Permian Basin Royalty Trust Announces April 2021 Cash Distribution And 2021 Reserve Quantities
DALLAS, April 20, 2021 /PRNewswire/ -- Simmons Bank, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) ("Permian") today declared a cash distribution to the holders of its units of beneficial interest of
This month's distribution increased slightly from the previous month as the result of increased prices for both oil and gas offset by decreased production on the Waddell Properties due to the end of the February and weather-related outage. The Trust was advised by Blackbeard that the Waddell Ranch properties were in a deficit of
WADDELL RANCH
In reporting February production of the Underlying Properties for this month's press release, production for oil volumes was 50,757 bbls and was priced at about
Blackbeard Operating has advised the Trust of the 2020 capital budget of
Blackbeard Operating has advised the Trust of the 2021 capital budget of
TEXAS ROYALTY PROPERTIES
Production for the underlying properties at the Texas Royalties was 19,947 of oil and 12,461 Mcf of gas. The production for the Trust's allocated portion of the Texas Royalties was 17,556 barrels of oil and 10,948 of gas. The average price for oil was
Underlying Properties |
Net to Trust Sales | |||||
Volumes | Volumes | Average | Price | |||
Oil (bbls) | Gas (Mcf) | Oil (bbls) | Gas (Mcf) | Oil (per bbl) | Gas (per Mcf) | |
Current Month | ||||||
Waddell Ranch | 50,757 | 190,570 | 38,068 | 142,928* | ||
Texas Royalties | 19,947 | 12,461 | 17,556 | 10,948* | ||
Prior Month | ||||||
Waddell Ranch | 61,828 | 218,264 | 46,371 | 163,653* | ||
Texas Royalties | 16,211 | 8,828 | 13,882 | 7,560* |
*These volumes are the net to the trust, after allocation of expenses to Trust's net profit interest, including any prior period adjustments.
**This pricing includes sales of gas liquid products.
General and Administrative Expenses deducted for the month were
The worldwide market conditions continue to affect the pricing for domestic production. It is difficult to predict what effect these conditions will have on future distributions.
Permian Basin Royalty Trust, as it does after the end of each year, had a year-end Reserve Report prepared in accordance with the Securities and Exchange Commission's requirements. This report provides an evaluation of the estimated asset value as of December 31 of each year, which can be used to estimate the remaining life of the Trust.
The estimated net proved reserves, as of January 1, 2021, attributable to the Trust from the properties appraised are approximately 4.5 million barrels of oil and 6.4 billion cubic feet of gas with a future net value of approximately
With the estimated quantities of this year's reserve estimate of 4.5 million barrels of oil and 6.4 billion cubic feet of gas remaining, it could be estimated that the Trust still has a life span of 9 to 11 years. The report is an exhibit to the Trust's Annual Report on Form 10-K that was filed on March 31, 2021 and is available to all unitholders at this time on the SEC website.
The 2020 Annual Report with Form 10-K and the January 1, 2021 Reserve Summary will be available on Permian's website by May 1st. Permian's cash distribution history, current and prior year financial reports, tax information booklets, and a link to filings made with the Securities and Exchange Commission, all can be found on Permian's website at http://www.pbt-permian.com/. Additionally, printed reports can be requested and are mailed free of charge.
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SOURCE Permian Basin Royalty Trust