PERMIAN BASIN ROYALTY TRUST ANNOUNCES NOVEMBER CASH DISTRIBUTION, EXCESS COST POSITION ON WADDELL RANCH PROPERTIES AND NOTICE OF SPECIAL MEETING CALLED BY SOFTVEST

Rhea-AI Summary

Permian Basin Royalty Trust (NYSE: PBT) declared a cash distribution of $0.019233 per unit, payable December 12, 2025, to holders of record November 28, 2025. The Trust will pay a total distribution of $896,437 to 46,608,796 units outstanding. The distribution excludes proceeds from the Waddell Ranch properties because Production Costs exceeded Gross Proceeds for September, creating a continuing excess cost position that must be recovered before any Waddell proceeds are distributed.

The October net profit from the Texas Royalty Properties was $973,969, contributing $925,270 to this distribution; lower gas volumes and lower oil and gas prices reduced the month-over-month distribution. The Trustee notes Blackbeard will provide Waddell data quarterly and a Special Meeting called by SoftVest is scheduled for December 16, 2025 (record date November 11, 2025).

Positive

• Distribution of $0.019233 per unit
• Total cash distribution of $896,437
• Trust units outstanding: 46,608,796
• Texas Royalty net profit of $973,969 for October
• Texas Royalty contributed $925,270 to distribution

Negative

• Waddell Ranch in continuing excess cost position (no proceeds included)
• Month decreased due to lower natural gas volumes and lower oil and gas prices
• Blackbeard will provide Waddell data quarterly, delaying monthly transparency

Insights

Royalty trust analyst

Distribution fell modestly; Waddell Ranch remains in an excess cost position and a SoftVest-led special meeting on Dec 16, 2025 is pending.

The Trust declared a cash distribution of $0.019233 per unit payable on Dec 12, 2025 to holders of record on Nov 28, 2025. The distribution excluded any proceeds from the Waddell Ranch properties because Production Costs exceeded Gross Proceeds for September, creating a continuing excess cost position that must be recovered before any future Waddell proceeds flow to the Trust. The Trust reported Texas Royalty allocated production of 14,356 barrels of oil and 9,425 Mcf of gas, producing revenues of $1,111,632, taxes and expenses of $137,663, and a Net Profit of $973,969, of which the Trust’s 95% NPI yields $925,270 toward this month’s distribution.

The Trustee deducted general and administrative expenses net of interest of $28,833, resulting in a total distribution of $896,437 to 46,608,796 units outstanding. Blackbeard, the Waddell operator, provides production/pricing/cost information quarterly; therefore, the Trustee will disclose that Waddell data in Form 10-Q/10-K when timely received.

The Trustee received a request from SoftVest and other unit holders (collectively >15% ownership) to call a Special Meeting with record date Nov 11, 2025 and meeting date Dec 16, 2025. The proposal seeks a change to the Indenture voting threshold so that a majority of Units cast at a valid special meeting can approve amendments. The Trustee intends to call the Special Meeting; SoftVest filed a preliminary proxy and a definitive proxy is expected.

Risks and dependencies are concrete and limited to disclosed facts: the exclusion of Waddell proceeds reduces near-term cash available and requires future Waddell proceeds to first recover excess costs and any accrued interest. The timing and completeness of Blackbeard’s quarterly data will determine when Waddell contributions resume and when precise monthly NPI amounts will appear in public reports. The Special Meeting could affect governance mechanics if holders approve the proposed Indenture change; details will be in the forthcoming proxy materials.

Items to watch in the next 1–3 months: receipt and timing of Waddell Ranch proceeds reported in the next Form 10-Q or Form 10-K filings, any filings or definitive proxy from SoftVest and other proponents, and the Special Meeting outcome on Dec 16, 2025. Each of these items is directly disclosed and will materially affect near-term cash flow reporting and the Trust’s amendment process.

DALLAS, Nov. 17, 2025 /PRNewswire/ -- Argent Trust Company, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) ("Permian" or the "Trust") today declared a cash distribution to the holders of its units of beneficial interest of $0.019233 per unit, payable on December 12, 2025, to unit holders of record on November 28, 2025. The distribution does not include proceeds from the Waddell Ranch properties, as total production costs ("Production Costs") exceeded gross proceeds ("Gross Proceeds") for the month of September, resulting in a continuing excess cost position for the Waddell Ranch properties. More information regarding the Waddell Ranch properties is described below.

This month's distribution decreased compared to the previous month due primarily to the Texas Royalty Properties having lower natural gas volumes, along with lower oil and natural gas prices, partially offset by slightly higher oil volumes for the month reported.

WADDELL RANCH

Information from Blackbeard, the operator of the Waddell Ranch properties, necessary to calculate the net profits interest ("NPI") proceeds for a given month is received after the announcement date for the month's distribution. As a result, in accordance with the Trust indenture, if NPI proceeds are received from the Waddell Ranch properties on or prior to the record date, they will be included in the following month's distribution.

As noted above, no proceeds were received by the Trustee in October 2025 to be included in the November distribution.  All excess costs, including any accrued interest, will need to be recovered by future proceeds from the Waddell Ranch properties before any proceeds are distributed to the Trust. Due to the fact that Blackbeard provides production, pricing and cost information quarterly instead of monthly, the Trustee will be disclosing that information in the quarterly reports on Form 10-Q and annual reports on Form 10-K for the foreseeable future (to the extent timely received from Blackbeard).

TEXAS ROYALTY PROPERTIES

Production for the underlying Texas Royalty Properties was 16,337 barrels of oil and 10,723 Mcf of gas. The production for the Trust's allocated portion of the Texas Royalty Properties was 14,356 barrels of oil and 9,425 Mcf of gas. The average price for oil was $63.38 per bbl and for gas was $7.10, which includes significant NGL pricing, per Mcf. This would mainly reflect production and pricing in August for oil and July for gas. These allocated volumes were impacted by the pricing of both oil and gas. This production and pricing for the underlying properties resulted in revenues for the Texas Royalty Properties of $1,111,632. Deducted from these revenues were taxes and expenses of $137,663 resulting in a Net Profit of $973,969 for October. With the Trust's NPI of 95% of the Underlying Properties, this would result in a net contribution by the Texas Royalty Properties of $925,270 to this month's distribution.

	Underlying Properties		Net to Trust Sales
	Volumes		Volumes		Average Price
	Oil (bbls)	Gas (Mcf)	Oil (bbls)	Gas (Mcf) (1)	Oil (per bbl)	Gas  (per Mcf) (2)
Current Month
Waddell Ranch	(3)	(3)	(3)	(3)	(3)	(3)
Texas Royalties	16,337	10,723	14,356	9,425	$63.38	$7.10
Prior Month
Waddell Ranch	(3)	(3)	(3)	(3)	(3)	(3)
Texas Royalties	16,239	13,282	14,323	11,709	$65.08	$8.10

(1) These volumes are net to the Trust, after allocation of expenses to Trust's net profit interest, including any prior period adjustments.

(2) This pricing includes sales of gas liquid products.

(3) Information is not being made available monthly but may be provided within 30 days next following the close of each calendar quarter. To the extent the Trustee receives such information timely following the quarter, information will be included in the Trust's quarterly report on Form 10-Q for the applicable quarter (or the annual report on Form 10-K with respect to the fourth quarter).

General and Administrative Expenses deducted for the month, net of interest earned were $28,833 resulting in a distribution of $896,437 to 46,608,796 units outstanding, or $0.019233 per unit.

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.

SPECIAL MEETING

As previously announced, on October 10, 2025, the Trustee received a request from SoftVest Advisors, LLC ("SoftVest"), together with other holders of units of beneficial interest ("Units") who collectively with SoftVest own more than 15% of the outstanding Units of the Trust, to call a special meeting ("Special Meeting") of the Trust's Unit holders to be held on December 16, 2025, with a record date of November 11, 2025. The purpose of the Special Meeting requested by the Unit holders is to present for a vote by the Trust's Unit holders a proposal in support of SoftVest or another appropriate party taking appropriate actions to effect the judicial reformation of the Trust's Indenture to provide that the affirmative vote of a majority of Units cast at a special meeting (at which a quorum is present) be sufficient to approve any amendment to the Trust Indenture. In accordance with the terms of the Trust's Indenture, the Trustee intends to call the Special Meeting. Additional details regarding the Special Meeting will be set forth in the Trustee's notice of special meeting to be mailed to Unit holders at a later date and are also expected to be set forth in a definitive proxy statement to be filed by SoftVest with respect to the Special Meeting.

IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND IT

This press release is not a proxy solicitation. None of the Trust, the Trustee, or its officers or directors, are soliciting proxies in connection with the Special Meeting and are not participants in any solicitation of proxies by SoftVest and/or other Unit holders in connection with the Special Meeting. The Trustee and the Trust are making this communication for informational purposes only and do not intend to file a proxy statement with respect to the Special Meeting.

SoftVest has filed a preliminary proxy statement, and the Trustee anticipates that SoftVest and/or other Unit holders will file a definitive proxy statement with the Securities and Exchange Commission in connection with the Special Meeting. Unit holders are strongly encouraged to read the preliminary proxy statement and the definitive proxy statement when it becomes available because it will contain important information. Unit holders may obtain a free copy of the proxy statement, any amendments and documents that SoftVest and/or any other Unit holders or the Trust files with the SEC from the SEC's website at www.sec.gov.

The 2024 Annual Report with Form 10-K, which includes the December 31, 2024, Reserve Summary, has been filed with the Securities Exchange Commission. 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.

FORWARD-LOOKING STATEMENTS

Any statements in this press release about future events or conditions, and other statements containing the words "estimates," "believes," "anticipates," "plans," "expects," "will," "may," "intends," and similar expressions, other than historical facts, constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Factors or risks that could cause the Trust's actual results to differ materially from the results the Trustee anticipates include, but are not limited to the factors described in Part I, Item 1A, "Risk Factors" of the Trust's Annual Report on Form 10-K for the year ended December 31, 2024, and Part II, Item 1A, "Risk Factors" of subsequently filed Quarterly Reports on Form 10-Q.

Actual results may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements included in this press release represent the Trustee's views as of the date hereof. The Trustee anticipates that subsequent events and developments may cause its views to change. However, while the Trustee may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Trustee's views as of any date subsequent to the date hereof.

Contact: Nancy Willis, Director of Royalty Trust Services, Argent Trust Company, Trustee, Toll Free – 1.855.588.7839

 

View original content:https://www.prnewswire.com/news-releases/permian-basin-royalty-trust-announces-november-cash-distribution-excess-cost-position-on-waddell-ranch-properties-and-notice-of-special-meeting-called-by-softvest-302615653.html

SOURCE Permian Basin Royalty Trust

FAQ

What is the November 2025 cash distribution for Permian Basin Royalty Trust (PBT)?

The distribution is $0.019233 per unit, payable December 12, 2025.

When is the PBT record date and who receives the December 12, 2025 distribution?

Unit holders of record on November 28, 2025 will receive the distribution payable December 12, 2025.

Why were no Waddell Ranch proceeds included in PBT's November 2025 distribution?

No proceeds were received because Production Costs exceeded Gross Proceeds for the Waddell Ranch properties, creating an excess cost position.

How much did the Texas Royalty Properties contribute to PBT's November 2025 distribution?

The Texas Royalty Properties generated a net profit of $973,969, contributing $925,270 to the distribution.

What is the special meeting called by SoftVest for PBT and when will it occur?

SoftVest requested a Special Meeting to be held on December 16, 2025 with a record date of November 11, 2025.

What proposal will SoftVest present at the PBT special meeting (PBT)?

SoftVest plans to seek approval for judicial reformation of the Trust indenture to allow a majority vote of Units cast at a special meeting to amend the indenture.

Where can PBT unit holders find the SoftVest proxy materials and filings?

Unit holders can obtain the proxy statement and filings for free from the SEC website (www.sec.gov) or from Permian's investor website.