Permian Basin Royalty Trust Announces October Cash Distribution
Simmons Bank, Trustee of the Permian Basin Royalty Trust (PBT), declared a cash distribution of $0.012620 per unit, payable on November 16, 2020, to unit holders of record on October 30, 2020. This month's distribution reflects an increase due to higher oil prices, despite lower gas prices and increased general expenses. In August, Waddell Ranch reported oil production of 51,002 bbls at $39.48 per bbl. The Texas Royalties produced 18,786 bbls of oil at $40.13 per bbl, yielding a net profit of $686,963.
- Increased cash distribution to $0.012620 per unit.
- Higher oil prices boosting revenue despite lower gas prices.
- Net profit from Texas Royalties of $686,963.
- Decreased oil and gas production at Waddell Ranch and Texas Royalties.
- General and administrative expenses increased.
- Waddell Ranch reported a deficit of $1.2 million for August.
DALLAS, Oct. 20, 2020 /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 from the previous month as the result of rebounding prices for oil but offset by lower prices for gas across the industry. General and administrative expenses were higher this month compared to the previous month. The Trust was advised by Blackbeard that the Waddell Ranch properties were in deficit for the month of August, providing details as to production levels and pricing received. The Texas Royalty Properties reflected an increase in both oil and gas pricing offset by a decline in both oil and gas production. This reflects the production month of August.
WADDELL RANCH
In reporting August production of the Underlying Properties for this month's press release, production for oil volumes was 51,002 bbls and was priced at about
Blackbeard advised that through August 2020, approximately five new drills were initiated, with three completions resulting of such. Also, two recompletions were performed in August.
TEXAS ROYALTY PROPERTIES
Production for the underlying properties at the Texas Royalties was 18,786 barrels of oil and 12,593 Mcf of gas. The production for the Trust's allocated portion of the Texas Royalties was 15,995 barrels of oil and 10,606 of gas. The average price for oil was
This production and pricing for the underlying properties resulted in revenues for the Texas Royalties of
Blackbeard Operating has advised the Trust of the second half of 2020 capital budget for the Waddell Ranch reflecting 9.4 new drill wells at an estimated
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 | 51,002 | 144,302 | 38,252 | 108,227* | ||
Texas Royalties | 18,786 | 12,593 | 15,995 | 10,606* | ||
Prior Month | ||||||
Waddell Ranch | 49,622 | 131,393 | 37,217 | 98,545* | ||
Texas Royalties | 20,462 | 15,469 | 17,290 | 13,060* |
*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.
*** Blackbeard Operating reported that Waddell Ranch was in a deficit for the month of July.
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.
The 2019 Annual Report with Form 10-K and the January 1, 2020 Reserve Summary is now available on Permian's website. 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
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