Welcome to our dedicated page for Permian Basin news (Ticker: PBT), a resource for investors and traders seeking the latest updates and insights on Permian Basin stock.
Permian Basin Royalty Trust (NYSE: PBT) issues frequent updates through press releases and SEC filings that focus on its monthly cash distributions and the performance of its underlying oil and gas properties. News coverage for the Trust highlights how net proceeds from the Texas Royalty Properties and the Waddell Ranch properties translate into per-unit distributions for holders of its units of beneficial interest.
Recent press releases describe monthly cash distribution declarations by Argent Trust Company, as Trustee, along with details on production volumes, allocated volumes net to the Trust, and average realized prices for oil and gas on the Texas Royalty Properties. These updates explain how revenues, taxes, and expenses result in net profit figures, how the Trust’s 95% net profits interest in the Texas Royalty Properties is applied, and how general and administrative expenses affect the final distribution amount.
News about the Waddell Ranch properties often discusses excess cost positions, where total production costs exceed gross proceeds and must be recovered by future proceeds before any distributions from those properties can be made to the Trust. Coverage also includes information on the timing and frequency of production, pricing, and cost data provided by Blackbeard Operating, LLC, the operator of the Waddell Ranch properties, and how that information is incorporated into the Trust’s periodic reports.
Another key theme in PBT news is governance and legal developments. Press releases and 8-K filings report on litigation and settlement activity between the Trust and Blackbeard, including a settlement agreement for $9,000,000 and agreed rules for overhead charges and reporting. They also cover unitholder actions led by SoftVest Advisors, LLC, such as requests for a special meeting, voting results on a non-binding proposal to support judicial reformation of the Trust Indenture, and a petition seeking modification of the Indenture’s amendment thresholds.
Investors following PBT news can use this page to review distribution announcements, property performance updates, litigation and settlement milestones, and unitholder governance initiatives, all of which are drawn from the Trust’s own press releases and related SEC disclosures.
Simmons Bank, Trustee of the Permian Basin Royalty Trust (NYSE: PBT), has declared a cash distribution of $0.034445 per unit for May, payable on June 14, 2022. This distribution reflects an increase influenced by higher pricing from both the Texas Royalty Properties and the newly contributing Waddell Ranch properties. March's production included 167,065 barrels of oil priced at $108.35 per bbl and 451,967 Mcf of gas at $7.37 per Mcf. The Trust's estimated net proved reserves stand at approximately 6.6 million barrels of oil and 11.3 billion cubic feet of gas.
The Permian Basin Royalty Trust (NYSE: PBT) announced the results of its unitholder meeting held on May 4, 2022. Unitholders approved the appointment of Argent Trust Company as the successor trustee, pending the resignation of Simmons Bank. The effective date of the resignation will depend on satisfying conditions outlined in the Trustee's notice and the Trust's definitive proxy statement. Forward-looking statements caution that actual results may differ due to factors such as the inability to secure necessary approvals.
On April 19, 2022, Simmons Bank, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT), declared a cash distribution of $0.031783 per unit, payable on May 13, 2022, to unit holders of record on April 29, 2022. This distribution marks an increase due to improved production and pricing from Texas Royalty Properties. For February, total oil production was 133,403 bbl and gas production was 489,669 Mcf. Net revenue from the Waddell Ranch was $14,141,963. However, a deficit of $4.8 million remains, potentially affecting future distributions.
Permian Basin Royalty Trust (NYSE: PBT) announced the adjournment of its Special Meeting of unitholders from April 5, 2022, to May 4, 2022, due to a lack of quorum. The purpose of the meeting is to approve the appointment of Argent Trust Company as the successor trustee. No changes have been made to the proxy materials provided to unitholders, and the record date for voting remains February 4, 2022. Unitholders who have voted do not need to act further, while those who haven't are encouraged to submit their votes.
Simmons Bank, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT), declared a cash distribution of $0.019331 per unit, payable on April 14, 2022, to unit holders of record by March 31, 2022. This distribution reflects a decrease due to reduced oil and gas production, despite favorable pricing. Notably, the Waddell Ranch remains in deficit, impacting future distributions. In January, Waddell Ranch produced 146,556 barrels of oil and 486,150 Mcf of gas, generating $14.4 million in gross revenue. General and Administrative expenses deducted were $238,697.
Permian Basin Royalty Trust (NYSE: PBT) declared a cash distribution of $0.029164 per unit, payable on March 14, 2022. This reflects a decrease from the previous month due to lower oil and gas production and pricing in December. Oil production was 145,009 barrels at $70.13 per barrel, while gas production was 538,676 Mcf at $6.84 per Mcf, resulting in a net revenue of $1,696,358 for the month. Future distributions may be impacted by ongoing market conditions.
Simmons Bank, Trustee of the Permian Basin Royalty Trust (NYSE: PBT), announced a cash distribution of $0.031614 per unit, payable on February 14, 2022, for unit holders of record on January 31, 2022. The increase is attributed to higher oil and gas production from Texas Royalty Properties in November. Despite the Waddell Ranch's ongoing budget deficit, positive net revenue from Texas royalties amounted to $1,527,329. The Trust's general and administrative expenses were $54,266, leading to a total distribution of $1,473,505 for the month.
Permian Basin Royalty Trust (PBT) has declared a cash distribution of $0.024625 per unit, payable on January 14, 2022, to unitholders of record by December 31, 2021. This distribution sees a slight increase due to improved oil pricing in October. The Waddell Ranch remains in deficit; thus, the distribution reflects only Texas Royalty Properties. October's gross revenue from the Waddell Ranch was $13.4 million with net Trust proceeds at $3.6 million. The Texas Royalty contributed $1.24 million to the distribution. Future market conditions remain uncertain.
Simmons Bank, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT), has declared a cash distribution of $0.022527 per unit, payable on December 14, 2021, to unit holders of record by November 30, 2021. This distribution increased slightly due to a minor rise in oil prices for Texas Royalty Properties in September. The Waddell Ranch is currently in a deficit, affecting distributions. In September, the Trust incurred a net loss of $718,486 on Waddell Ranch operations. The 2021 budget for the Waddell Ranch was increased to $51 million, reflecting a focus on production potential.
The Permian Basin Royalty Trust (NYSE: PBT) has declared a cash distribution of $0.022354 per unit, payable on November 15, 2021, to unit holders of record as of October 29, 2021. This distribution reflects a slight decrease due to reduced oil and gas pricing for August. The Trust's net revenue from oil and gas production in August amounted to $1,082,574 from Texas Royalty Properties, while the Waddell Ranch produced $8,506,010 but is currently in deficit, contributing to a cumulative shortfall of $18.1 million.