Permian Basin Royalty Trust sets March cash payout

Permian Basin Royalty Trust declared a March cash distribution of $0.010662 per unit, payable on April 14, 2026, to unitholders of record on March 31, 2026.

Rhea-AI Filing Summary

Permian Basin Royalty Trust declared a March cash distribution of $0.010662 per unit, payable on April 14, 2026, to unitholders of record on March 31, 2026. Total cash distributed is $496,950 across 46,608,796 units.

The payout comes solely from the Texas Royalty Properties, as the Waddell Ranch properties remained in an excess cost position for February, with production costs exceeding gross proceeds, so no Waddell proceeds were included. For the underlying Texas Royalty Properties, production was 15,009 barrels of oil and 9,793 Mcf of gas, with the Trust’s allocated volumes of 13,047 barrels of oil and 8,518 Mcf of gas. Average realized prices were $56.56 per barrel of oil and $6.02 per Mcf of gas, generating $907,884 of revenue and $783,853 of net profit, of which $744,660 flowed to the Trust after applying its 95% net profits interest. After $247,710 of general and administrative expenses, the remainder funded the distribution.

The press release also notes a unitholder mailing from SoftVest, L.P., which has filed a petition in a Texas district court seeking to modify the Trust indenture to lower certain amendment approval thresholds from 75% of outstanding units to a majority of units represented at a quorumed meeting.

Insights

Energy income and royalty trust analyst

March payout is modest, Waddell Ranch remains uneconomic, with a governance challenge emerging from a large unitholder.

Permian Basin Royalty Trust reported a small March distribution of $0.010662 per unit, funded entirely by Texas Royalty Properties. Waddell Ranch stayed in an excess cost position, so production there did not contribute to cash flow this month.

Texas Royalty Properties generated $907,884 in revenue and $783,853 of net profit on February activity, with the Trust receiving $744,660 after applying its 95% net profits interest. General and administrative costs of $247,710 absorbed a meaningful share of cash before distribution.

A key development is SoftVest, L.P. petitioning a Texas court to lower amendment approval thresholds from 75% of outstanding units to a majority of units at a quorumed meeting. The ultimate court decision and any resulting indenture changes could reshape how future governance or strategic decisions are approved, and subsequent company filings will be the place where any outcomes are reflected.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

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

What March 2026 cash distribution did Permian Basin Royalty Trust (PBT) declare?

Permian Basin Royalty Trust declared a March 2026 cash distribution of $0.010662 per unit. It totals $496,950 and will be paid on April 14, 2026 to unitholders of record as of March 31, 2026.

Why did Waddell Ranch properties not contribute to PBT’s March 2026 distribution?

The Waddell Ranch properties did not contribute because production costs exceeded gross proceeds for February, creating a continuing excess cost position. All excess costs, including any accrued interest, must be recovered from future Waddell Ranch proceeds before the Trust receives distributions from those properties.

How did the Texas Royalty Properties support Permian Basin Royalty Trust’s March 2026 payout?

Texas Royalty Properties generated $907,884 of revenue and $783,853 of net profit, with $744,660 allocated to the Trust under its 95% net profits interest. After $247,710 of general and administrative expenses, the remaining cash funded the $0.010662 per-unit distribution.

What production volumes and prices did PBT report for Texas Royalty Properties?

For the underlying Texas Royalty Properties, production was 15,009 barrels of oil and 9,793 Mcf of gas. Net to the Trust, volumes were 13,047 barrels of oil and 8,518 Mcf of gas, at average prices of $56.56 per barrel and $6.02 per Mcf.

What changes to the Permian Basin Royalty Trust indenture is SoftVest seeking?

SoftVest, L.P. has petitioned a Texas district court to amend Section 8.03 to remove the 75% outstanding unit approval requirement and to revise Article X so any indenture provision may be amended by a majority of units represented at a properly quorumed unitholder meeting.

How will information on Waddell Ranch be reported by Permian Basin Royalty Trust?

Because Blackbeard provides Waddell Ranch data quarterly, the Trustee intends to include production, pricing, and cost information in Form 10-Q and Form 10-K filings, when received timely. Monthly press releases may continue to lack detailed Waddell Ranch figures due to this timing.

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

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Accepted by SEC EDGAR 03/20/2026 - 11:55 AM Learn about SEC filing dates

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report: March 20, 2026

PERMIAN BASIN ROYALTY TRUST

(Exact name of Registrant as Specified in Its Charter)

Texas			1-8033	75-6280532
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
Argent Trust Company 3838 Oak Lawn Ave. Suite 1720
Dallas, Texas				75219
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: 855 588-7839

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Units of Beneficial Interest		PBT		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On March 20, 2026, the Registrant issued a press release announcing its monthly cash distribution to unitholders of record on March 31, 2026. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

This Report on Form 8-K is being furnished pursuant to Item 2.02, Results of Operations and Financial Condition. The information furnished is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits.

Exhibit No.		Description
99.1		Press Release dated March 20, 2026

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			PERMIAN BASIN ROYALTY TRUST
		By:	ARGENT TRUST COMPANY, TRUSTEE
		By:	/s/ Nancy Willis
Date: March 20, 2026			Nancy Willis Director of Royalty Trust Services

Exhibit 99.1

Permian Basin Royalty Trust

PERMIAN BASIN ROYALTY TRUST ANNOUNCES MARCH CASH DISTRIBUTION, EXCESS COST POSITION ON WADDELL RANCH PROPERTIES AND UNITHOLDER MAILING BY SOFTVEST

DALLAS, Texas, March 20, 2026 – 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 $0.010662 per unit, payable on April 14, 2026, to unit holders of record on March 31, 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 February, 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 Texas Royalty Properties having lower oil and natural gas volumes, along with lower oil pricing, partially offset by higher natural gas pricing.

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 February 2026 to be included in the March 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 15,009 barrels of oil and 9,793 Mcf of gas. The production for the Trust’s allocated portion of the Texas Royalty Properties was 13,047 barrels of oil and 8,518 Mcf of gas. The average price for oil was $56.56 per bbl and for gas was $6.02, which includes significant NGL pricing, per Mcf. This would mainly reflect production and pricing in December for oil and November 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 $907,884. Deducted from these revenues were taxes and expenses of $124,031 resulting in a Net Profit of $783,853 for February. With the Trust’s NPI of 95% of the underlying properties, this would result in a net contribution by the Texas Royalty Properties of $744,660 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	15,009	9,793	13,047	8,518	$56.56	$6.02
Prior Month
Waddell Ranch	(3)	(3)	(3)	(3)	(3)	(3)
Texas Royalties	15,292	9,841	13,325	8,573	$56.78	$5.85

(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 $247,710 resulting in a distribution of $496,950 to 46,608,796 units outstanding, or $0.010662 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.

UNITHOLDER MAILING FILED BY SOFTVEST

On or about February 10, 2026, SoftVest, L.P. (“SoftVest”), a unit holder of the Trust, mailed documents to holders of units of beneficial interest ("Unitholders") which included a cover letter, a Citation in the District Court of Tarrant County, Texas ("Citation"), the Original Petition for Modification of Trust (the “Petition”) in the District Court of Tarrant County, Texas (Cause No. 96-373245-25) seeking judicial modification of the Trust’s Indenture, and the Petitioner SoftVest, L.P.'s Notice of Bench Trial on Petitioner's Original Petition for Modification of Trust ("Notice of Bench Trial"), also collectively known as the "Unitholder Mailing". The Unitholder Mailing advises Unitholders of a hearing to be scheduled Friday, May 8, 2026, at 10:30 a.m. before the 96th District Court of Tarrant County, Tom Vandergriff Civil Courts Building, 4th Floor, 100 North Calhoun Street, Fort Worth, Texas 76196, on the merits of SoftVest's Petition pursuant to which it seeks to (1) amend Section 8.03 of the Indenture to eliminate the requirement that certain amendments require approval by 75% of the outstanding units of the Trust, and (2) delete Section 10.01 of the Indenture that sets forth certain prohibited amendments and replace Article X of the Indenture with a provision permitting amendment of any provision of the Indenture by a vote of unitholders in accordance with Article VIII (which, as amended, would permit amendment by a majority in interest of unitholders constituting a quorum at a meeting of unitholders where a quorum is present).

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

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EX-99.1 62.1 KB