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PERMIAN BASIN ROYALTY TRUST ANNOUNCES DECEMBER CASH DISTRIBUTION AND EXCESS COST POSITION ON WADDELL RANCH PROPERTIES
PBTPermian Basin Royalty Trust(PBT) Prnewswire·2024-12-20 13:00

Core Points - The Permian Basin Royalty Trust declared a cash distribution of 0.021939perunit,payableonJanuary15,2025,tounitholdersofrecordonDecember31,2024,butthisdistributiondoesnotincludeproceedsfromtheWaddellRanchpropertiesduetoexcessproductioncostsexceedinggrossproceedsforNovember2024[11][19]−TheTexasRoyaltyPropertiesexperiencedincreasedoilandgasvolumes,contributingtoaslightincreaseinthismonth′sdistribution,althoughthiswaspartiallyoffsetbyloweroilandgasprices[2]−ProductionfiguresfortheTexasRoyaltyPropertiesincluded18,407barrelsofoiland7,073Mcfofgas,withrevenuestotaling0.021939 per unit, payable on January 15, 2025, to unit holders of record on December 31, 2024, but this distribution does not include proceeds from the Waddell Ranch properties due to excess production costs exceeding gross proceeds for November 2024 [11][19] - The Texas Royalty Properties experienced increased oil and gas volumes, contributing to a slight increase in this month's distribution, although this was partially offset by lower oil and gas prices [2] - Production figures for the Texas Royalty Properties included 18,407 barrels of oil and 7,073 Mcf of gas, with revenues totaling 1,381,893 after deducting taxes and expenses [3][19] Financial Summary - The excess costs for the underlying properties in October totaled 4,987,682,with4,987,682, with 3,740,762 net to the Trust, including accrued interest of 33,031[1]−ThenetprofitfromtheTexasRoyaltyPropertiesforDecemberwas33,031 [1] - The net profit from the Texas Royalty Properties for December was 1,237,019, leading to a net contribution of 1,175,168tothedistribution[3]−Generalandadministrativeexpensesdeductedforthemonthwere1,175,168 to the distribution [3] - General and administrative expenses deducted for the month were 152,583, resulting in a total distribution of 1,022,585to46,608,796unitsoutstanding[19]ProductionandPricing−Theaveragepriceforoilwas1,022,585 to 46,608,796 units outstanding [19] Production and Pricing - The average price for oil was 70.83 per barrel and for gas was 11.05perMcf,reflectingproductionandpricingfrompreviousmonths[3][8]−Theproductionvolumesforthecurrentmonthshowedanincreasecomparedtothepriormonth,withoilvolumesrisingfrom16,035barrelsto18,407barrels[8]LegalandOperationalIssues−TheTrusteehasinitiatedalawsuitagainstBlackbeardOperating,LLC,seekingtorecoverover11.05 per Mcf, reflecting production and pricing from previous months [3][8] - The production volumes for the current month showed an increase compared to the prior month, with oil volumes rising from 16,035 barrels to 18,407 barrels [8] Legal and Operational Issues - The Trustee has initiated a lawsuit against Blackbeard Operating, LLC, seeking to recover over 25 million in damages related to alleged improper deductions from royalty payments [9][20] - Blackbeard has not provided necessary information for calculating net profits interest proceeds for December 2024, which may affect future distributions [7]