North European Oil Royalty Trust (NRT) delivered a QQ2 2024 result profile characterized by strong cash generation and an essentially debt-free balance sheet, underpinned by overriding royalty rights on German gas and oil production. Revenue of $2.233 million produced an operating income of $2.0339 million and net income of $2.0339 million, translating to an EPS of $0.22 for the quarter. The company also generated $2.249 million in operating cash flow and ended the period with $2.5487 million in cash, presenting a solid liquidity position for a small-cap energy royalty trust. The reported metrics imply an exceptionally high margin framework on an interim basis, with gross and operating margins near or at 90%+ in the figures provided, and a net debt position of negative $2.5487 million (i.e., net cash).