Permian Basin Royalty Trust Announces September Cash Distribution | Texas News


DALLAS, September 20, 2021 / PRNewswire / – Simmons Bank, as trustee of the Permian Basin Royalty Trust (NYSE: PBT) (“Permian”) today declared a cash distribution to holders of its beneficial interest units of $ 0.023119 per unit, payable on October 15, 2021, to unitholders of record on September 30, 2021.

This month’s distribution has increased from the previous month due to an increase in oil and gas prices for Texas royalty properties during the month of July. Currently, only Texas Royalty Properties contribute to the monthly distribution.

Since the Waddell Ranch is currently in deficit for the foreseeable future, any increase or decrease in the distribution of income received will only reflect activity at the Texas Royalty Properties. The activity of the Waddell Ranch will be discussed with the following narrative until he contributes to the cast. This reflects the production month of July.

WADDELL RANCH

Reporting the July production of the underlying properties for this month’s press release, the production of oil volumes was 102,735 barrels (crude) and its price was around $ 71.32 per barrel. The production volumes of gas (including gas liquids) was 249,359 mcf (gross) and its price was around $ 3.45 per mcf, which now includes the value received from plant products and natural gas liquids. The net income from the underlying properties of the Waddell Ranch was $ 8,595,054 (gross) for July. Rental operating expenses were $ 2,248,498 (gross) and capital expenditures were $ 10,009,161 (gross) for July. This would put the Trust’s proceeds in deficit by $ 2,746,953 (net) for the month of July, leaving a cumulative overcost deficit of $ 18.2 million (report).

The number of productive wells resulting from activity on the Waddell Ranch properties for the month of July reflects an additional 14 (gross) completion wells as well as the previously reported number of 61 re-completion wells, bringing a total for the year of 75 (gross) reintegrated and productive wells. . The number of new boreholes in production for the month of July was 4 new boreholes as well as the previously reported new number of boreholes of 30 new boreholes, giving the total of new boreholes for the year of 34 (gross) drilled and in production. Re-completions and new boreholes are currently receiving income on new production, as evidenced by the increasing volumes noted above.

Blackbeard Operating advised the 2021 Capital Budget Trust of $ 86.6 million (raw), ($ 32.5 million net to the Trust) for the Waddell Ranch offering 91 boreholes (gross), with 24 reloads (gross).

TEXAS ROYALTY PROPERTIES

Production from the underlying Texas Royalties properties was 17,690 million cubic feet of oil and 11,870 million cubic feet of gas. The production of the portion attributed to the Texas Royalty Trust was 15,772 barrels of oil and 10,570 barrels of gas. The average price of oil was $ 71.11 per barrel and for gas was $ 8.09 by Mpi. This would mainly reflect production and prices for the month of July for oil and the month of June for gas. These allocated volumes were affected by oil and gas prices. This production and pricing of the underlying properties generated revenue for Texas royalties from $ 1,353,995. From these were deducted the taxes of $ 134,426 resulting in a net profit of $ 1,219,569 for the month of July. With the trust’s net equity interest (NPI) of 95% of the underlying properties, this would translate into a net Texas Royalties contribution of $ 1,158,591 to this month’s distribution.

Underlying properties

Net sales to trustees

Volumes

Volumes

Mean

Price

Oil

(bbls)

Gas

(Mpi)

Oil

(bbls)

Gas

(Mpi)

Oil

(per barrel)

Gas

(by Mpi)

Current month

Waddell Ranch

102,735

249,359

77,051

187,019 *

$ 71.32

$ 3.45 **

Texan royalties

17 690

11 870

15,772

10,570 *

$ 71.11

$ 8.09 **

Last month

Waddell Ranch

90 258

220 120

67,694

165,090 *

$ 70.22

$ 4.21 **

Texan royalties

17 820

9,894

15 854

8,797 *

$ 69.06

$ 7.89 **

* These volumes are net to the trust, after charging expenses against the net interest of the trust, including any adjustments from the prior period.

** This price includes sales of liquid gas products.

General and administrative expenses deducted for the month were $ 81,481 resulting in a distribution of $ 1,077,575 to 46,608,796 units in circulation, or $ 0.023119 per unit.

World market conditions continue to affect the prices of domestic production. It is difficult to predict what effect these conditions will have on future distributions.

The 2020 annual report with form 10-K and the January 1, 2021 The summary of reservations is now available on the Permian website. Permian’s cash distribution history, current and prior year financial reports, tax information booklets, and a link to statements made to the Securities and Exchange Commission all can be found found on the Permian website at http://www.pbt-permian.com/. In addition, printed reports can be requested and mailed free of charge.

View original content: https://www.prnewswire.com/news-releases/permian-basin-royalty-trust-announces-september-cash-distribution-301380468.html

SOURCE Permian Basin Royalty Trust

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