Core Points - Argent Trust Company declared a cash distribution of $0.018841 per unit for the Permian Basin Royalty Trust, payable on June 13, 2025, to unit holders of record on May 30, 2025 [1] - The distribution decreased from the previous month due to lower oil volumes and pricing from Texas Royalty Properties, despite slightly higher natural gas volumes [2] - No proceeds were received from the Waddell Ranch properties for April 2025, leading to a continuing excess cost position [4] Waddell Ranch Properties - Blackbeard, the operator of the Waddell Ranch properties, has not provided necessary information for calculating net profits interest (NPI) proceeds for May 2025, which affects the distribution [3] - The Trustee will include any NPI proceeds received from Waddell Ranch properties in the June distribution if received by the record date [3] - Blackbeard is now providing production, pricing, and cost information quarterly instead of monthly, impacting the reporting schedule [4][7] Texas Royalty Properties - Production for Texas Royalty Properties was 15,442 barrels of oil and 11,198 Mcf of gas, with the Trust's allocated portion being 13,619 barrels of oil and 9,894 Mcf of gas [5] - The average price for oil was $68.39 per barrel and for gas was $9.42 per Mcf, leading to revenues of $1,161,479 after deducting taxes and expenses [5] - The net profit for May from Texas Royalty Properties was $1,027,573, contributing $976,194 to this month's distribution [5] Financial Summary - General and administrative expenses for the month were $98,012, resulting in a total distribution of $878,182 to 46,608,796 units outstanding [8] - The ongoing global market conditions continue to affect pricing for domestic production, making future distributions difficult to predict [8] Legal Matters - The Trustee has initiated a lawsuit against Blackbeard for over $15 million in damages due to alleged improper deductions from royalty payments [9][10] - The trial date is set for November 17, 2025, with ongoing discovery and audits related to the Waddell Ranch properties [9]

Core Points - Argent Trust Company declared a cash distribution of $0.019615 per unit for the Permian Basin Royalty Trust, payable on May 14, 2025, to unit holders of record on April 30, 2025 [1] - The distribution increased slightly from the previous month due to higher oil volumes and prices from Texas Royalty Properties, despite lower natural gas volumes [2] - The Waddell Ranch properties did not contribute to the distribution as production costs exceeded gross proceeds for March 2025 [1][4] Waddell Ranch Properties - Blackbeard, the operator of the Waddell Ranch properties, has not provided necessary information for calculating net profits interest (NPI) proceeds for April 2025, affecting the distribution [3] - No proceeds were received from the Waddell Ranch properties in March 2025, and all excess costs must be recovered from future proceeds before any distribution can occur [4] - Blackbeard is now providing production, pricing, and cost information quarterly instead of monthly, impacting the reporting schedule for the Trust [4] Texas Royalty Properties - Production from Texas Royalty Properties was 17,157 barrels of oil and 10,093 Mcf of gas, with the Trust's allocated portion being 15,292 barrels of oil and 8,991 Mcf of gas [5] - The average price for oil was $71.97 per barrel and for gas was $11.54 per Mcf, leading to revenues of $1,351,295 after deducting taxes and expenses [5] - The net profit for April from Texas Royalty Properties was $1,203,830, contributing $1,143,639 to the current month's distribution [5] Financial Summary - General and administrative expenses for the month were $229,374, resulting in a total distribution of $914,265 to 46,608,796 units outstanding [8] - The distribution per unit is $0.019615, reflecting the financial performance of the Trust for the month [8] Legal Matters - The Trustee has initiated a lawsuit against Blackbeard for over $15 million in damages related to alleged improper deductions from royalty payments [10][11] - The trial is scheduled for November 17, 2025, with ongoing discovery and audits of the Waddell Ranch properties [10] - The lawsuit includes claims for additional damages exceeding $25 million related to audits from 2023 [11]