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]

Core Viewpoint - Argent Trust Company declared a cash distribution of $0.020052 per unit for the Permian Basin Royalty Trust, which is a decrease from the previous month primarily due to the omission of proceeds from the Waddell Ranch properties and lower production volumes from Texas Royalty Properties [1][2]. Distribution Details - The cash distribution is payable on June 14, 2024, to unit holders of record on May 31, 2024 [1]. - The distribution amount reflects a decrease from the prior month, attributed to the lack of proceeds from Waddell Ranch and reduced production volumes for oil and gas, although higher prices for both commodities partially offset these declines [2]. Waddell Ranch Properties - Blackbeard Operating, LLC, the operator of the Waddell Ranch properties, has not provided necessary information for calculating net profits interest (NPI) proceeds, leading to their exclusion from the current distribution [3]. - If NPI proceeds are received by the record date, they will be included in the June distribution instead of May [3]. Texas Royalty Properties - Production from Texas Royalty Properties was reported at 16,335 barrels of oil and 7,699 Mcf of gas, with the Trust's allocated portion being 14,569 barrels of oil and 6,865 Mcf of gas [4]. - The average prices for oil and gas were $78.00 per barrel and $11.16 per Mcf, respectively, leading to revenues of $1,360,024 after deducting taxes of $142,874, resulting in a net profit of $1,217,150 for May [4][5]. Financial Summary - General and administrative expenses for the month totaled $221,657, resulting in a total distribution of $934,635 to 46,608,796 units outstanding [7]. - The current market conditions continue to impact pricing for domestic production, making future distribution predictions challenging [7]. Legal Actions - 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 [8][9]. - The lawsuit stems from audits revealing exceptions to expenses deducted from royalty payments, including incorrect overhead charges and duplicate charges [9].

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 ...

Financial Performance - Distributable income for the three months ended June 30, 2023, was $5,761,142, a decrease of 21.6% compared to $7,358,308 for the same period in 2022[18] - Distributable income per Unit for the three months ended June 30, 2023, was $0.12, down from $0.16 in the prior year, reflecting a decline of 25%[18] - For the six months ended June 30, 2023, total distributable income was $10,501,757, a decrease of 5.3% from $11,093,002 in the same period of 2022[20] - Distributable income for the quarter ended June 30, 2023, was $5,761,142, or $0.12 per Unit, compared to $7,358,308, or $0.16 per Unit, in the same quarter of 2022[52] - Distributable income for the six months ended June 30, 2023, was $10,501,757, or $0.23 per Unit, compared to $11,093,002, or $0.24 per Unit for the same period in 2022[62] Revenue and Income Sources - Royalty income for the three months ended June 30, 2023, was $6,074,170, down 20.4% from $7,630,221 in the same period of 2022[18] - For the six months ended June 30, 2023, royalty income was $11,280,772, down from $11,708,866 in the same period of 2022, due to decreased oil and gas pricing[59] - Royalty income for the three months ended June 30, 2023, was $2,421,767 from Waddell Ranch properties and $3,652,403 from Texas Royalty properties, compared to $2,886,454 and $4,743,767 respectively in 2022[70] Assets and Liabilities - As of June 30, 2023, total assets increased to $3,741,658 from $3,134,877 as of December 31, 2022, representing a growth of approximately 19.4%[16] - The cash and short-term investments increased to $3,542,225 as of June 30, 2023, compared to $2,855,444 at the end of 2022, marking an increase of approximately 24%[16] - The total Trust Corpus at the end of the period was $199,433, down from $279,433 at the end of 2022, reflecting a decrease of 28.6%[16] Expenses - General and administrative expenditures for the three months ended June 30, 2023, were $335,992, an increase of 22.8% compared to $273,698 in the prior year[18] - Total expenses for the quarter ended June 30, 2023, were $335,992, an increase from $273,698 in the same quarter of 2022, attributed to higher professional services and printing costs[51] - Lease operating expenses and property taxes for the second quarter of 2023 totaled $16.5 million, compared to $10.3 million in the same period of 2022, reflecting increased maintenance work[58] - Lease operating expenses and property taxes increased to $32.8 million for the six months ended June 30, 2023, from $19.8 million in 2022, primarily due to higher spending on facilities and maintenance[68] Capital Expenditures - Capital expenditures for drilling and maintenance activities on the Waddell Ranch properties totaled $29.7 million in the second quarter of 2023, compared to approximately $32 million in the same period of 2022[56] - Capital expenditures for drilling and maintenance activities on the Waddell Ranch properties totaled $64.9 million for the six months ended June 30, 2023, compared to $52.5 million in 2022[66] - The Trust's capital expenditures budget for the Waddell Ranch properties for 2023 is projected at $96.8 million[66] - A total of 22.2 workover wells and 13.2 new wells were completed on the Waddell Ranch properties during the six months ended June 30, 2023, compared to 22.9 workover wells and 21 new wells in 2022[67] Oil and Gas Prices - Average oil prices for the quarter ended June 30, 2023, were $73.73 per barrel, down from $101.24 per barrel in the same quarter of 2022, while average gas prices decreased from $5.33 per Mcf to $2.11 per Mcf[53] - Average price per barrel of oil decreased to $75.61 in 2023 from $89.15 in 2022, and average price per Mcf of gas dropped to $2.65 from $4.89[63] Other Financial Metrics - Interest income for the six months ended June 30, 2023, was $37,071, significantly higher than $3,018 in the same period of 2022, due to increased funds available for investment[61] - The Trust declared a distribution of $0.021749 per Unit on July 21, 2023, payable on August 14, 2023, to unitholders of record on July 31, 2023[44] - The amortization of net overriding royalty interests for the six months ended June 30, 2023, was $80,000, compared to $26,603 in the same period of 2022, indicating a significant increase in amortization expenses[24] Accounting and Regulatory - The Trust has not engaged in any new accounting pronouncements that are expected to significantly impact its financial statements[73]

Financial Performance - Distributable income for the three months ended March 31, 2023, was $4,740,615, an increase of 27% compared to $3,734,694 for the same period in 2022[19] - Royalty income for the three months ended March 31, 2023, was $5,206,602, up 27.7% from $4,078,645 in the prior year[19] - Distributable income per Unit increased to $0.10 for the three months ended March 31, 2023, compared to $0.08 for the same period in 2022, reflecting a 25% increase[19] - For the quarter ended March 31, 2023, royalty income was $5,206,602, an increase from $4,078,645 in the same quarter of 2022, primarily due to higher oil and natural gas production and pricing[44] - Distributable income for Q1 2023 was $4,740,615, or $0.10 per Unit, compared to $3,734,694, or $0.08 per Unit in Q1 2022[46] Asset and Liability Overview - As of March 31, 2023, total assets of the Permian Basin Royalty Trust were $2,438,565, a decrease from $3,134,877 as of December 31, 2022, representing a decline of approximately 22.2%[17] - Cash and short-term investments decreased to $2,199,132 as of March 31, 2023, down from $2,855,444 at the end of 2022, a reduction of approximately 23%[17] - Distribution payable to Unit holders was $1,099,132 as of March 31, 2023, down from $1,755,444 at December 31, 2022, indicating a decrease of about 37.4%[17] - The Trust's total liabilities and trust corpus remained unchanged at $2,438,565 as of March 31, 2023, consistent with the total as of December 31, 2022[17] - The Trust's total trust corpus at the end of the period was $239,433, down from $336,545 in the prior year, representing a decrease of about 29%[21] Operational Metrics - Average oil price for the quarter was $77.63 per barrel, up from $75.95 per barrel in Q1 2022, while average gas price decreased to $3.19 per Mcf from $4.52 per Mcf[44][47] - Oil sales volume increased to 519,492 barrels in Q1 2023 from 377,243 barrels in Q1 2022, while gas sales volume increased to 2,829,662 Mcf from 2,180,498 Mcf[47] - Capital expenditures for drilling and maintenance activities on Waddell Ranch properties totaled $35.2 million in Q1 2023, compared to $20.5 million in Q1 2022[49] Expenses and Expenditures - General and administrative expenditures for the three months ended March 31, 2023, were $480,094, compared to $345,184 in the same period of 2022, reflecting a 39% increase[19] - Total expenses for Q1 2023 were $480,094, up from $345,184 in Q1 2022, mainly due to increased professional services expenses[45] Tax and Regulatory Matters - The Trust expects to continue being exempt from Texas franchise tax as a passive entity, benefiting Unit holders[37] - The Trust's disclosure controls and procedures are effective in ensuring timely reporting of required information under the Securities Exchange Act of 1934[57] - No material changes to the Trust's risk factors have occurred during the three months ended March 31, 2023[60] - The evaluation of the Trust's internal control over financial reporting has not revealed any material changes that could affect its effectiveness[57] Other Financial Considerations - The cumulative net profit interest (NPI) deficit for Waddell Ranch properties was $411,735 as of March 31, 2023, which must be recovered before any proceeds are paid to the Trust[52] - The Trust's income and distributions are significantly influenced by commodity prices, which are subject to volatility due to various market factors[42]