DALLAS, July 21, 2017 /PRNewswire/ -- Permian Basin
Royalty Trust (NYSE: PBT) ("Permian") today declared a cash
distribution to the holders of its units of beneficial interest of
$0.040754 per unit, payable on
August 14, 2017, to unit holders of
record on July 31, 2017.
This month's distribution decreased from the previous month due
to a decline in oil and gas production for the Waddell Ranch
properties. Pricing for oil slightly declined offset by a
slight increase in the pricing of gas for the Waddell Ranch
properties. The Texas Royalty Properties had a slight
increase in oil and gas production as well as an increase in the
pricing of oil production. This was offset by a decrease in
the pricing of gas.
Capital expenditures on the Waddell Ranch continue to be lower
than previous months, with it being mostly facility projects for
the remainder of the year. However, additional expense will be
incurred bringing the Tubb McKnight Water Station back on line of
approximately $1,228,000 (gross) to
the entire project of working interest owners. It is not
clear at this time as to what the cost to Trust will be until it is
incurred and charged to the Trust. It is anticipated that
these expenses will be forthcoming in the following months.
WADDELL RANCH
Production for the underlying properties at the Waddell Ranch was
53,903 barrels of oil and 323,454 Mcf of gas. The production
for the Trust's allocated portion of the Waddell Ranch was 13,498
barrels of oil and 99,929 Mcf of gas. The average price for
oil was $44.74 per bbl and for gas
was $3.09 per Mcf. This would
primarily reflect production and pricing for the month of May for
oil and the month of April for gas. These allocated volumes were
significantly impacted by the pricing of both oil and gas. Also,
the previously mentioned prior period adjustments affected the net
barrels and Mcfs allocated to the trust for this month.
This production and pricing for the Underlying Properties
resulted in revenues for the Waddell Ranch Properties of
$3,410,228. Deducted from these
would be the Lease Operating Expense (LOE) of $1,901,654, taxes of $119,824, and Capital Expenditures (CAPEX) of
$174,067 totaling $2,195,545 resulting in a Net Profit of
$1,214,683 for the month of
June. With the Trust's Net Profit Interest (NPI) of 75% of
the underlying properties, this would result in a net contribution
by the Waddell Ranch Properties of $911,012 to this month's
distribution.
|
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
|
53,903
|
323,454
|
13,498
|
99,929*
|
$44.74
|
$3.09**
|
Texas
Royalties
|
24,880
|
28,880
|
23,636
|
27,436*
|
$45.55
|
$4.68**
|
|
|
|
|
|
|
|
Prior
Month
|
|
|
|
|
|
|
Waddell
Ranch
|
52,641
|
327,112
|
18,668
|
118,274*
|
$47.23
|
$3.00**
|
Texas
Royalties
|
24,397
|
26,249
|
23,177
|
24,937*
|
$44.15
|
$5.43**
|
|
|
*
|
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.
|
TEXAS ROYALTY
PROPERTIES
Production for the underlying properties at the Texas Royalties was
24,880 barrels of oil and 28,880 Mcf of gas. The production
for the Trust's allocated portion of the Texas Royalties was 23,636
barrels of oil and 27,436 Mcf of gas. The average price for
oil was $45.55 per bbl and for gas
was $4.68 per Mcf. This would
primarily reflect production and pricing for the month of May for
oil and the month of April 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 Royalties of $1,268,478. Deducted from these would be
taxes of $176,594 resulting in a Net
Profit of $1,091,884 for the month of
June. With the Trust's Net Profit Interest (NPI) of 95% of
the Underlying Properties, this would result in net contribution by
the Texas Royalties of $1,037,290 to
this month's distribution.
General and Administrative Expenses deducted for the month were
$49,810 resulting in a distribution
of $1,899,531 to 46,608,796 units
outstanding, or $0.040754 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.
Permian's cash distribution history, current and prior year
financial reports, including a summary of reserves as of 1/1/2017,
tax information booklets, and a link to filings made with the
Securities and Exchange Commission, all can be found on its website
at http://www.pbt-permian.com/.
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SOURCE Permian Basin Royalty Trust