Core Points - Argent Trust Company declared a cash distribution of $0.018047 per unit for the Permian Basin Royalty Trust, payable on April 14, 2025, to unit holders of record on March 31, 2025 [1] - The distribution increased slightly from the previous month due to higher oil and natural gas volumes from Texas Royalty Properties, despite lower natural gas pricing [2] - The Waddell Ranch properties did not contribute to the distribution as production costs exceeded gross proceeds for February 2025 [1][4] Texas Royalty Properties - Production from Texas Royalty Properties was 16,839 barrels of oil and 10,659 Mcf of gas, with the Trust's allocated portion being 14,957 barrels of oil and 9,462 Mcf of gas [5] - The average price for oil was $70.81 per barrel and for gas was $7.88 per Mcf, leading to revenues of $1,276,384 after deducting taxes and expenses of $137,983, resulting in a net profit of $1,138,401 for March [5][8] - The Trust's net profit interest of 95% from the Texas Royalty Properties contributed $1,081,481 to this month's distribution [5] Waddell Ranch Properties - Blackbeard, the operator of the Waddell Ranch properties, has not provided necessary information for calculating net profits interest proceeds for March 2025, affecting the distribution [3][4] - All excess costs from the Waddell Ranch properties must be recovered by future proceeds before any distribution can occur [4] - The Trustee will now receive production, pricing, and cost information quarterly instead of monthly, impacting future reporting [4][7] Legal Matters - The Trustee has initiated a lawsuit against Blackbeard Operating, seeking to recover over $15 million in damages due to alleged improper deductions from royalty payments [10][11] - The trial is scheduled for November 17, 2025, with ongoing discovery and audits related to the Waddell Ranch properties [10] - The Trustee's claims have been amended to seek damages exceeding $25 million, with attempts to resolve disputes outside of court having been unsuccessful [11]
PERMIAN BASIN ROYALTY TRUST ANNOUNCES MARCH CASH DISTRIBUTION AND EXCESS COST POSITION ON WADDELL RANCH PROPERTIES