Core Viewpoint - Argent Trust Company declared a cash distribution of $0.017144 per unit for the Permian Basin Royalty Trust, with the distribution affected by production costs exceeding gross proceeds from the Waddell Ranch properties [1][4]. Distribution Summary - The cash distribution decreased slightly from the previous month due to lower oil volumes and natural gas pricing from Texas Royalty Properties, although this was partially offset by higher gas volumes and slightly higher oil pricing [2]. - The total distribution amount to be paid on March 14, 2025, is $799,086, distributed among 46,608,796 units outstanding [8]. Waddell Ranch Properties - The Trustee has not received necessary information from Blackbeard, the operator of the Waddell Ranch properties, to calculate net profits interest (NPI) proceeds for February 2025, which affects the distribution [3][4]. - All excess costs from the Waddell Ranch properties must be recovered through future proceeds before any distributions can be made to the Trust [4]. Texas Royalty Properties - Production for Texas Royalty Properties was reported at 15,307 barrels of oil and 9,971 Mcf of gas, with the Trust's allocated portion being 13,469 barrels of oil and 8,774 Mcf of gas [5]. - The average price for oil was $68.37 per barrel and for gas was $8.38 per Mcf, leading to revenues of $1,130,112 after deducting taxes and expenses [5][6]. Legal Matters - The Trustee has initiated a lawsuit against Blackbeard for over $15 million in damages due to alleged improper deductions from royalty payments, with the trial scheduled for November 17, 2025 [9][10]. - The lawsuit includes claims for additional damages exceeding $25 million related to audits from 2023 and production volumes [10].
PERMIAN BASIN ROYALTY TRUST ANNOUNCES FEBRUARY CASH DISTRIBUTION AND EXCESS COST POSITION ON WADDELL RANCH PROPERTIES