Permian Basin Royalty Trust(PBT) - 2025 Q3 - Quarterly Results

Permian Basin Royalty Trust Announces October Cash Distribution, Excess Cost Position on Waddell Ranch Properties and Notice of Special Meeting Called by SoftVest Permian Basin Royalty Trust announces October cash distribution, Waddell Ranch excess cost, and a special meeting called by SoftVest October Cash Distribution and Property Performance The Trust announced an October cash distribution, which decreased due to a missing settlement payment, partially offset by improved Texas Royalty Properties performance, while Waddell Ranch remained in an excess cost position Distribution Details Details of the October cash distribution per unit, payable date, and record date are provided October Cash Distribution Details | Metric | Value | | :----- | :---- | | Cash Distribution per Unit | $0.020021 | | Payable Date | November 17, 2025 | | Record Date | October 31, 2025 | Factors Affecting Distribution The distribution decreased due to the absence of a Blackbeard settlement payment, partially offset by improved Texas Royalty Properties volumes and natural gas prices - The distribution decreased compared to the previous month primarily due to the absence of the first settlement payment from Blackbeard Operating LLC. This decrease was partially offset by higher oil and natural gas volumes and natural gas prices from the Texas Royalty Properties, though oil prices were lower for the month reported[3] Waddell Ranch Properties Update Waddell Ranch properties continued in an excess cost position, yielding no proceeds for the October distribution, with operational data now reported quarterly - No proceeds were received by the Trustee in September 2025 for the October distribution from Waddell Ranch properties, as total production costs exceeded gross proceeds for August, resulting in a continuing excess cost position. All excess costs, including accrued interest, must be recovered before future proceeds are distributed to the Trust[2][5] - Blackbeard Operating LLC provides production, pricing, and cost information for Waddell Ranch quarterly instead of monthly. Consequently, the Trustee will disclose this information in quarterly reports on Form 10-Q and annual reports on Form 10-K for the foreseeable future[5][8] Texas Royalty Properties Performance & General and Administrative Expenses Texas Royalty Properties contributed positively with specific production and pricing, while general and administrative expenses were accounted for in the total distribution Texas Royalty Properties Production and Pricing (Current Month) | Metric | Underlying Properties | Net to Trust Sales | Average Price | | :----- | :-------------------- | :----------------- | :------------ | | Oil | | | | | Volumes (bbls) | 16,239 | 14,323 | $65.08 per bbl | | Gas | | | | | Volumes (Mcf) | 13,282 | 11,709 | $8.10 per Mcf | Texas Royalty Properties Financial Contribution (September) | Metric | Amount | | :----- | :----- | | Revenues | $1,164,303 | | Taxes and Expenses | $140,125 | | Net Profit | $1,024,178 | | Trust's NPI (95%) | $972,969 | General and Administrative Expenses & Total Distribution | Metric | Amount | | :----- | :----- | | G&A Expenses (net of interest) | $39,774 | | Total Distribution Amount | $933,195 | | Units Outstanding | 46,608,796 | | Distribution per Unit | $0.020021 | Special Meeting Details A special meeting, requested by SoftVest Advisors, LLC, is scheduled for December 16, 2025, to vote on amending the Trust's Indenture regarding voting thresholds for amendments Purpose and Logistics SoftVest Advisors, LLC requested a special meeting on December 16, 2025, to vote on a proposal to judicially reform the Trust's Indenture regarding amendment voting thresholds - SoftVest Advisors, LLC, along with other unit holders collectively owning over 15% of outstanding Units, requested a special meeting to be held on December 16, 2025, with a record date of November 11, 2025[10] - The purpose of the Special Meeting is to present for a vote a proposal to effect the judicial reformation of the Trust's Indenture, aiming to provide that an affirmative vote of a majority of Units cast at a special meeting (with a quorum present) is sufficient to approve any amendment to the Trust Indenture[10] Proxy Information This press release is not a proxy solicitation, and Unit holders are advised to review proxy statements filed by SoftVest with the SEC for important information - This press release is not a proxy solicitation. Neither the Trust, the Trustee, nor its officers or directors are soliciting proxies or participating in any proxy solicitation by SoftVest and/or other Unit holders in connection with the Special Meeting[11] - Unit holders are strongly encouraged to read the preliminary and definitive proxy statements filed by SoftVest and/or other Unit holders with the SEC, which will contain important information. These documents can be obtained free from the SEC's website at www.sec.gov[12](index=12&type=chunk) Corporate Information and Disclosures The Trust's 2024 Annual Report is filed, investor resources are available online, and a forward-looking statements disclaimer is included, along with contact information Investor Resources The 2024 Annual Report on Form 10-K has been filed, and additional investor resources are available on Permian's website - The 2024 Annual Report with Form 10-K, including the December 31, 2024, Reserve Summary, has been filed with the Securities Exchange Commission. Permian's website (http://www.pbt-permian.com/) offers cash distribution history, current and prior year financial reports, tax information booklets, and links to SEC filings[13] Forward-Looking Statements Disclaimer Statements about future events are forward-looking and subject to risks, with the Trustee disclaiming any obligation to update them - Statements about future events or conditions, identified by words like 'estimates,' 'believes,' 'anticipates,' 'plans,' 'expects,' 'will,' 'may,' and 'intends,' constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to factors described in the Trust's Form 10-K and 10-Q risk factors[14] - The Trustee's views on forward-looking statements are as of the date of the press release, and while subsequent events may cause views to change, the Trustee specifically disclaims any obligation to update these statements in the future. These statements should not be relied upon as representing the Trustee's views as of any date subsequent to the date of the release[15] Contact Information Contact details for Nancy Willis, Director of Royalty Trust Services at Argent Trust Company, are provided for inquiries - Contact: Nancy Willis, Director of Royalty Trust Services, Argent Trust Company, Trustee, Toll Free – 1.855.588.7839[16]