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Permianville Royalty Trust(PVL) - 2024 Q1 - Quarterly Report
2024-05-14 20:15
Trust Assets and Revenue - The Trust's only asset is the net profits interest, which entitles it to receive 80% of the net profits from oil and natural gas production from specific properties in Texas, Louisiana, and New Mexico [66]. - The Trust's revenues and cash distributions depend on oil and natural gas sales prices, production volumes, and development costs [71]. - Net profits attributable to the Underlying Properties for Q1 2024 were $0.2 million, a decrease of 96% from $4.9 million in Q1 2023 [84]. - Total gross profits for Q1 2024 were $11.4 million, down 20% from $14.2 million in Q1 2023, primarily due to a 62% decrease in natural gas sales [82]. - Oil sales remained stable at $9.7 million, while natural gas sales fell to $1.7 million in Q1 2024 [85]. Market Conditions and Price Fluctuations - Development activity on the Underlying Properties declined over 50% in Q1 2024 compared to the same period in 2023 due to commodity price volatility, particularly in the Haynesville area [73]. - The West Texas Intermediate spot price of crude oil increased from $71.89 per barrel on December 31, 2023, to $80.10 per barrel on May 6, 2024, while natural gas prices decreased from $2.58 per MMBtu to $1.88 per MMBtu in the same period [73]. - The Sponsor has observed a material decline in year-over-year spending activity in the Haynesville portion of the Underlying Properties due to low natural gas prices [74]. - Average realized oil prices decreased by 3% to $84.14 per barrel, while natural gas prices realized dropped by 63% to $2.37 per Mcf [83]. Expenses and Financial Management - Lease operating expenses increased by 16% to $6.6 million in Q1 2024, influenced by a settlement related to prior lease operating expenses [85]. - Development expenses rose by $0.5 million in Q1 2024 due to costs associated with drilling new wells in the Permian area [86]. - The Trust did not make any distributions to unitholders during Q1 2024 due to cumulative net profits shortfall [84]. - The Trust is required to make monthly cash distributions of substantially all its monthly cash receipts after deducting administrative expenses [68]. - The Trust's cash reserves as of March 31, 2024, amounted to $1,533,284, compared to $1,394,697 at the end of 2023 [89]. - The Trust has a $1.2 million letter of credit available for administrative expenses, with no borrowings or draws made to date [89]. Future Outlook and Opportunities - The anticipated capital expenditure range for the Underlying Properties is $5.0 million to $9.0 million, or $4.0 million to $7.2 million net to the Trust's Net Profits Interest [74]. - The Sponsor believes there could be further opportunities for divestitures or leasing of Underlying Properties in 2024 as operators seek to acquire oil-weighted assets [76]. - Two wells in Midland and nine wells in Delaware began paying revenues during Q1 2024, with additional projects expected to complete and start producing during the year [80]. - The Sponsor has seen a moderate stabilization of inflationary pressures and operating costs affecting the Underlying Properties in early 2024 [75].
Permianville Royalty Trust(PVL) - 2023 Q4 - Annual Report
2024-03-22 21:11
Trust Structure and Operations - The Trust holds a net profits interest representing the right to receive 80% of the net profits from oil and natural gas production from certain properties in Texas, Louisiana, and New Mexico[45]. - The Trust's business activities are limited to owning the net profits interest and related activities, with no authority to acquire other oil and natural gas properties[52]. - The Trust has no employees, and administrative functions are performed by the Trustee, who is responsible for collecting cash and distributing it to unitholders[53]. - The Trust is not subject to pre-set termination provisions based on production volume or time, and will dissolve upon certain conditions being met[61]. - The Trustee has the authority to create a cash reserve for future liabilities and may borrow money to cover administrative expenses if necessary[57]. - Trust unitholders are entitled to the same limitation of personal liability as stockholders of private corporations under Delaware law[77]. - The Trust unitholders may transfer their Trust Units without a service charge, but must pay any applicable taxes or governmental charges[74]. - The Trust unitholders have no voting rights and cannot influence the operations of the Underlying Properties[193]. - The Sponsor may transfer properties without Trust unitholder consent, potentially affecting the Trust's net profits[194]. - The Trust must dissolve if annual cash proceeds from the Net Profits Interest are less than $2 million for two consecutive years[198]. - Conflicts of interest may arise between the Sponsor and the Trust, affecting decisions on development and operations[200]. Financial Performance and Distributions - As of December 31, 2023, the cash reserve held by the Trust totaled $941,386, with a targeted cash reserve of approximately $2.3 million being built gradually[58]. - The Trust's income from net profits interest for 2023 included significant contributions from major purchasers, with Phillips 66 accounting for 23%, Pioneer Natural Resources USA for 18%, and Occidental Petroleum for 11%[64]. - Monthly distributions to Trust unitholders are determined based on available funds, which are the excess cash received from net profits and other sources after liabilities are accounted for[71]. - 80% of the aggregate net profits from oil and natural gas production are paid to the Trust monthly, with payments made on or before the end of the following month[84]. - The Trust uses a modified cash basis of accounting, with cash distributions based on the amount received for the corresponding production month[90]. - Trust distributions are directly impacted by future oil and natural gas prices, with lower prices leading to lower distributions and net revenues[67]. - The Trust's cash distributions are highly dependent on oil and natural gas prices, which can fluctuate widely due to various uncontrollable factors[150]. - The Trust's distributions could be reduced by uninsured claims, as the Sponsor's insurance may not cover all liabilities[186]. - The Trust may be treated as an unsecured creditor in the event of the Sponsor's bankruptcy, risking the loss of the Net Profits Interest[192]. - The Trust's distributions may not equal or exceed the purchase price paid by unitholders due to the depleting nature of its assets[208]. Regulatory and Environmental Considerations - The Sponsor believes it is in substantial compliance with all existing environmental laws and regulations, which will not materially affect cash distributions to Trust unitholders[111]. - The regulatory burden on the oil and natural gas industry increases operational costs, potentially affecting profitability[111]. - The Sponsor is subject to liability under CERCLA for hazardous substance releases, which may include costs for cleanup and damages to natural resources[114]. - The Sponsor generates petroleum hydrocarbon wastes classified as hazardous under RCRA, which imposes strict requirements on waste management[114]. - The EPA's 2023 rule on "waters of the United States" is currently under litigation, affecting the Sponsor's regulatory obligations and permitting costs[119]. - The EPA has established new standards for volatile organic compound and methane emissions, requiring reductions from oil and gas sources constructed or modified after December 2022[126]. - The EPA's recent rule lowers the annual standard for fine particulate matter from 12 micrograms per cubic meter to 9 micrograms per cubic meter, impacting the Sponsor's operations[128]. - The Sponsor has developed SPCC plans to prevent and respond to oil spills as required under the Oil Pollution Act[121]. - The Sponsor's operations may face increased costs due to potential restrictions on hydraulic fracturing waste disposal under the Clean Water Act[116]. - The Sponsor's ability to obtain permits may be delayed or prohibited due to stricter implementation of National Ambient Air Quality Standards[129]. - The EPA's proposed Waste Emissions Charge under the Inflation Reduction Act will impose fees based on methane emissions starting in 2024[130]. - The Sponsor's operations may incur additional capital expenditures for air pollution control equipment due to new regulations[129]. - The EPA's new rule adopted in December 2023 will regulate volatile organic compound and methane emissions from new oil and gas sources, requiring further reductions in emissions through various operational controls[131]. - The Waste Emissions Charge will apply to methane emissions exceeding allowable limits, starting at $900 per ton in 2024 and increasing to $1,500 per ton in subsequent years[132]. - More than one-third of states are developing GHG emission inventories and regional cap and trade programs, which could impact smaller sources of emissions in the future[133]. - New regulations may increase operating costs and adversely affect financial conditions for companies involved in oil and natural gas exploration[219]. Market and Economic Factors - The oil and natural gas industry is highly competitive, affecting the Trust's net profits interest indirectly due to market conditions[65]. - The ability of OPEC and other oil-exporting nations to maintain production levels significantly impacts oil and natural gas prices, affecting cash available for distribution[142]. - The economic disruption from the COVID-19 pandemic has led to lingering supply chain issues and higher inflation, affecting oil and natural gas demand[154]. - A prolonged decline in oil or natural gas prices could lead to reduced production viability and cash distributions to Trust unitholders[155]. - The Trust's financial performance is sensitive to operational risks associated with third-party operators managing the Underlying Properties[165]. - Future maintenance projects on the Underlying Properties may impact the quantity of economically producible reserves[177]. - The concentration of operations in Texas, Louisiana, and New Mexico exposes the Trust to regional operational and regulatory risks[174]. - The accuracy of reserve estimates is inherently uncertain, and actual production may vary significantly from estimates[159]. - The Trust's reserves are depleting assets, and production will diminish over time, impacting future cash distributions[145]. - The absence of hedge contracts for oil and natural gas production exposes the Trust to greater fluctuations in cash available for distribution[157]. - The Trust's operations may incur significant costs due to climate change regulations restricting greenhouse gas emissions[151]. - The bankruptcy of the Sponsor or third-party operators could impede the operation of wells and development of reserves, affecting cash distributions[145]. Taxation and Financial Reporting - The Trust is classified as a grantor trust for U.S. federal income tax purposes, meaning it is not subject to tax at the trust level[100]. - The highest marginal U.S. federal income tax rate applicable to ordinary income is 37%, while the rate for long-term capital gains is generally 20%[103]. - The Trust files annual information returns reporting all items of income, gain, loss, deduction, and credit to Trust unitholders based on record ownership[102]. - Trust unitholders are required to pay taxes on their share of the Trust's income, even if no cash distributions are received[241]. - A substantial portion of any recognized gain may be taxed as ordinary income due to potential recapture items, including depletion recapture[243]. - The Trust's financial statements are prepared on a modified cash basis, differing from GAAP, which may affect the comparability of financial results[203]. - The Trust has not requested a ruling from the IRS regarding its tax treatment, which could lead to complex tax reporting requirements if not classified as a "grantor trust"[236]. Cybersecurity and Legislative Risks - Cybersecurity risks pose a significant threat to the Sponsor's operations, potentially leading to data theft and operational disruptions[232]. - Legislative initiatives related to hydraulic fracturing could increase costs and operational restrictions for the Sponsor[228]. - The SEC's new climate-related disclosure rule mandates extensive reporting on climate-related risks and opportunities for certain public companies[226]. - The physical effects of climate change could disrupt production and increase costs for operators in the oil and gas sector[220].
Permianville Royalty Trust(PVL) - 2023 Q3 - Quarterly Report
2023-11-14 21:05
Trust Assets and Revenue - The Trust's only asset is the net profits interest, which entitles it to receive 80% of the net profits from oil and natural gas production from specific properties in Texas, Louisiana, and New Mexico [79]. - The Trust's revenues and cash distributions depend on oil and natural gas sales prices, production volumes, and associated costs [82]. Commodity Prices - The West Texas Intermediate spot price of crude oil decreased from $80.26 per barrel on December 30, 2022, to $77.17 per barrel on November 10, 2023, while the Henry Hub spot price for natural gas fell from $3.52 per MMBtu to $2.71 per MMBtu during the same period [83]. - The average oil price realized decreased by 25% to $78.38 per barrel, while the average natural gas price realized decreased by 49% to $2.48 per Mcf [95]. Financial Performance - For the three months ended September 30, 2023, total gross profits decreased by 18% to $13.99 million compared to $17.12 million in 2022 [94]. - Oil sales for the same period decreased by 7% to $11.50 million, while natural gas sales dropped by 48% to $2.49 million [94]. - Net profits for the three months ended September 30, 2023, were $3.56 million, a decrease of 4% from $3.72 million in 2022 [94]. - For the nine months ended September 30, 2023, total gross profits decreased by 11% to $39.52 million compared to $44.39 million in 2022 [98]. - Natural gas sales for the nine months ended September 30, 2023, decreased by 24% to $9.65 million, while oil sales decreased by 6% to $29.87 million [98]. - Distributable income for the nine months ended September 30, 2023, increased by 4% to $8.94 million compared to $8.56 million in 2022 [98]. Expenses and Liabilities - Lease operating expenses increased by 36% to $6.75 million, primarily due to a settlement related to prior lease operating expenses [94][96]. - The Trust incurs an annual administrative fee of $200,000 to the Trustee and $2,000 to the Delaware Trustee, along with various other operational expenses [107]. - As of September 30, 2023, the Trustee has withheld $841,386 toward a cash reserve for future liabilities [104]. - The Trust has not borrowed any funds since its formation and has not drawn on the $1.2 million letter of credit provided by COERT [105]. - The Trust has no off-balance sheet arrangements or guarantees of debt for other parties [109]. Cash Distributions - The Trust is required to make monthly cash distributions of substantially all its monthly cash receipts after deducting administrative expenses [81]. - The Trust declared a distribution of $0.003700 per unit on October 13, 2023, and a special cash distribution of $0.069670 per unit on the same date [112][113]. - A subsequent distribution of $0.006000 per unit was declared on October 16, 2023, to be paid on November 13, 2023 [113]. - On November 6, 2023, the Trust declared a special cash distribution of $0.077250 per unit, reflecting the remaining 50% of the Trust's share from the sale of Divestiture Properties [114]. Capital Expenditures and Liquidity - Expected capital expenditures for 2023 are projected to be between $8.0 million and $12.0 million, with $6.4 million to $9.6 million net to the Trust's Net Profits Interest [84]. - The Sponsor continues to have access to adequate capital and liquidity to fund capital expenditures as they arise [85]. - The Trust's liquidity is solely dependent on cash reserves and distributions, with no current plans to borrow funds [105]. - The Trust released $1.0 million from the cash reserve for future development expenses during the nine months ended September 30, 2023 [101]. - As of September 30, 2023, the Trust had cash of $1,332,263, an increase from $922,913 as of December 31, 2022 [105]. Market Conditions and Future Outlook - The Sponsor has observed a return of inflationary pressures and operating costs affecting the Underlying Properties, particularly in legacy producing properties in the Permian [85]. - The development activity on the Underlying Properties remained stable during the first nine months of 2023 despite commodity price volatility [83]. - The Sponsor expects further opportunities for prospective divestitures in 2023 and 2024 as operators seek to acquire assets at favorable valuations [86].
Permianville Royalty Trust(PVL) - 2023 Q2 - Quarterly Report
2023-08-14 20:10
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ¨ 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: 001-35333 PERMIANVILLE ROYALTY TRUST (Exact name of registrant as specified in its charter) Delaware 45-6259461 (State or other jurisdiction of ...
Permianville Royalty Trust(PVL) - 2023 Q1 - Quarterly Report
2023-05-15 20:05
(Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to PERMIANVILLE ROYALTY TRUST (Registrant's telephone number, including area code) Securities registered pursuant ...
Permianville Royalty Trust(PVL) - 2022 Q4 - Annual Report
2023-03-23 20:44
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ¨ 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 001-35333 PERMIANVILLE ROYALTY TRUST (Exact name of registrant as specified in its charter) Delaware 45-6259461 (State or other jurisdict ...
Permianville Royalty Trust(PVL) - 2022 Q3 - Quarterly Report
2022-11-14 21:05
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 16 Floor Houston, Texas 77002 (Address of principal executive offices) (Zip Code) 1-512-236-6555 (Registrant's telephone number, including area code) OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission F ...
Permianville Royalty Trust(PVL) - 2022 Q2 - Quarterly Report
2022-08-15 20:17
[Glossary of Certain Oil and Natural Gas Terms](index=4&type=section&id=Glossary%20of%20Certain%20Oil%20and%20Natural%20Gas%20Terms) This section defines key oil and natural gas terms used throughout the report, including Bbl, Boe, Mcf, and Net profits interest - This section provides definitions for significant oil and natural gas terms used throughout the report, such as **Bbl (barrel)**, **Boe (barrel of oil equivalent)**, **Mcf (thousand cubic feet)**, and **Net profits interest**[9](index=9&type=chunk)[10](index=10&type=chunk)[17](index=17&type=chunk)[20](index=20&type=chunk) [PART I — FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) The unaudited financial statements for Q2 2022 show a significant increase in distributable income to $5.56 million, driven by higher commodity prices [Statements of Assets, Liabilities and Trust Corpus](index=5&type=section&id=Statements%20of%20Assets%2C%20Liabilities%20and%20Trust%20Corpus) The Trust's total assets slightly decreased to $62.8 million as of June 30, 2022, primarily due to net profits interest amortization Assets, Liabilities and Trust Corpus (unaudited) | | June 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **ASSETS** | | | | Cash and cash equivalents | $532,308 | $67,116 | | Net profits interest in oil and natural gas properties, net | $62,313,239 | $65,125,651 | | **Total assets** | **$62,845,547** | **$65,192,767** | | **LIABILITIES AND TRUST CORPUS** | | | | Trust corpus (33,000,000 units) | $62,845,547 | $65,192,767 | | **Total liabilities and Trust corpus** | **$62,845,547** | **$65,192,767** | [Statements of Distributable Income](index=6&type=section&id=Statements%20of%20Distributable%20Income) The Trust reported distributable income of $2.6 million for Q2 2022 and $5.6 million for the first six months, a significant turnaround from 2021 Distributable Income Comparison (unaudited) | | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :--- | :--- | | | **2022** | **2021** | **2022** | **2021** | | Income from net profits interest | $3,064,680 | $– | $6,289,481 | $– | | Distributable income | $2,623,500 | $– | $5,560,500 | $– | | Distributable income per unit | $0.079500 | $– | $0.168500 | $– | [Statements of Changes in Trust Corpus](index=7&type=section&id=Statements%20of%20Changes%20in%20Trust%20Corpus) Trust Corpus decreased from $65.2 million to $62.8 million by Q2 2022, mainly due to amortization of the net profits interest Changes in Trust Corpus for Six Months Ended June 30, 2022 (unaudited) | | Six Months Ended June 30, 2022 | | :--- | :--- | | Trust corpus, beginning of period | $65,192,767 | | Distributable income | $5,560,500 | | Distributions to unitholders | ($5,560,500) | | Amortization of net profits interest | ($2,812,412) | | Trust corpus, end of period | $62,845,547 | [Notes to Financial Statements](index=8&type=section&id=Notes%20to%20Financial%20Statements) The notes detail the Trust's structure, accounting policies, tax status, and the resumption of distributions after a 2021 shortfall - The Trust's primary asset is an **80% net profits interest** from oil and natural gas properties previously held by Enduro and now by COERT Holdings 1 LLC (the "Sponsor")[37](index=37&type=chunk)[38](index=38&type=chunk) - The financial statements are prepared on a **modified cash basis**, which differs from GAAP, considered more meaningful for royalty trusts as distributions are based on net cash receipts[42](index=42&type=chunk)[47](index=47&type=chunk) - For federal income tax purposes, the Trust is a **grantor trust** and is not subject to tax at the trust level, with unitholders taxed directly on their pro rata share of income and deductions[51](index=51&type=chunk) - Distributions to the Trust resumed in September 2021 after a cumulative net profits interest shortfall and administrative advances were fully repaid in August 2021, with **no distributions made in the first six months of 2021**[60](index=60&type=chunk) [Trustee's Discussion and Analysis of Financial Condition and Results of Operations](index=13&type=section&id=Item%202.%20Trustee%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The Trustee's analysis highlights a significant increase in financial performance driven by rising oil and natural gas prices despite production declines and increased costs [Outlook](index=15&type=section&id=Outlook) The outlook for development activity improved in Q2 2022 due to strong commodity prices, though market volatility persists - Commodity prices have increased materially from Dec 31, 2021, to Aug 9, 2022: **WTI crude oil rose from $76.99 to $92.51 per barrel**, and **Henry Hub natural gas rose from $3.66 to $7.76 per MMBTU**[74](index=74&type=chunk) - The Sponsor anticipates 2022 capital expenditures for the Underlying Properties to be at the high end of, or possibly exceed, the **$6 million to $8 million range** ($4.8 million to $6.4 million net to the Trust)[75](index=75&type=chunk) [Results of Operations](index=16&type=section&id=Results%20of%20Operations) Net profits for Q2 2022 surged 450% to $5.3 million, driven by significantly higher realized prices for oil and natural gas Net Profits Comparison - Three Months Ended June 30 | | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | Total Gross Profits | $14,180,350 | $8,389,635 | 69% | | Total Costs | $8,912,000 | $7,431,000 | 20% | | **Net Profits** | **$5,268,350** | **$958,635** | **450%** | Production and Price Comparison - Three Months Ended June 30 | | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | Oil Volume (Bbls) | 128,057 | 132,618 | (3)% | | Realized Oil Price ($/Bbl) | $78.03 | $48.25 | 62% | | Gas Volume (Mcf) | 888,014 | 917,480 | (3)% | | Realized Gas Price ($/Mcf) | $4.72 | $2.17 | 117% | Net Profits Comparison - Six Months Ended June 30 | | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | Total Gross Profits | $27,274,858 | $14,748,083 | 85% | | Total Costs | $17,943,000 | $13,216,000 | 36% | | **Net Profits** | **$9,461,888** | **$1,532,083** | **518%** | [Liquidity and Capital Resources](index=20&type=section&id=Liquidity%20and%20Capital%20Resources) The Trust's liquidity primarily stems from its Net Profits Interest, supplemented by a cash reserve and a Sponsor-provided letter of credit - Commencing in February 2022, the Trust began withholding **$37,833 per month** to build a cash reserve targeted at approximately **$2.3 million** for future expenses[88](index=88&type=chunk) - The Sponsor (COERT) has provided a **$1.2 million letter of credit** to be used by the Trust if cash on hand is insufficient to pay ordinary course administrative expenses, with no amounts drawn as of the report date[89](index=89&type=chunk) - As of June 30, 2022, the Trust had cash of **$532,308** for future expenses, up from **$67,116** at the end of 2021[89](index=89&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=22&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The Trust is exempt from providing market risk disclosures as it qualifies as a "smaller reporting company" under SEC regulations - As a **"smaller reporting company,"** the Trust is exempt from providing quantitative and qualitative disclosures about market risk[98](index=98&type=chunk) [Controls and Procedures](index=22&type=section&id=Item%204.%20Controls%20and%20Procedures) The Trustee confirmed the effectiveness of the Trust's disclosure controls and procedures with no material changes in internal control over financial reporting - The Trustee concluded that the Trust's disclosure controls and procedures were **effective** as of the end of the reporting period[99](index=99&type=chunk) - There were **no changes** in the Trust's internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, its internal controls[101](index=101&type=chunk) [PART II — OTHER INFORMATION](index=23&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) [Risk Factors](index=23&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the Trust's 2021 Annual Report on Form 10-K - **No material changes** have been made to the risk factors disclosed in the Trust's 2021 Annual Report on Form 10-K[104](index=104&type=chunk) [Exhibits](index=23&type=section&id=Item%206.%20Exhibits) This section indexes exhibits filed with the Form 10-Q, including certifications required by the Sarbanes-Oxley Act of 2002 - The exhibits filed with this report include certifications pursuant to **Section 302** and **Section 906** of the Sarbanes-Oxley Act of 2002[107](index=107&type=chunk)
Permianville Royalty Trust(PVL) - 2022 Q1 - Quarterly Report
2022-05-16 20:38
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (I.R.S. Employer Identification No.) FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ¨ 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: 001-35333 PERMIANVILLE ROYALTY TRUST (Exact name of registrant as specified in its charter) (State or oth ...
Permianville Royalty Trust(PVL) - 2021 Q4 - Annual Report
2022-03-25 20:01
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ¨ 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 001-35333 PERMIANVILLE ROYALTY TRUST (Exact name of registrant as specified in its charter) | Delaware | 45-6259461 | | --- | --- | | (St ...