Financial Performance - Distributable income for the three months ended September 30, 2024, was $8,053,284, compared to $3,202,030 for the same period in 2023, representing an increase of 151%[10] - Royalty income for the nine months ended September 30, 2024, reached $23,175,406, up 58% from $14,598,202 in the same period of 2023[11] - Distributable income for Q3 2024 was $8,053,284 or $0.17 per Unit, compared to $3,202,030 or $0.07 per Unit in Q3 2023[29] - Distributable income for the nine months ended September 30, 2024 was $21,982,178, or $0.47 per Unit, compared to $13,703,786, or $0.29 per Unit for the same period in 2023[33] - Total net profits for the three months ended September 30, 2024, were $6,160,815, compared to $3,492,033 for the same period in 2023, reflecting an increase of approximately 76.1%[39] Assets and Liabilities - Total assets as of September 30, 2024, were $3,917,020, a decrease from $6,272,824 as of December 31, 2023[9] - Distribution payable to unit holders as of September 30, 2024, was $2,363,614, down from $4,951,350 at the end of 2023[9] - Cash and short-term investments as of September 30, 2024, totaled $3,731,395, down from $6,051,350 at the end of 2023[9] - Total trust corpus at the end of the period on September 30, 2024, was $185,625, down from $221,474 at the beginning of the period[12] Income Sources - Royalty income for the quarter ended September 30, 2024, was $8,366,375, a significant increase from $3,317,431 in the same quarter of 2023[29] - Interest income for the three months ended September 30, 2024, was $54,534, compared to $24,119 for the same period in 2023[10] - The Trust's royalty income for the quarter ended September 30, 2024, includes cash received for June, July, and August, with specific amounts not disclosed until after the NYSE notification deadline[16] Expenses - General and administrative expenditures for the nine months ended September 30, 2024, were $1,315,916, compared to $955,607 for the same period in 2023[11] - Total expenses in Q3 2024 were $367,625, up from $139,520 in Q3 2023, primarily due to increased professional services expenses[29] - Total expenses for the nine months ended September 30, 2024 amounted to $1,315,916, an increase from $955,607 during the same period in 2023[33] Capital Expenditures - Capital expenditures for drilling, remedial, and maintenance activities on the Waddell Ranch properties totaled $24.0 million (gross) in Q3 2024, down from $31.8 million (gross) in Q3 2023[33] - Total capital expenditures for the nine months ended September 30, 2024 were $67.9 million (gross), down from $96.7 million (gross) for the same period in 2023[36] - The Trust's capital expenditures for the three months ended September 30, 2024, were $24,032,607, compared to $31,841,404 for the same period in 2023, showing a decrease of approximately 24.5%[39] Commodity Prices - Average realized oil prices for Waddell Ranch properties increased to $79.91 per barrel in Q3 2024 from $70.78 per barrel in Q3 2023, while Texas Royalty properties saw an increase from $71.45 to $79.06 per barrel[29][32] - Average realized gas prices for Waddell Ranch properties decreased to $1.19 per thousand cubic feet (Mcf) in Q3 2024 from $2.03 per Mcf in Q3 2023, with Texas Royalty properties increasing from $4.18 to $10.54 per Mcf[29][32] - The average realized price of oil for Texas Royalty properties increased to $77.40 per Bbl in the nine months ended September 30, 2024, compared to $74.97 per Bbl in the same period of 2023[35] - The average realized price of gas for Texas Royalty properties increased from $4.77 per Mcf in the nine months ended September 30, 2023 to $9.69 per Mcf in the same period of 2024[35] Operational Challenges - Blackbeard Operating, LLC has not provided necessary information for calculating net proceeds for monthly distributions since May 2024, affecting distribution timing[19] - The Trust has faced delays in distributions due to Blackbeard's refusal to provide necessary information, which has resulted in a month-long delay in net proceeds distribution[47] - The Trust is currently involved in legal proceedings against Blackbeard, seeking to recover over $25 million in damages related to alleged improper deductions from royalty payments[45] Accounting and Reporting - The Trust's financial statements differ from GAAP, as revenues are not accrued in the month of production and expenses are recorded when paid[16] - There have been no significant changes to the Trust's critical accounting policies during the nine months ended September 30, 2024[40] - The Trust's forward-looking statements are subject to risks and uncertainties, including oil and gas prices and recoverability of reserves[26]

Cash Distribution - The cash distribution for September 2024 is declared at $0.050711 per unit, payable on October 15, 2024, to unit holders of record on September 30, 2024[1]. - The distribution decreased from the previous month due to lower proceeds from Waddell Ranch properties, with August proceeds amounting to $934,450[1]. - General and Administrative Expenses deducted for the month were $54,550, leading to a total distribution of $2,363,614 to 46,608,796 units outstanding[2]. Production and Revenue - Production from Texas Royalty Properties was 20,846 barrels of oil and 7,012 Mcf of gas, with the Trust's allocated portion being 18,843 barrels of oil and 6,337 Mcf of gas[2]. - The average price for oil was $79.03 per bbl and for gas was $10.00 per Mcf, reflecting production and pricing in June for oil and May for gas[2]. - Revenues for Texas Royalty Properties totaled $1,717,563, with taxes and expenses of $155,804, resulting in a net profit of $1,561,759 for September[1]. - The Trust's Net Profit Interest (NPI) of 95% from Texas Royalty Properties contributed $1,483,671 to this month's distribution[1]. 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[2]. - The preliminary trial date for the lawsuit is set for April 21, 2025[2]. Reporting - The 2023 Annual Report with Form 10-K is available on Permian's website, including financial reports and tax information[2].

Distribution Announcement - Argent Trust Company declared a cash distribution of $0.070169 per unit for the Permian Basin Royalty Trust, payable on August 14, 2024, to unit holders of record on July 31, 2024 [2] - The distribution includes proceeds from June amounting to $2,177,289 but does not include current month proceeds from Waddell Ranch properties [2][10] Production and Revenue Details - Production for Texas Royalty Properties was 15,751 barrels of oil and 6,626 Mcf of gas, with the Trust's allocated portion being 14,033 barrels of oil and 5,905 Mcf of gas [11] - Average prices were $80.60 per barrel for oil and $10.48 per Mcf for gas, reflecting production and pricing from previous months [11] - Revenues for Texas Royalty Properties totaled $1,338,989, with taxes deducted amounting to $145,263, resulting in a net profit of $1,193,726 for July [11] Comparison with Previous Month - The current month's distribution slightly decreased from the previous month due to lower proceeds from Waddell Ranch properties and reduced oil and gas prices and production [9] - Prior month production figures were 16,053 barrels of oil and 6,912 Mcf of gas, with average prices of $82.22 per barrel for oil and $10.63 per Mcf for gas [12] Legal Matters - The Trustee is seeking to recover over $15 million in damages due to alleged improper deductions from royalty payments, with ongoing audits revealing exceptions to certain expenses [7] - A lawsuit has been initiated against Blackbeard Operating, LLC, with a preliminary trial date set for April 21, 2025 [14]

Cash Distribution - The cash distribution declared for June 2024 is $0.072743 per unit, payable on July 15, 2024, to unit holders of record on June 28, 2024[3]. - General and Administrative Expenses for the month were $40,933, leading to a total distribution of $3,390,470 to 46,608,796 units outstanding[8]. Production and Revenue - Production from Texas Royalty Properties was 16,053 barrels of oil and 6,912 Mcf of gas, generating revenues of $1,393,281 after deducting taxes of $146,588, resulting in a net profit of $1,246,693 for June[6]. - The Trust's Net Profit Interest (NPI) of 95% from Texas Royalty Properties contributed $1,184,358 to this month's distribution[6]. - The distribution increased from the previous month primarily due to May proceeds from Waddell Ranch properties amounting to $2,247,045, despite lower oil and gas production[4]. - The average price for oil was $82.22 per bbl and for gas was $10.63 per Mcf, reflecting market conditions impacting pricing[6]. Legal Matters - The Trustee has initiated a lawsuit against Blackbeard Operating, LLC, seeking to recover over $15 million in damages due to alleged improper deductions from royalty payments[9][10]. - A preliminary trial date for the lawsuit has been set for April 21, 2025[9]. Market Conditions - The ongoing market conditions continue to affect pricing for domestic production, making future distributions difficult to predict[8]. - The Trust's cash distribution history and financial reports are available on its website, including the 2023 Annual Report with Form 10-K[11].

Core Points - Argent Trust Company, as Trustee of the Permian Basin Royalty Trust, announced receipt of proceeds amounting to $2,247,045 from the Waddell Ranch Properties, which will be included in the June 2024 distribution calculation [1] - Blackbeard Operating, LLC, the operator of the Waddell Ranch Properties, did not provide supporting documentation regarding production, pricing, or deductions from gross proceeds, which is contrary to historical practice [2] - The Trustee has initiated a lawsuit against Blackbeard to recover over $15 million in damages due to alleged impermissible deductions from royalty payments [3][4] - The Trustee's audit for the period from 2020-2022 identified exceptions to certain expenses deducted from royalty payments, including incorrect overhead charges and duplicate charges [4] - The 2023 Annual Report with Form 10-K, including the Reserve Summary, is available on the Permian's website, along with financial reports and tax information [5]

DALLAS, May 20, 2024 /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 $0.020052 per unit, payable on June 14, 2024, to unit holders of record on May 31, 2024. The distribution does not include proceeds from the Waddell Ranch properties for the reasons described in more detail below. This month's distribution decreased from the previous month due m ...

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 March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period to________ Commission File Number: 001-08033 PERMIAN BASIN ROYALTY TRUST (Exact name of registrant as Specified in the Permian Basin Trust Indentur ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Exact Name of Registrant as Specified in the Permian Basin Royalty Trust Indenture) (State or Other Jurisdiction of Incorporation or Organization) FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-803 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period ended September 30, 2023 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _________ to ________ Commission file number 1-8033 PERMIAN BASIN ROYALTY TRUST (Exact Name of Registrant as Specified in the Permian Basin Royalty Trust Indenture) Tex ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period ended June 30, 2023 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number 1-8033 PERMIAN BASIN ROYALTY TRUST (Exact Name of Registrant as Specified in the Permian Basin Royalty Trust Indenture) (855) 588-7839 (Registrant' ...