PermRock Royalty Trust(PRT) - 2025 Q1 - Quarterly Report

Financial Performance - Distributable income for the three months ended March 31, 2025, was $1,466,195, an increase of 30.7% compared to $1,122,502 for the same period in 2024[12] - Distributable income per unit increased to $0.120517 for the three months ended March 31, 2025, up from $0.092268 in 2024, reflecting a growth of approximately 30.6%[12] - Net profits income for the three months ended March 31, 2025, was $1,710,763, compared to $1,296,408 in 2024, marking an increase of approximately 31.9%[12] - For the three months ended March 31, 2025, net profits income received by the Trust was $1,710,763, an increase from $1,296,408 in the same period of the prior year, primarily due to slightly higher gas prices and lower operating expenses[55] - Total gross profits for the three months ended March 31, 2025, were $5,117,329, a decrease from $5,738,920 in the same period in 2024[60] - Net profits for the three months ended March 31, 2025, were $1,818,454, down from $1,970,510 in the same period in 2024[60] Assets and Liabilities - Total assets as of March 31, 2025, were $72,773,860, a decrease from $73,992,200 as of December 31, 2024, representing a decline of approximately 1.6%[10] - The Trust corpus decreased to $71,286,955 as of March 31, 2025, down from $72,379,939 at the end of 2024, indicating a reduction of about 1.5%[10] - The Trust's total liabilities and corpus were equal to total assets at $72,773,860 as of March 31, 2025, maintaining a balanced financial position[10] - As of March 31, 2025, the balance of funds held by T2S to cover future capital expenses was $270,174 net to the Trust[34] - As of March 31, 2025, the Trust had cash reserves totaling $1,000,000 to cover future administrative expenses[74] Revenue and Production - The Trust's revenue and distributions are significantly influenced by the volatile prices of oil and natural gas, which are subject to various external factors[29] - Average oil production for February 2025 was 21,413 barrels, with an average price of $70.27 per barrel[42] - For the three months ended March 31, 2025, oil sales volumes decreased by 4,880 Bbls (6.5%) compared to the same period in 2024, primarily due to a natural decline in production properties and decreased demand[62] - Natural gas sales volumes decreased by 4,780 Mcf (5.7%) for the three months ended March 31, 2025, compared to the same period in 2024, attributed to similar factors as oil[63] - The average realized oil price per Bbl decreased to $69.36 for the three months ended March 31, 2025, down from $73.06 in the same period in 2024[60] - The average realized natural gas price per Mcf increased to $3.19 for the three months ended March 31, 2025, compared to $3.14 in the same period in 2024[65] Cash Distributions - The Trust declared a cash distribution of $0.023807 per Trust unit based on production during February 2025[41] - A cash distribution of $0.023807 per Trust unit was declared on April 17, 2025, based on production during February 2025[76] - The Trust holds 12,165,732 Trust units outstanding, with monthly cash distributions made to unitholders after deducting fees and expenses[35] Capital Expenditure - T2S's estimated capital and workover budget for 2025 is $4.0 million, with approximately $0.1 million expended as of March 31, 2025[54] - T2S's estimated capital expenditure budget for 2025 is $4.0 million, with approximately $0.1 million expended as of March 31, 2025[75] - The majority of capital spent in 2025 to date was on non-operated projects in the Permian Shelf Area[39] Ownership and Management - As of May 12, 2025, Ustx LLC owned 4,884,861 Trust units, representing a significant transfer of ownership from Boaz Energy[24] - The Trustee's annual administrative fee for 2025 is $207,081, which will increase at a rate of 1% per year until the 20th anniversary of the Trust's formation[36] Interest Income - Interest income for the quarter ended March 31, 2025, was $12,540, a decrease of $2,422 compared to the same period in the prior year due to lower interest rates[57] Miscellaneous - No key financial data or performance summary is provided in the documents[91] - No user data or metrics are mentioned in the documents[91] - No future outlook or performance guidance is available in the documents[91] - No information on new products or technology development is included in the documents[91] - No details on market expansion or acquisitions are found in the documents[91] - No new strategies or initiatives are discussed in the documents[91]