Financial Performance - The cumulative outstanding net profits shortfall decreased from approximately $3.9 million to $3.3 million, resulting in no distribution for July 2024[3]. - Recorded oil cash receipts totaled $3.4 million, up $0.5 million from the prior month, while natural gas cash receipts reached $1.0 million, an increase of $0.4 million[6]. - Total accrued operating expenses rose to $2.8 million, reflecting a $0.5 million month-over-month increase, while capital expenditures increased to $0.9 million[7]. Production Metrics - Oil production for the current month was reported at 43,568 Bbls, an increase from 38,824 Bbls in the prior month, with average wellhead prices rising to $77.57/Bbl from $74.93/Bbl[5]. - Natural gas production increased to 599,059 Mcf from 253,759 Mcf, with average prices dropping to $1.66/Mcf from $2.43/Mcf[5]. Distribution Outlook - The Trust will not receive proceeds from net profits interest until the cumulative shortfall is eliminated, with expectations of returning to positive net profits later in 2024[8]. - The Trust is structured to receive 80% of net profits from oil and gas production from properties in Texas, Louisiana, and New Mexico, with distributions expected to fluctuate based on production volumes and commodity prices[9]. - Future distributions may be impacted by volatility in commodity prices, which can significantly affect cash available for distribution to unitholders[10]. - The Trust's ability to pay distributions may be affected by increased capital expenditures exceeding average levels experienced in previous periods[10]. - The Trust's filings with the SEC detail risks associated with investments, including potential no distributions in certain periods due to low oil and natural gas prices[10].
Permianville Royalty Trust(PVL) - 2024 Q1 - Quarterly Results