DALLAS, Aug. 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
$0.045610 per unit, payable on
September 15, 2017, to unit holders
of record on August 31, 2017.
This month's distribution increased from the previous month due
to an increase in oil and gas production for the Waddell Ranch
properties. This was offset by a decline in pricing for both
oil and gas production of the underlying Waddell Ranch
properties. The Texas Royalty Properties had a slight decline
in oil and gas production as well as a decline in the pricing of
oil production. This was offset by a slight increase in the
pricing of gas and gas liquid products.
Capital expenditures on the Waddell Ranch are lower this month
than previous months, with it being mostly facility projects for
the remainder of the year. However, additional expense is being
incurred bringing the Tubb McKnight Water Station back on line as
of the end of July. It is not clear at this time as to what
the total cost to Trust will be until it is incurred and charged to
the Trust. It is anticipated that these expenses will
continue to be forthcoming in the following months.
WADDELL RANCH
Production for the underlying properties
at the Waddell Ranch was 54,164 barrels of oil and 327,850 Mcf of
gas. The production for the Trust's allocated portion of the
Waddell Ranch was 21,304 barrels of oil and 138,242 Mcf of gas.
The average price for oil was $42.08 per bbl and for gas was $2.86 per Mcf. This would primarily reflect
production and pricing for the month of June for oil and the month
of May for gas. These allocated volumes were significantly impacted
by the pricing of both oil and gas.
This production and pricing for the Underlying Properties
resulted in revenues for the Waddell Ranch Properties of
$3,218,486. Deducted from these
would be the Lease Operating Expense (LOE) of $1,172,685, taxes of $218,400, and Capital Expenditures (CAPEX) of
$170,400 totaling $1,561,485 resulting in a Net Profit of
$1,657,001 for the month of
July. 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 $1,242,751 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
|
54,164
|
327,850
|
21,304
|
138,242*
|
$42.08
|
$2.86**
|
Texas
Royalties
|
24,057
|
26,287
|
22,854
|
24,973*
|
$43.43
|
$5.08**
|
|
|
|
|
|
|
|
Prior
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**
|
|
|
*
|
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 24,057 barrels of oil and 26,287 Mcf of gas.
The production for the Trust's allocated portion of the Texas
Royalties was 22,854 barrels of oil and 24,973 Mcf of gas.
The average price for oil was $43.43 per bbl and for gas was $5.08 per Mcf. This would primarily reflect
production and pricing for the month of June for oil and the month
of May 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 $1,178,439. Deducted from these would be
taxes of $170,732 resulting in a Net
Profit of $1,007,707 for the month of
July. 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 $957,322 to
this month's distribution.
General and Administrative Expenses deducted for the month were
$75,430 resulting in a distribution
of $2,125,856 to 46,608,796 units
outstanding, or $0.045610 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