Permian Basin Royalty Trust reports royalty-trust developments tied to oil and natural gas interests in Texas. News about PBT centers on monthly cash distributions to holders of units of beneficial interest, the production volumes and commodity prices that affect those distributions, and expense deductions at the trust level.
Recurring updates also cover the Waddell Ranch properties, including net profits interest calculations, excess cost positions, and information supplied by the property operator. Governance-related announcements include unitholder communications and completed modifications to the trust indenture that affect amendment voting provisions and security-holder rights.
Permian Basin Royalty Trust (NYSE: PBT) announced plans for a special meeting on November 23, 2026, to consider SoftVest proposals. SoftVest and other requesting holders collectively own more than 15% of outstanding units. The record date is October 13, 2026.
Unitholders will vote on an amendment to the Trust Indenture to effect a proposed business combination under the Combination Agreement, adoption of the PBT Land and Minerals Omnibus Incentive Plan, and authorization to adjourn the meeting to solicit additional proxies if needed. Argent Trust Company, the trustee, intends to call the meeting under the Trust Indenture. Meeting notices are to be mailed beginning October 23, 2026.
Permian Basin Royalty Trust (NYSE: PBT) declared a cash distribution of $0.045191 per unit, payable November 16, 2026. Holders of record on October 30 will receive the payment, totaling $2,106,330.04. The Trust attributed the increase from the previous month primarily to the final settlement payment from Blackbeard Operating, with higher Texas Royalty gas volumes and prices also contributing, partly offset by lower oil prices.
Waddell Ranch contributed no proceeds: September production costs exceeded gross proceeds, and future proceeds must recover excess costs plus accrued interest before payments resume. Texas Royalty Properties contributed $1,094,925 to the distribution; general and administrative expenses, net of interest earned, were $113,595. Separately, SoftVest and Blackbeard Holdings propose combining Trust assets with certain Blackbeard Holdings operations into PBT Land and Minerals, subject to a unitholder vote.
PBT Land and Minerals (PBT) set a $28.08-per-share subscription price for its proposed rights offering, with an October 13, 2026 record date.
The price equals 87.5% of the Permian Basin Royalty Trust units’ volume-weighted average price over the five consecutive trading days ending October 2, 2026. Commencement remains subject to regulatory clearance and will be announced separately.
Permian Basin Royalty Trust (PBT) declared a September 2026 cash distribution of $0.019593 per unit, or $913,228.22 in total, payable on October 15, 2026 to unitholders of record on September 30, 2026.
The distribution excludes Waddell Ranch properties because August Production Costs exceeded Gross Proceeds, leaving those properties in an excess cost position, so no NPI proceeds were available. The September payout is funded by Texas Royalty Properties, where underlying production was 15,042 barrels of oil and 5,439 Mcf of gas, with the Trust’s allocated 13,460 barrels and 4,868 Mcf sold at average prices of $83.20/bbl and $13.49/Mcf, generating $1,324,846 in revenue and $1,189,481 in net profit. After applying the 95% NPI, Texas Royalty contributed $1,130,007, from which $216,779 of net general and administrative expenses were deducted.
The release also outlines a previously disclosed SoftVest/Blackbeard business combination proposal to form New PBT, which will be decided by unitholder vote, with related SEC filings available for review.
Permian Basin Royalty Trust (NYSE: PBT), with Argent Trust Company as Trustee, declared an August 2026 cash distribution of $0.018701 per unit, or $871,663.17 in total, payable on September 15, 2026 to unitholders of record on August 31, 2026.
The distribution excludes proceeds from the Waddell Ranch properties because July production costs exceeded gross proceeds, creating a continuing excess cost position that must be recovered before future Waddell Ranch distributions. Current cash flow is therefore entirely from the Texas Royalty Properties, which generated July revenues of $1,544,865 and net profit of $1,395,216, contributing $1,325,455 to this month’s distribution.
General and administrative expenses net of interest were $453,792, including a $250,000 increase to the expense reserve. The distribution decreased versus July, primarily due to the prior month’s one-time $1,125,000 settlement payment from Blackbeard Operating and lower Texas Royalty natural gas volumes and oil pricing.
Permian Basin Royalty Trust (NYSE: PBT), through its trustee Argent Trust Company, reported that unitholder SoftVest and its affiliates have signed a definitive Combination Agreement with Blackbeard Holdings and affiliates. They propose to combine the Trust’s assets with Blackbeard’s oil and gas mineral interests and land operations to form a new publicly traded corporation, PBT Land and Minerals, Inc. (New PBT).
Completion of the proposed transaction would require approval by Trust unitholders at a special meeting requested by SoftVest and other holders representing over 15% of Trust units. According to Permian Basin Royalty Trust, New PBT intends to file a Form S-4 registration statement with proxy statement/prospectus for the meeting and a Form S-1 for a rights offering of New PBT shares to Trust unitholders. The Trust and Trustee are not parties to the Combination Agreement, are not soliciting proxies or offering securities, and make no voting recommendation.
SoftVest and Blackbeard agreed to combine Permian Basin Royalty Trust (NYSE: PBT) with Blackbeard’s US Land Guild assets to form PBT Land and Minerals (“New PBT”), valued at approximately $2.24 billion. Blackbeard will contribute 80,000 net royalty acres and 68,000 surface acres, while PBT’s existing Waddell Ranch Net Profits Interest converts into a cost-free ~15% effective royalty interest representing 31,000 net royalty acres.
Pro forma ownership is expected to be ~59% for current PBT unitholders and ~41% for Blackbeard and affiliates. New PBT expects a JPMorgan-led $500 million revolving credit facility (with $100 million accordion) and leverage below 0.4x pro forma first-quarter 2026 annualized Adjusted EBITDA. Pro forma Adjusted EBITDA is $38.6 million for the three months ended March 31, 2026 and $127.2 million for 2025, both with 90% margins. The deal is subject to PBT unitholder and regulatory approvals and is targeted to close in the second half of 2026.
Permian Basin Royalty Trust (NYSE: PBT), through Argent Trust Company as Trustee, declared a July 2026 cash distribution of $0.043566 per unit, totaling $2,030,599.85, payable on August 14, 2026 to unitholders of record on July 31, 2026. The distribution excludes Waddell Ranch properties because June Production Costs exceeded Gross Proceeds, creating a continuing excess cost position; future Waddell proceeds must first recover these excess costs and accrued interest.
The distribution increased from the prior month primarily due to a $1,125,000 settlement payment from Blackbeard Operating and higher oil prices from Texas Royalty Properties. For Texas Royalties underlying properties, oil production was 15,307 bbl and gas 6,545 Mcf (13,842 bbl and 5,923 Mcf net to the Trust) at average prices of $99.90/bbl for oil and $8.61/Mcf for gas, generating Net Profit of $1,448,285 and a net contribution of $1,375,871 to this month's distribution.
General and administrative expenses, net of interest, were $470,271, including a $400,000 addition to the expense reserve. The Trustee also highlighted a non-binding SoftVest/Blackbeard Holdings term sheet for a potential business combination involving a new corporation (New PubCo), which would likely require approval by a majority in interest of unitholders under the recently modified Trust Indenture.
Permian Basin Royalty Trust (NYSE:PBT) declared a June 2026 cash distribution of $0.024673 per unit, or $1,149,997, payable July 15, 2026 to holders of record on June 30, 2026.
The payout is driven solely by Texas Royalty Properties, as Waddell Ranch remains in an excess cost position, contributing no proceeds. Texas Royalties generated $1.50 million revenue and $1.35 million net profit, supported by oil at $88.42/bbl and gas at $9.50/Mcf. The Trustee also highlighted a non-binding SoftVest/Blackbeard term sheet for a potential business combination involving a new public company, which would likely require unitholder approval if pursued.
Permian Basin Royalty Trust (NYSE:PBT) reported that trustee Argent Trust received a Schedule 13D from SoftVest describing a preliminary, non-binding term sheet for a potential business combination involving the Trust and certain Blackbeard assets.
The structure contemplates a new corporation, New PubCo, owning all Trust assets and US Land Guild, which will hold about 66,500 acres of surface estate and a 15% royalty interest. Blackbeard or affiliates would receive certain Trust working interests after conversion of net profits interests into a cost-free 15% royalty interest, including interests in the “West Ranch” and “East Ranch” properties. The Trustee states it has not participated in negotiations, expects any transaction would need approval by a majority in interest of unitholders at a meeting with a quorum, and emphasizes this is not a proxy solicitation. Investors are advised to review current and future SEC filings, including any potential Form S-4 with proxy statement/prospectus.