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Permian Basin Royalty Trust(PBT) - 2024 Q3 - Quarterly Results
PBTPermian Basin Royalty Trust(PBT)2024-12-20 14:55

Cash Distribution - The cash distribution for October 2024 is declared at 0.029986perunit,payableonNovember15,2024,tounitholdersofrecordonOctober31,2024[1].−ThedistributiondecreasedfromthepreviousmonthduetolowerproceedsfromWaddellRanchpropertiesanddecreasedoilvolumesandprices,partiallyoffsetbyhighergasvolumesandprices[1].−GeneralandAdministrativeExpensesforthemonthwere0.029986 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 1,397,649to46,608,796unitsoutstanding[3].ProductionandRevenue−ProductionfromTexasRoyaltyPropertieswas17,969barrelsofoiland7,932Mcfofgas,withtheTrust′sallocatedportionbeing16,103barrelsofoiland7,106Mcfofgas[2].−RevenuesforTexasRoyaltyPropertiesamountedto1,397,649 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,resultinginanetprofitof166,627, 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 1,234,959tothismonth′sdistribution[1].−Theaveragepriceforoilwas1,234,959 to this month's distribution[1]. - The average price for oil was 77.19 per barrel and for gas was 10.02perMcf,reflectingproductionandpricingfromJulyandJunerespectively[2].LegalMatters−TheTrusteehasinitiatedalawsuitagainstBlackbeardOperating,LLC,seekingtorecoverover10.02 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].