北欧皇家石油信托 2025年度报告

1RUWK(XURSHDQ2LO5R\DOW\7UXVW $77(17,213/($6(5(7$,1&5,7,&$/7$;,1)250$7,21(1&/26(' The Annual Meeting of North European Oil Royalty Trust will be held on Tuesday, February 17, 2026beginning at 11:00 a.m. EST via Zoom link as further detailed in the box immediately below.This willfacilitate the participation of any interested unit owners. All unit owners are welcome to attend. Unit owners are urged to vote by proxy in the manner provided in the proxy card. Unit owners are welcome to participate in the annual meeting and ask questions during the questionperiod by using the following Zoom link, https://us02web.zoom.us/j/81979608232.At the start ofthe presentation, you will be muted. At the start of the question period if you wish to pose aquestion, please click on the “Participants” button at the bottom of the Zoom screen. A windowwill open to the right. Click on the “…” at the bottom of the window and click “Raise Hand.” Youwill then be called on to unmute yourself and pose your question. Table of Contents Management’s Discussion and Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1-4Description of Trust Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5Critical Accounting Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6Report of Independent Registered Public Accounting Firms. . . . . . . . . . . . . . . .7-8Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9-10Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11-13Disclosure Controls and Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14Internal Control over Financial Reporting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14Trustees, Administration, and Important Contacts . . . . . . . . . . . . . . . . . . . . . . .152025 Tax Letter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IMPORTANT TAX AND FINANCIAL INFORMATION For your convenience, the information necessary to prepareyour 2025 tax return is included in the removable“2025 Tax Letter.”Please note that there will be no separate mailing of the tax letter. The 2025 Tax Letter, as well as the Annual Report on Form 10-Kfor fiscal 2025, are also available at the Trust’s website, www.neort.com. REPORT TO UNIT OWNERS Management’s Discussion and Analysis of Financial Condition and Results of OperationsExecutive Summary The Trust is a passive fixed investment trust which holds overriding royalty rights, receivesincome under those rights from certain operating companies, pays its expenses and distributes theremaining net funds to its unit owners. As mandated by the Trust Agreement, distributions of income aremade on a quarterly basis. These distributions, as determined by the Trustees, constitute substantially allthe funds on hand after provision is made for the Trust’s anticipated expenses. The Trust does not engage in any business or extractive operations of any kind in the areas overwhich it holds royalty rights and is precluded from engaging in such activities by the Trust Agreement.There are no requirements, therefore, for capital resources for capital expenditures or investments in orderto continue the receipt of royalty revenues by the Trust. The operating companies pay royalties to the Trust based on their sales of natural gas, sulfur, andoil. Of these three products, natural gas provided approximately 94% of the total royalties in fiscal 2025.The amount of royalties paid to the Trust is primarily based on four factors: the amount of gas sold, theprice of that gas, the area from which the gas is produced, and the exchange rate. For purposes of theroyalty calculations, the determination of the gas price is explained in detail in the following threeparagraphs. On August 26, 2016, the Mobil and OEG Agreements were amended to establish a new base todetermine gas prices for the calculation of the Trust’s royalties. This new base is set as the stateassessment base for natural gas used by the operating companies in their calculation of royalties payableto the State of Lower Saxony. This change reflects a shift to the prices calculated for the German BorderImport gas Price (“GBIP”).The average combined totals of the GBIP for the relevantthree-month period are used to provide an average gas price for the quarter. This average gas price isincreased by 1% and 3% per the terms of the Mobil and OEG Royalty Agreements and is used by theoperators to calculate the royalties payable to the Trust for a given quarter. The change to the GBIP has reduced the scope and cost of the accounting examination, eliminatedongoing disputes with OEG and Mobil regarding sales to related parties, and reduced prior yearadjustments to the normally scheduled year-end reconciliation. The pricing basis has als