North European Oil Royalty Trust (NRT) is an oil and gas royalty trust that holds overriding royalty rights on sales of natural gas, sulfur, and oil produced under a concession and leases in the Federal Republic of Germany. The Trust earns revenue by collecting monthly royalty payments from operating companies based on their sales of natural gas, sulfur, and oil from the Oldenburg concession in Lower Saxony, Germany. NRT holds no working interest in the underlying production and conducts no exploration, drilling, or production activities itself. The operating companies, Mobil Erdgas-Erdol GmbH and BEB Erdgas und Erdol GmbH, subsidiaries and joint ventures of ExxonMobil and the Royal Dutch/Shell Group, handle all production and sales, then remit royalties to the Trust quarterly with payment in three monthly installments. Natural gas provided approximately 88% of cumulative royalty income in Q1 fiscal 2026. Royalty amounts are determined by four factors: volume of gas sold, gas price, the area from which gas is sold, and the USD/EUR exchange rate. The Oldenburg concession covers approximately 1,386,000 acres and as of Q1 fiscal 2026 provides 100% of all royalties received by the Trust.

Revenue model

Overriding royalty payments collected from Mobil Erdgas-Erdol GmbH and BEB Erdgas und Erdol GmbH based on sales of natural gas, sulfur, and oil from the Oldenburg concession. Royalties are determined quarterly and paid to the Trust in three monthly installments. Natural gas represented approximately 88% of cumulative royalty income in Q1 fiscal 2026. Revenue is a function of production volume, commodity prices, geographic area of extraction, and the USD/EUR exchange rate.

Products and services

Overriding royalty rights on natural gas, sulfur, and oil production from the Oldenburg concession in Lower Saxony, Germany. The Trust holds no operating assets and produces no commodities itself.

Customers and end markets

The Trust's royalty payers are Mobil Erdgas-Erdol GmbH (a German operating subsidiary of ExxonMobil) and BEB Erdgas und Erdol GmbH (a 50/50 joint venture of ExxonMobil and Royal Dutch/Shell). These two entities represent 100% of royalty income as of Q1 fiscal 2026. End market demand is driven by natural gas consumption in Germany.

Geographic exposure

100% of royalty income derived from the Oldenburg concession in the German federal state of Lower Saxony, covering approximately 1,386,000 acres, as disclosed in the 10-Q filed 2026-03-02.

Source: SEC 10-Q, filed 2026-03-02

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