Permian Basin Royalty Trust(PBT) - 2025 Q4 - Annual Report

Revenue and Income - Total royalty income for 2025 was $11,555,301, a significant decrease from $26,963,365 in 2024 and $29,010,704 in 2023[175] - Oil royalty income for 2025 was $10,399,771, accounting for 90% of total royalty income, while gas royalty income was $1,155,530, making up 10%[175] - Distributable income for 2025 was $14,300,162, or $0.31 per Unit, which includes a $4.5 million partial settlement from Blackbeard[187] - Royalty income for the fourth quarter of 2025 was $2,652,251, or $0.06 per Unit, a decrease from $3,784,959, or $0.08 per Unit, in the fourth quarter of 2024[190] Capital Expenditures and Expenses - Total capital expenditures for 2025 were approximately $228.7 million, compared to $109.4 million in 2024 and $120.4 million in 2023[182] - Lease operating expenses and property taxes for the Waddell Ranch properties in 2025 amounted to approximately $98.0 million, up from $82.2 million in 2024[183] - The Trust received no royalty income from the Waddell Ranch properties for the year 2025 due to large capital expenditures and workovers[176] Production and Sales - Oil and gas production for the Underlying Properties increased approximately 56% and 46% respectively from 2024 to 2025, attributed to new development and increased capital expenditures[181] - Oil sales for Waddell Ranch properties in October 2025 were 326,081 Bbls, compared to 198,955 Bbls in October 2024, representing a 64% increase[192] - Gas sales for Waddell Ranch properties in October 2025 were 1,429,268 Mcf, compared to 1,181,264 Mcf in October 2024, indicating a 21% increase[192] - For Texas Royalty properties, total oil sales in October 2025 were 14,323 Bbls, compared to 16,103 Bbls in October 2024, a decrease of 11%[193] Pricing Trends - Average price of oil decreased to $65.95 per barrel in 2025 from $75.88 in 2024, while the average price of gas increased to $1.78 per Mcf from $1.45[176] - Average realized price per Bbl for oil in October 2025 was $63.15, down from $77.35 in October 2024, reflecting an 18% decrease[192] - Average realized price per Mcf for gas in October 2025 was $1.57, down from $2.01 in October 2024, showing a 22% decrease[192] - Average realized price per Bbl for oil in October 2025 was $65.08, down from $77.19 in October 2024, a decrease of 16%[193] - Average realized price per Mcf for gas in October 2025 was $8.10, compared to $10.02 in October 2024, a decrease of 19%[193] Assets and Liabilities - Total assets for the fourth quarter of 2025 were $1,877,733, a decrease from $2,158,851 in November 2025[192] - Total liabilities for the fourth quarter of 2025 were $1,715,167, down from $1,996,428 in November 2025[192] Distributions - Distributions declared in December 2025 were $615,176, a decline from $896,437 in November 2025[192] Future Outlook - As of March 16, 2026, NYMEX posted oil prices were approximately $93.39 per barrel, indicating potential future revenue adjustments for the Trust[177]