Another question is what are their contractual royalties when the rigs shut down?pre fixed lease or only % of oil output?
It looks to me that the entire quarter royalties were at the lower prices compared to the previous year.
The problem going forward is that drilling momentum and therefore royalty growth may be subdued.
Sentiment: Strong Buy
Excluding land sales they delivered a nice quarter but can not figure the impact of lower oil prices on royalties.
Whatever. Great results.
From the annual reprt letter to shareh.olders, first page. Smart move