PermRock Royalty Trust is a statutory royalty trust that owns a net profits interest tied to oil and natural gas production from underlying properties. Its recurring news centers on monthly cash distributions to Trust Unit holders and the production-month data used to calculate those distributions.
Updates typically report oil and natural gas sales volumes, average received wellhead prices, cash receipts, direct operating expenses, workover and lease operating costs, severance and ad valorem taxes, capital expenditures, and information provided by T2S Permian Acquisition II LLC.
PermRock Royalty Trust (NYSE:PRT) announced a monthly cash distribution of $490,223.49 ($0.040295 per Trust Unit) to record holders as of May 31, 2024, payable on June 14, 2024. This distribution is based mainly on March 2024 production.
Oil sales volumes increased to 26,162 barrels, while natural gas sales volumes rose to 28,443 Mcf. The average received prices were $78.88 per barrel for oil and $3.00 per Mcf for natural gas.
Oil cash receipts totaled $2.06 million, up by $0.33 million from the prior month, while natural gas receipts were stable at $0.09 million. Operating expenses decreased slightly to $0.73 million, and severance and ad valorem taxes declined to $0.09 million due to tax reimbursements. Capital expenses dropped to $0.13 million, driven by fewer capital projects. Boaz Energy reserved $184,000 for future capital obligations and expenses.
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