Statutory trust Enduro Royalty Trust (NYSE: NDRO ) announced yesterday its July monthly distribution of $0.128817 per unit; it has paid a monthly dividend since November 2011. The distribution announced in May was $0.096825 per unit.
The board of directors said the monthly distribution is payable on July 15 to the holders of record at the close of business on June 28. The trust was formed by Enduro Resource Partners for the purpose of receiving 80% of the net profits from the sale of oil and natural gas production from certain properties in Texas, Louisiana, and New Mexico.
Enduro noted oil volumes for the current month calculation period were consistent with the prior month, but NYMEX prices decreased slightly from February to March. However, as a result of the narrowing of basis differentials in the Permian Basin, average oil prices received for the production month of March rose.
The regular dividend payment would equate to approximately $1.55-per-unit annual dividend, which would yield 9.6% based on the closing price of Enduro Royalty Trust's stock on June 18.