PERMIAN BASIN ROYALTY TRUST ANNOUNCES OCTOBER CASH DISTRIBUTION AND EXCESS COST POSITION ON WADDELL RANCH PROPERTIES

Waddell Ranch remains in an excess cost position, while the final Blackbeard settlement payment helped lift the monthly distribution.

Rhea-AI Summary

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.

5 points · 0 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 7 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate point. Forward-looking: it has not happened yet and may not happen.Proposed business combination would combine Trust assets with certain Blackbeard Holdings mineral interests and land operations.
• Minor pointOctober distribution increased from the previous month, primarily from the final Blackbeard Operating settlement payment.
• Minor pointTexas Royalty Properties contributed $1,094,925 to the October distribution.
• Minor pointTexas Royalty net gas sales rose to 5,632 Mcf from 4,868 Mcf the prior month.
• Minor pointAverage gas pricing increased to $15.15 per Mcf from $13.49, including gas liquid products.

Negative

• Moderate pointWaddell Ranch excess costs and accrued interest must be recovered from future proceeds before Trust payments resume.
• Minor pointWaddell Ranch provided no October distribution proceeds because September production costs exceeded gross proceeds.
• Minor pointAverage oil pricing declined to $79.67 per barrel from $83.20 the prior month.
• Minor pointTexas Royalty net oil sales fell to 13,459 barrels from 13,460 barrels the prior month.
• Minor pointTexas Royalty taxes and expenses of $143,097 were deducted from property revenues.

2 minor points

• Minor pointGeneral and administrative expenses, net of interest earned, totaled $113,595 for the month.
• Minor pointProposed business combination requires a Trust unitholder vote before completion.

News Explained

New PBT has filed an S-1 for a planned rights offering of its shares to Trust holders; the registration is not itself a sale, so the release describes a proposed share offering, not completed issuance.

Key Figures

Distribution per unit: $0.045191 per unit Total distribution: $2,106,330.04 Texas Royalty contribution: $1,094,925 +5 more

Distribution per unit

$0.045191 per unit

October distribution

Total distribution

$2,106,330.04

October distribution

Texas Royalty contribution

$1,094,925

Net contribution to the October distribution

Texas Royalty revenues

$1,295,650

Underlying Texas Royalty Properties

Texas Royalty net profit

$1,152,553

October

Average oil and gas prices

$79.67 per bbl oil; $15.15 per Mcf gas

Texas Royalty Properties; gas pricing includes significant NGL pricing

Allocated production

13,459 barrels of oil; 5,632 Mcf of gas

Trust's allocated portion of Texas Royalty Properties

Taxes and expenses

$143,097

Deducted from Texas Royalty revenues

Historical Context

1 past event · Latest: Sep 18

1 event

1. Sep 18

   Cash distribution

   24h Move

   +1.3%

   Declared a monthly payout while Waddell Ranch remained in excess costs, excluding its proceeds.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

net profits interest, rights offering, form s-4, form s-1

4 terms

net profits interest financial

"Information ... necessary to calculate the net profits interest ("NPI") proceeds"

A net profits interest (NPI) is a contractual right to receive a fixed percentage of a project’s or asset’s profits after allowable costs are paid, rather than a share of gross revenue or ownership. For investors, it matters because it gives upside tied to actual profitability while shielding the holder from direct operating expenses and capital calls, similar to getting a portion of the leftover profits from a business after the bills are settled.

rights offering financial

"Form S-1 pursuant to which it will make a rights offering to Trust Unitholders"

A rights offering is a way for a company to raise additional money by giving existing shareholders the opportunity to buy more shares at a discounted price before they are offered to the public. It’s similar to a special sale where current owners get the first chance to buy extra items at a lower cost, allowing them to increase their investment if they choose. This process matters to investors because it can affect the value of their holdings and their ability to buy new shares at favorable terms.

View in glossary

form s-4 regulatory

"New PBT has filed a registration statement on Form S-4"

A Form S-4 is a legal document that companies file with the government to announce and explain a major business move, such as a merger or acquisition. It provides detailed information to help investors understand how the deal might affect the company's value and future prospects, similar to a detailed blueprint that clarifies the impact of a significant change.

form s-1 regulatory

"New PBT has also filed a registration statement on Form S-1"

A Form S-1 is the registration filing a company submits to the U.S. Securities and Exchange Commission when it plans to offer stock to the public, most commonly for an initial public offering. Think of it as the company’s full disclosure packet or blueprint: it contains audited financials, business description, management background, risk factors and details of the offering, giving investors the information needed to judge the company’s financial health and potential risks before buying shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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DALLAS, Oct. 20, 2026 /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 $0.045191 per unit, payable on November 16, 2026, to unit holders of record on October 30, 2026. 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 increased compared to the previous month due primarily to the final settlement payment being received from Blackbeard Operating. Higher natural gas volumes and pricing for the Texas Royalty Properties also contributed to the increase, partially offset by lower oil pricing.

WADDELL RANCH
Information from Blackbeard Operating, LLC ("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 September 2026 to be included in the October 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 15,064 barrels of oil and 6,301 Mcf of gas. The production for the Trust's allocated portion of the Texas Royalty Properties was 13,459 barrels of oil and 5,632 Mcf of gas. The average price for oil was $79.67 per bbl and for gas was $15.15, which includes significant NGL pricing, per Mcf. This would mainly reflect production and pricing in July for oil and June 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 $1,295,650. Deducted from these revenues were taxes and expenses of $143,097 resulting in a Net Profit of $1,152,553 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 $1,094,925 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	15,064	6,301	13,459	5,632	$79.67	$15.15
Prior Month
Waddell Ranch	(3)	(3)	(3)	(3)	(3)	(3)
Texas Royalties	15,042	5,439	13,460	4,868	$83.20	$13.49

⁽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 $113,595, resulting in a distribution of $2,106,330.04 to 46,608,796 units outstanding, or $0.045191 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.

SOFTVEST PROPOSAL
As previously disclosed, the Trustee was notified by SoftVest, L.P. ("SoftVest"), a Unitholder of the Trust, that on July 28, 2026, SoftVest and certain of its affiliates entered into a definitive Combination Agreement with Blackbeard Holdings, LLC and certain of its affiliates ("Blackbeard Holdings") pursuant to which they propose to combine the assets of the Trust and certain oil and natural gas mineral interest and land operations owned by Blackbeard Holdings to create a new publicly traded corporation, PBT Land and Minerals, Inc. ("New PBT") (the "Business Combination"). Completion of the Business Combination is subject to a vote of Trust Unitholders. SoftVest and certain other unitholders representing in excess of 15% of the Trust Units have, as permitted by the Trust Indenture, requested that the Trustee call a special meeting of Trust Unitholders for purposes of considering amendments to the Trust Indenture that would implement the Business Combination and related matters. New PBT has filed a registration statement on Form S-4 that includes a prospectus and a proxy statement for purposes of soliciting proxies with respect to the special meeting. New PBT has also filed a registration statement on Form S-1 pursuant to which it will make a rights offering to Trust Unitholders with respect to shares of New PBT.

Neither the Trust, nor the Trustee is a party to the Combination Agreement, nor is the Trust or the Trustee soliciting proxies or participating in any offering of securities. The Trustee is not making any recommendation to Trust Unitholders as to how to vote with respect to the Business Combination or other proposals at the special meeting. Unitholders will be notified of the record date and meeting date for the special meeting at a later date.

The 2025 Annual Report on Form 10-K/A, which includes the December 31, 2025, 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.

IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND IT

This press release is not a proxy solicitation. None of the Trust, the Trustee, or the Trustee's officers or directors, are soliciting proxies in connection with any special meeting of Trust unitholders and are not participants in any solicitation of proxies by New PBT, SoftVest and/or other unitholders in connection with any special meeting. The Trust and the Trustee are not making any offering of securities. The Trustee and the Trust are making this communication for informational purposes only and do not intend to file a proxy statement or registration statement with respect to the proposed Business Combination.

New PBT has filed (i) a registration statement on Form S-4, which includes a proxy statement relating to a meeting of Trust unitholders and a prospectus of New PBT, and (ii) a Form S-1 registering securities of New PBT with respect to the rights offering with the Securities and Exchange Commission. Unitholders and other investors are strongly encouraged to read the Form S-4, including the proxy statement/prospectus, the Form S-1, any amendments to the Form S-4 and/or Form S-1, and any other documents filed with the Securities and Exchange Commission when they become available because they will contain important information. Unitholders may obtain a free copy of any Form S-4, proxy statement/prospectus, Form S-1, and any amendments and documents that New PBT or SoftVest files with the SEC from the SEC's website at www.sec.gov.

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/A for the year ended December 31, 2025, and Part II, Item 1A, "Risk Factors" of subsequently filed Quarterly Reports on Form 10-Q as well as factors related to actions by SoftVest or other unitholders, New PBT, Blackbeard Holdings, or other third parties, including courts, that are not within the control of the Trust or the Trustee.

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-october-cash-distribution-and-excess-cost-position-on-waddell-ranch-properties-302913181.html

SOURCE Permian Basin Royalty Trust

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much is PBT's October 2026 distribution, and when will it be paid?

PBT will pay $0.045191 per unit on November 16, 2026, to holders of record on October 30, 2026. The total distribution is $2,106,330.04 across 46,608,796 outstanding units.

Why is Waddell Ranch excluded from PBT's October 2026 distribution?

September production costs exceeded gross proceeds, leaving Waddell Ranch in a continuing excess cost position. Future proceeds must recover all excess costs, including accrued interest, before any proceeds can be distributed to the Trust.

Where will PBT report Waddell Ranch production, pricing and costs?

The Trustee plans to disclose Waddell Ranch production, pricing and costs in quarterly and annual reports, to the extent information is received timely from Blackbeard Operating. Blackbeard provides that information quarterly rather than monthly.

Is PBT's Trustee recommending the proposed SoftVest business combination?

The Trustee is not recommending how unitholders should vote on the proposed business combination or other special-meeting proposals. Neither the Trust nor the Trustee is a party to the Combination Agreement, soliciting proxies or participating in a securities offering. The special meeting's record date and meeting date will be announced later.

What rights offering is planned alongside PBT's proposed business combination?

PBT Land and Minerals has filed a Form S-1 for a planned rights offering to Trust unitholders covering shares of the new corporation. It has also filed a Form S-4 containing a prospectus and proxy statement for the proposed business combination. These documents are available free through the SEC website.