Permian Basin Royalty Trust(PBT) - 2024 Q1 - Quarterly Results

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].