Core Viewpoint - Argent Trust Company, as Trustee of the Permian Basin Royalty Trust, has reached a settlement with Blackbeard Operating, LLC regarding a lawsuit over royalty payments, resulting in a total payment of $9 million to the Trust [1][2]. Group 1: Settlement Details - Blackbeard will pay the Trust $9 million, with $4.5 million due within 30 days and the remaining $4.5 million paid in four quarterly installments of $1.125 million throughout 2026 [2]. - The settlement establishes an overhead rate for charges to the Trust and allows Blackbeard to pass through certain third-party charges, including salt water disposal and technical labor costs [3]. Group 2: Future Implications - The agreement prevents the Trust from making future claims for lost volumes due to ordinary line loss and allows for annual site audits at the Trust's expense [3]. - Blackbeard is required to provide agreed reporting to the Trustee moving forward, which aims to enhance predictability in future royalty payments [4].

Core Viewpoint - Argent Trust Company declared a cash distribution of $0.016418 per unit for the Permian Basin Royalty Trust, with the distribution date set for September 15, 2025, and record date on August 29, 2025. The distribution does not include proceeds from the Waddell Ranch properties due to production costs exceeding gross proceeds for July 2025 [1][4]. Distribution Summary - The current month's distribution increased compared to the previous month, primarily due to higher natural oil volumes from Texas Royalty Properties, although this was partially offset by lower natural gas volumes and decreased oil and gas pricing [2]. - The total production for Texas Royalty Properties was 16,672 barrels of oil and 9,952 Mcf of gas, with the Trust's allocated portion being 14,645 barrels of oil and 8,742 Mcf of gas. The average prices were $62.02 per barrel for oil and $7.53 per Mcf for gas, leading to revenues of $1,109,052 after deducting taxes and expenses [5][6]. Waddell Ranch Properties - Blackbeard Operating, LLC has not provided necessary information for calculating net profits interest (NPI) proceeds for August 2025, which affects the distribution. If NPI proceeds are received by the record date, they will be included in the September distribution [3][4]. - All excess costs from the Waddell Ranch properties must be recovered through future proceeds before any distributions can be made to the Trust. Blackbeard is now providing production, pricing, and cost information quarterly instead of monthly [4][8]. Legal Matters - The Trustee has filed a lawsuit against Blackbeard for over $9 million in damages, alleging improper calculations and deductions related to royalties owed to the Trust. The trial is scheduled for November 17, 2025 [10][11].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period to________ ( State or other jurisdiction of incorporation or organization) Texas 75-6280532 (I.R.S. Employer Identification No.) Argent Trust Compan ...

Notwithstanding requests from the Trustee to Blackbeard Operating, LLC ("Blackbeard"), the operator of the Waddell Ranch properties, and the fact that prior to May 2024, Blackbeard has provided this information on a monthly basis since Argent Trust Company has become Trustee of the Trust, Blackbeard has refused to provide the Trustee information necessary to calculate the net profits interest ("NPI") proceeds for July 2025 as of the announcement date for this month's distribution. As a result of Blackbeard' ...

DALLAS, July 21, 2025 /PRNewswire/ -- Argent Trust Company, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) ("Permian" or the "Trust") today declared a cash distribution to the holders of its units of beneficial interest of $0.015311 per unit, payable on August 14, 2025, to unit holders of record on July 31, 2025. The distribution does not include proceeds from the Waddell Ranch properties, as total production costs ("Production Costs") exceeded gross proceeds ("Gross Proceeds") for the month of M ...

Core Viewpoint - Argent Trust Company declared a cash distribution of $0.012976 per unit for the Permian Basin Royalty Trust, with the distribution affected by production costs exceeding gross proceeds from the Waddell Ranch properties [1][2]. Distribution Summary - The cash distribution decreased compared to the previous month due to lower natural gas volumes and oil pricing, although higher oil volumes and natural gas pricing partially offset these declines [2]. - The total distribution amount is $604,826, distributed among 46,608,796 units outstanding, resulting in a per-unit distribution of $0.012976 [9]. Waddell Ranch Properties - The Trustee has not received necessary information from Blackbeard Operating, LLC to calculate net profits interest (NPI) proceeds for June 2025, which affects the distribution [3][4]. - No proceeds were received from the Waddell Ranch properties in May 2025, and all excess costs must be recovered from future proceeds before any distribution can occur [4]. - Blackbeard is now providing production, pricing, and cost information quarterly instead of monthly, impacting the reporting schedule for the Trust [4][8]. Texas Royalty Properties - Production from Texas Royalty Properties was 16,367 barrels of oil and 9,392 Mcf of gas, with the Trust's allocated portion being 14,430 barrels of oil and 8,278 Mcf of gas [5]. - The average price for oil was $65.46 per barrel and for gas was $9.48 per Mcf, leading to revenues of $1,160,353 after deducting taxes and expenses [5][6]. Legal Matters - The Trustee filed a Second Amended Petition against Blackbeard in connection with a lawsuit regarding alleged improper calculations and payments of royalties, seeking over $9 million in damages [10][11]. - The trial date is set for November 17, 2025, with ongoing discovery related to the case [10].

DALLAS, May 27, 2025 /PRNewswire/ -- Argent Trust Company, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) ("Permian" or the "Trust") today announced that it has filed a Second Amended Petition in the District Court of Tarrant County, Texas in connection with its lawsuit against Blackbeard Operating, LLC ("Blackbeard"), the operator of properties in the Waddell Ranch, in Crane County, Texas, in which the Trust holds a 75% net overriding royalty.Under the Second Amended Petition, the Trustee seeks ...

Cash Distribution - The cash distribution declared by the Permian Basin Royalty Trust is $0.019615 per unit, payable on May 14, 2025, to unit holders of record on April 30, 2025[2]. Production and Revenue - Production for the Texas Royalty Properties was 17,157 barrels of oil and 10,093 Mcf of gas, resulting in revenues of $1,351,295 after deducting taxes and expenses of $147,465, leading to a net profit of $1,203,830 for April[6]. - The Trust's net profit interest (NPI) of 95% from the Texas Royalty Properties contributed $1,143,639 to this month's distribution[6]. - The average price for oil was $71.97 per barrel and for gas was $11.54 per Mcf, reflecting significant pricing increases compared to the previous month[6]. Expenses and Distribution - General and Administrative Expenses for the month were $229,374, resulting in a total distribution of $914,265 to 46,608,796 units outstanding[9]. Litigation and Operational Issues - The Trust is currently facing an excess cost position for the Waddell Ranch properties, as production costs exceeded gross proceeds for March 2025[2]. - Blackbeard, the operator of the Waddell Ranch properties, has not provided necessary information for calculating net profits interest, leading to delays in reporting[4]. - The Trust has initiated litigation against Blackbeard seeking to recover over $25 million in damages related to disputed overhead costs and other expenses[11]. - The trial date for the ongoing litigation is scheduled for November 17, 2025[10]. Market Conditions - Future distributions may be affected by worldwide market conditions, making predictions challenging[9].

DALLAS, May 19, 2025 /PRNewswire/ -- Argent Trust Company, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) ("Permian" or the "Trust") today declared a cash distribution to the holders of its units of beneficial interest of $0.018841 per unit, payable on June 13, 2025, to unit holders of record on May 30, 2025. The distribution does not include proceeds from the Waddell Ranch properties, as total production costs ("Production Costs") exceeded gross proceeds ("Gross Proceeds") for the month of April ...

Financial Performance - Distributable income for the three months ended March 31, 2025, was $2,596,212, down 52.8% from $5,492,206 for the same period in 2024[19] - Distributable income per Unit was $0.06 for the three months ended March 31, 2025, down from $0.12 for the same period in 2024, indicating a 50% decrease[19] - Royalty income decreased to $3,054,697 for the three months ended March 31, 2025, compared to $6,005,642 for the same period in 2024, reflecting a decline of 49.2%[19] - Interest income for the three months ended March 31, 2025, was $16,523, down from $39,048 for the same period in 2024, a decline of approximately 57.7%[19] - The Trust's distribution payable to Unitholders decreased to $848,624 as of March 31, 2025, from $1,022,585 as of December 31, 2024, a decrease of about 16.9%[17] Assets and Liabilities - Total assets as of March 31, 2025, were $2,112,389, a decrease from $2,286,992 as of December 31, 2024, representing a decline of approximately 7.6%[17] - Total liabilities as of March 31, 2025, were $1,948,624, down from $2,122,585 as of December 31, 2024, a decrease of approximately 8.2%[17] - The Trust's cash and short-term investments were $1,948,624 as of March 31, 2025, compared to $2,122,585 as of December 31, 2024, a decline of about 8.2%[17] - The Trust's total trust corpus at the end of the period was $163,765, down from $209,625 at the end of the same period in 2024, a decrease of about 21.9%[21] Operational Costs - General and administrative expenditures for the three months ended March 31, 2025, were $475,008, a decrease from $552,484 in the same period of 2024, reflecting a reduction of approximately 14%[19] - Lease operating expenses and property taxes for the Waddell Ranch properties were $21.4 million in Q1 2025, a decrease from $22.8 million in Q1 2024[68] - Trustee fees for the period ending March 31, 2025, were $31,365, a slight decrease from $32,628 in the same period of 2024[49] Commodity Prices - Average realized oil prices for the Waddell Ranch properties decreased from $73.08 per barrel in Q1 2024 to $68.83 per barrel in Q1 2025, while gas prices fell from $2.01 per thousand cubic feet to $1.66[57] - The Texas Royalty properties also saw a decline in average realized oil prices from $75.17 per barrel in Q1 2024 to $68.96 per barrel in Q1 2025, and gas prices decreased from $9.09 per thousand cubic feet to $8.61[57] - The Trust's income and distributions are significantly influenced by commodity prices, which have shown volatility due to geopolitical conditions and market uncertainties[52] Legal Proceedings - The Trustee filed a complaint against Blackbeard Operating, LLC seeking to recover over $15 million in damages due to alleged improper deductions from royalty payments[78] - The lawsuit was voluntarily dismissed on March 5, 2024, but a new petition was filed on May 8, 2024, seeking damages exceeding $25 million related to additional claims[78] - Blackbeard's counterclaim includes requests for declaratory judgment regarding disputed overhead charges and limitations on information provided to the Trust[78] - The trial date for the ongoing legal proceedings is set for November 17, 2025[78] - There are no material pending legal proceedings other than the aforementioned lawsuit[79] Risk Factors - Risk factors related to the Trust are detailed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024, with no material changes reported[80] - The Trust does not have any directors or officers, thus no trading arrangements were adopted or terminated[82]