accuracy of any of the information supplied by EMPG or the operating companies.
Previous wording
For fiscal 2024, the Trust's gross royalty income decreased 73.7% to $5,785,303 from $22,016,103 in fiscal 2023. The total distribution for fiscal 2024 was $0.48 per unit compared to $2.26 per unit for fiscal 2023. Gas prices under both royalty agreements were lower, gas sales were mixed, and average exchange rates were up or flat. The royalty income received under the Mobil Agreement in fiscal 2024 decreased by $9,717,057 as compared to fiscal 2023. Royalty income received under the OEG Agreement in fiscal 2024 decreased by $6,513,743 as compared to fiscal 2023.
Current wording
For fiscal 2025, the Trust’s gross royalty income increased 49.5% to $8,650,094 from $5,785,303 in fiscal 2024. The total distribution for fiscal 2025 was $0.81 per unit compared to $0.48 per unit for fiscal 2024. Gas prices under both royalty agreements were higher, gas sales were lower, and average exchange rates were up. The royalty income received under the Mobil Agreement in fiscal 2025 increased 30.7% or, $1,301,622, to $5,535,716 compared to $4,234,094 received in fiscal 2024. Royalty income received under the OEG Agreement in fiscal 2025 increased 81.3% or, $1,261,744, to $2,812,905 compared to $1,551,161 received in fiscal 2024.
Previous wording
Gas sales under the Mobil Agreement increased 1.2% to 12.592 Billion cubic feet ("Bcf") in fiscal 2024 from 12.439 Bcf in fiscal 2023. Despite the continued lack of drilling by the operating companies through 2024, the ongoing program of well workovers and uninterrupted operation of Grossenkneten resulted in the slight improvement in gas production. However, absent a renewed drilling program, the normal reduction in well pressure would be expected to continue and gas production would be expected to decline.
Current wording
Gas sales under the Mobil Agreement decreased 4.7% to 11.994 Billion cubic feet (“Bcf”) in fiscal 2025 from 12.592 Bcf in fiscal 2024. With the continued lack of drilling by the operating companies through 2025, there was a slight decline in gas production. Absent a renewed drilling program, the normal reduction in well pressure would be expected to continue and gas production would be expected to decline.
Previous wording
Average prices for gas sold under the Mobil Agreement decreased 55.3% to 3.7206 Euro cents per kilowatt hour ("Euro cents/kWh") in fiscal 2024 from 8.3231 Euro cents/kWh in fiscal 2023.
Current wording
Average prices for gas sold under the Mobil Agreement increased 11.1% to 4.1328 Euro cents per kilowatt hour (“€cents/kWh”) in fiscal 2025 from 3.7206 €cents/kWh in fiscal 2024.
Previous wording
Converting gas prices into more familiar terms, using the average exchange rate, yielded a price of $11.52 per thousand cubic feet ("Mcf"), a decrease of 51.1% from fiscal 2023's average price of $23.54/Mcf. For fiscal 2024, royalties paid under the Mobil Agreement were converted and transferred at an average Euro/U.S. dollar exchange rate of 1.0834, unchanged from the average Euro/U.S. dollar exchange rate of 1.0834 for fiscal 2023.
Current wording
Converting gas prices into more familiar terms, using the average exchange rate, yielded a price of $13.10 per thousand cubic feet (“Mcf”), an increase of 13.7% from fiscal 2024’s average price of $11.52/Mcf. For fiscal 2025, royalties paid under the Mobil Agreement were converted and transferred at an average Euro/U.S. dollar exchange rate of 1.1080, a 2.3% increase from the average Euro/U.S. dollar exchange rate of 1.0834 for fiscal 2024.
Previous wording
Excluding the effects of differences in prices and average exchange rates, the combination of royalty rates on gas sold from western Oldenburg results in an effective royalty rate approximately seven times higher than the royalty rate on gas sold from eastern Oldenburg. This is of particular significance to the Trust since gas sold from western Oldenburg provides the bulk of royalties paid to the Trust. For fiscal 2024, the volume of gas sold from western Oldenburg accounted for only 29.3% of the volume of all gas sales. However, western Oldenburg gas royalties provided approximately 81.8% or $4,465,816 out of a total of $5,456,698 in overall Oldenburg gas royalties.
Current wording
Excluding the effects of differences in prices and average exchange rates, the combination of royalty rates on gas sold from western Oldenburg results in an effective royalty rate approximately seven times higher than the royalty rate on gas sold from eastern Oldenburg. This is of particular significance to the Trust since gas sold from western Oldenburg provides the bulk of royalties paid to the Trust. For fiscal 2025, the volume of gas sold from western Oldenburg accounted for only 30.1% of the volume of all gas sales. However, western Oldenburg gas royalties provided approximately 78.1% or $6,361,719 out of a total of $8,146,510 in overall Oldenburg gas royalties.
Previous wording
Gas sales under the OEG Agreement decreased 4.5% to 42.918 Bcf in fiscal 2024 from 44.944 Bcf in fiscal 2023. Given the continued lack of drilling by the operating companies through 2024, the Trust's consultant in Germany believes the decline in gas production is due to the normal reduction in well pressure that is experienced over time.
Current wording
Gas sales under the OEG Agreement decreased 7.0% to 39.893 Bcf in fiscal 2025 from 42.918 Bcf in fiscal 2024. Given the continued lack of drilling by the operating companies through 2025, the Trust’s consultant in Germany believes the decline in gas production is due to the normal reduction in well pressure that is experienced over time.
Previous wording
Average gas prices for gas sold under the OEG Agreement decreased 55.4% to 3.7929 Euro cents/kWh in fiscal 2024 from 8.4965 Euro cents/kWh in fiscal 2023.
Current wording
Average gas prices for gas sold under the OEG Agreement increased 11.5% to 4.2293 €cents/kWh in fiscal 2025 from 3.7929 €cents/kWh in fiscal 2024.
Previous wording
Converting gas prices into more familiar terms, using the average exchange rate, yielded a price of $11.32/Mcf for fiscal 2024, a decrease of 52.5% from fiscal 2023's average price of $23.85/Mcf. For fiscal 2024, royalties paid under the OEG Agreement were converted and transferred at an average Euro/U.S. dollar exchange rate of 1.0848, a decrease of 0.1% from the average Euro/U.S. dollar exchange rate of 1.0856 for fiscal 2023.
Current wording
Converting gas prices into more familiar terms, using the average exchange rate, yielded a price of $13.43/Mcf for fiscal 2025, an increase of 16.8% from fiscal 2024’s average price of $11.50/Mcf. For fiscal 2025, royalties paid under the OEG Agreement were converted and transferred at an average Euro/U.S. dollar exchange rate of 1.1343, an increase of 4.6% from the average Euro/U.S. dollar exchange rate of 1.0848 for fiscal 2024.
Previous wording
The Trust's German consultant has advised the Trust that EMPG has not planned any new wells for calendar 2025 and no major work has been initiated on the exploration side.
Current wording
The Trust’s German consultant has advised the Trust that EMPG has not planned any new wells for calendar 2026 and no major work has been initiated on the exploration side. Maintenance work, including well cleanup jobs and foam jobs to de-water weak wells, will be continuing to ensure the wells are operating at maximum efficiency and production levels.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Maintenance work, including well cleanup jobs and foam jobs to de-water weak wells, will be continuing to ensure the wells are operating at maximum efficiency and production levels.
Previous report — wording carried elsewhere
• the fact that the assets of the Trust are depleting assets and, if the operators developing the concession do not perform additional development projects, the assets may deplete faster than expected;