Sabine Royalty Trust August Distribution Jumps to $0.619/Unit on Higher Oil Output
SBR is trading near its 52-week low of $65.31 (8.3% above the low).
Summary
The trust declared an August cash distribution of $0.619430 per unit, up from the prior month's lower payout. The increase reflects a 33% rise in oil production to 72,119 barrels and a 13% jump in realized oil prices to $98.43/bbl, partially offset by softer natural gas prices. This follows a July distribution that was cut due to weak gas prices, and the rebound in oil volumes and pricing signals improved near-term cash flow. The distribution is payable August 31 to holders of record August 17.
At the time of this announcement, SBR was trading at $70.73 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $1B. The 52-week trading range was $65.31 to $84.39. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: PR Newswire.