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, June 20, 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 $0.012976 per unit, payable on July 15, 2025, to unit holders of record on June 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 Apr ...

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 ...

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]

Cash Distribution - The cash distribution declared by the Permian Basin Royalty Trust is $0.020510 per unit, payable on February 14, 2025, to unit holders of record on January 31, 2025[2]. - General and Administrative Expenses for the month were $76,189, resulting in a total distribution of $955,953 to 46,608,796 units outstanding[8]. Production and Revenue - Production from the Texas Royalty Properties was 16,839 barrels of oil and 9,283 Mcf of gas, generating revenues of $1,228,673 after deducting taxes and expenses[6]. - The average price for oil was $67.69 per barrel and for gas was $9.56 per Mcf, reflecting a decrease from the prior month[7]. - The distribution decreased slightly from the previous month due to lower oil volumes and prices, despite higher gas volumes reported[3]. Costs and Expenses - Excess costs for the Waddell Ranch properties totaled $4,987,682 for October, with $3,740,762 net to the Trust, indicating a continuing excess cost position[5]. Legal Matters - The Trust is currently involved in litigation against Blackbeard Operating, seeking to recover over $25 million in damages related to disputed overhead costs and royalty payments[10][11]. - The Trustee has initiated audits and legal actions to address discrepancies in royalty payments and overhead charges[11]. Future Outlook - The Trust's future distributions may be affected by ongoing worldwide market conditions, making predictions difficult[9]. - The Trustee's net profit interest from the Texas Royalty Properties contributed $1,032,142 to this month's distribution[6].

Core Points - Argent Trust Company declared a cash distribution of $0.018047 per unit for the Permian Basin Royalty Trust, payable on April 14, 2025, to unit holders of record on March 31, 2025 [1] - The distribution increased slightly from the previous month due to higher oil and natural gas volumes from Texas Royalty Properties, despite lower natural gas pricing [2] - The Waddell Ranch properties did not contribute to the distribution as production costs exceeded gross proceeds for February 2025 [1][4] Texas Royalty Properties - Production from Texas Royalty Properties was 16,839 barrels of oil and 10,659 Mcf of gas, with the Trust's allocated portion being 14,957 barrels of oil and 9,462 Mcf of gas [5] - The average price for oil was $70.81 per barrel and for gas was $7.88 per Mcf, leading to revenues of $1,276,384 after deducting taxes and expenses of $137,983, resulting in a net profit of $1,138,401 for March [5][8] - The Trust's net profit interest of 95% from the Texas Royalty Properties contributed $1,081,481 to this month's distribution [5] Waddell Ranch Properties - Blackbeard, the operator of the Waddell Ranch properties, has not provided necessary information for calculating net profits interest proceeds for March 2025, affecting the distribution [3][4] - All excess costs from the Waddell Ranch properties must be recovered by future proceeds before any distribution can occur [4] - The Trustee will now receive production, pricing, and cost information quarterly instead of monthly, impacting future reporting [4][7] Legal Matters - The Trustee has initiated a lawsuit against Blackbeard Operating, seeking to recover over $15 million in damages due to alleged improper deductions from royalty payments [10][11] - The trial is scheduled for November 17, 2025, with ongoing discovery and audits related to the Waddell Ranch properties [10] - The Trustee's claims have been amended to seek damages exceeding $25 million, with attempts to resolve disputes outside of court having been unsuccessful [11]

Royalty Income and Expenditures - Total royalty income for the Trust in 2024 was $26,963,365, a decrease of 7.2% from $29,010,704 in 2023 and a significant drop of 50.5% from $54,417,857 in 2022[167] - Oil royalty income accounted for 90% of total royalty income in 2024, amounting to $24,267,029, while gas royalty income was $2,696,336, representing 10%[167] - Royalty Income for 2024 was $26,963,365, a decrease of 7.2% from $29,010,704 in 2023 and a significant drop from $54,417,857 in 2022[212] - Total Income for 2024 was $27,114,144, down 6.8% from $29,096,583 in 2023[212] - Distributable income for 2024 was $25,415,368, or $0.55 per Unit, down from $27,978,487, or $0.60 per Unit in 2023[178][179] - Distribution payable to unit holders fell to $1,022,585 in 2024 from $4,951,350 in 2023, a decrease of about 79%[210] - The royalty distributable income for the second quarter of 2024 was $8,436,688, representing a 46.2% increase from $5,761,142 in the second quarter of 2023[264] - The total royalty distributable income for the third quarter of 2024 was $8,053,284, a decrease of 0.6% from $3,202,030 in the third quarter of 2023[264] - The distribution per unit for the fourth quarter of 2024 was $0.073658, down from $0.306265 in the fourth quarter of 2023[264] - The Trust declared a distribution of $0.020510 per unit for January 2025, and $0.017144 per unit for February 2025[270] Production and Sales - Average daily oil sales for the underlying properties in 2024 were 7,981 Bbls, a slight decrease from 8,090 Bbls in 2023[167] - Average daily gas sales for the underlying properties in 2024 were 44,523 Mcf, an increase from 44,340 Mcf in 2023[167] - Total oil sales for Texas Royalty properties in Q4 2024 were 52,411 Bbls, while total gas sales were 21,526 Mcf[182] - Oil production for Texas Royalty properties increased in Q4 2024 compared to the same period in 2023, although specific production figures were not disclosed[183] Financial Performance - Cash and short-term investments decreased to $2,122,585 in 2024 from $6,051,350 in 2023, a reduction of approximately 65%[210] - General and Administrative Expenditures increased to $1,698,776 in 2024 from $1,118,096 in 2023, representing a rise of 52%[212] - The Trust's total expenditures for 2024 were $1,698,776, consistent with the General and Administrative Expenditures[212] - Professional fees increased significantly to $895,520 in 2024, up from $456,657 in 2023, indicating higher operational costs[269] Asset Valuation and Reserves - The Trust's total proved oil reserves increased from 11,553 thousand barrels on December 31, 2022, to 11,662 thousand barrels on December 31, 2023, representing a growth of 0.9%[260] - The Trust's total proved gas reserves rose from 25,737 thousand Mcf on December 31, 2022, to 28,763 thousand Mcf on December 31, 2023, indicating an increase of 11.8%[260] - The standardized measure of discounted future net cash inflows decreased from $508,549 thousand in 2023 to $371,366 thousand in 2024, a decline of 27.0%[262] - The future net cash inflows for 2024 are estimated at $643,652 thousand, down from $897,415 thousand in 2023, reflecting a decrease of 28.3%[262] - The Trust's total proved reserves as of December 31, 2024, are projected to be 12,237 BOE, reflecting a decrease from 16,456 BOE in 2023[260] Market Conditions - Average price of oil decreased to $75.88 per barrel in 2024 from $76.72 in 2023, and the average price of gas fell to $1.45 per Mcf from $2.40[167] - For Texas Royalty properties, the average price per barrel of oil decreased to $74.57 in Q4 2024 from $83.22 in Q4 2023, a decline of approximately 10%[183] - The average price of gas for Texas Royalty properties increased significantly to $10.79 per Mcf in Q4 2024 from $4.13 in Q4 2023, an increase of about 161%[183] Trust Operations - The Trust did not receive any royalty income from the Waddell Ranch properties for October and November of 2024 due to an NPI deficit[235] - For the year ended December 31, 2024, excess costs for the Waddell Ranch properties amounted to $13,500,104, with $10,125,078 net to the Trust[240] - Accrued interest related to excess costs at the end of 2024 was $123,252, with $92,439 net to the Trust[240] - The Trust's accumulated amortization as of December 31, 2024, was $10,810,809, compared to $10,753,742 in 2023[237] - There was no impairment of the assets as of December 31, 2024, indicating stable asset valuation despite market fluctuations[186] Tax Environment - The Trust expects to continue being exempt from Texas franchise tax as a passive entity, benefiting unit holders[266] - The Trust's revenue is sourced from Texas, which does not impose an individual income tax, providing a favorable tax environment for unit holders[266]

Core Viewpoint - Argent Trust Company declared a cash distribution of $0.017144 per unit for the Permian Basin Royalty Trust, with the distribution affected by production costs exceeding gross proceeds from the Waddell Ranch properties [1][4]. Distribution Summary - The cash distribution decreased slightly from the previous month due to lower oil volumes and natural gas pricing from Texas Royalty Properties, although this was partially offset by higher gas volumes and slightly higher oil pricing [2]. - The total distribution amount to be paid on March 14, 2025, is $799,086, distributed among 46,608,796 units outstanding [8]. Waddell Ranch Properties - The Trustee has not received necessary information from Blackbeard, the operator of the Waddell Ranch properties, to calculate net profits interest (NPI) proceeds for February 2025, which affects the 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 [4]. Texas Royalty Properties - Production for Texas Royalty Properties was reported at 15,307 barrels of oil and 9,971 Mcf of gas, with the Trust's allocated portion being 13,469 barrels of oil and 8,774 Mcf of gas [5]. - The average price for oil was $68.37 per barrel and for gas was $8.38 per Mcf, leading to revenues of $1,130,112 after deducting taxes and expenses [5][6]. Legal Matters - The Trustee has initiated a lawsuit against Blackbeard for over $15 million in damages due to alleged improper deductions from royalty payments, with the trial scheduled for November 17, 2025 [9][10]. - The lawsuit includes claims for additional damages exceeding $25 million related to audits from 2023 and production volumes [10].

Cash Distribution - The cash distribution for October 2024 is declared at $0.029986 per unit, payable on November 15, 2024, to unit holders of record on October 31, 2024[1]. - The distribution decreased from the previous month due to lower proceeds from Waddell Ranch properties and decreased oil volumes and prices, partially offset by higher gas volumes and prices[1]. - General and Administrative Expenses for the month were $105,091, leading to a total distribution of $1,397,649 to 46,608,796 units outstanding[3]. Production and Revenue - Production from Texas Royalty Properties was 17,969 barrels of oil and 7,932 Mcf of gas, with the Trust's allocated portion being 16,103 barrels of oil and 7,106 Mcf of gas[2]. - Revenues for Texas Royalty Properties amounted to $1,466,585, with taxes and expenses of $166,627, resulting in a net profit of $1,299,958 for October[1]. - The Trust's Net Profit Interest (NPI) of 95% from Texas Royalty Properties contributed $1,234,959 to this month's distribution[1]. - The average price for oil was $77.19 per barrel and for gas was $10.02 per Mcf, reflecting production and pricing from July and June respectively[2]. Legal Matters - The Trustee has initiated a lawsuit against Blackbeard Operating, LLC, seeking to recover over $25 million in damages related to disputed overhead costs and other expenses[3]. - The preliminary trial date for the lawsuit is set for April 21, 2025[3]. Reporting - The 2023 Annual Report with Form 10-K is available on the company's website, including financial reports and tax information[3].

Core Points - The Permian Basin Royalty Trust declared a cash distribution of $0.021939 per unit, payable on January 15, 2025, to unit holders of record on December 31, 2024, but this distribution does not include proceeds from the Waddell Ranch properties due to excess production costs exceeding gross proceeds for November 2024 [11][19] - The Texas Royalty Properties experienced increased oil and gas volumes, contributing to a slight increase in this month's distribution, although this was partially offset by lower oil and gas prices [2] - Production figures for the Texas Royalty Properties included 18,407 barrels of oil and 7,073 Mcf of gas, with revenues totaling $1,381,893 after deducting taxes and expenses [3][19] Financial Summary - The excess costs for the underlying properties in October totaled $4,987,682, with $3,740,762 net to the Trust, including accrued interest of $33,031 [1] - The net profit from the Texas Royalty Properties for December was $1,237,019, leading to a net contribution of $1,175,168 to the distribution [3] - General and administrative expenses deducted for the month were $152,583, resulting in a total distribution of $1,022,585 to 46,608,796 units outstanding [19] Production and Pricing - The average price for oil was $70.83 per barrel and for gas was $11.05 per Mcf, reflecting production and pricing from previous months [3][8] - The production volumes for the current month showed an increase compared to the prior month, with oil volumes rising from 16,035 barrels to 18,407 barrels [8] Legal and Operational Issues - The Trustee has initiated a lawsuit against Blackbeard Operating, LLC, seeking to recover over $25 million in damages related to alleged improper deductions from royalty payments [9][20] - Blackbeard has not provided necessary information for calculating net profits interest proceeds for December 2024, which may affect future distributions [7]