DALLAS, March 5, 2021 /PRNewswire/ -- Simmons Bank, as Trustee of the Sabine Royalty
Trust (NYSE: SBR), today declared a cash distribution to the
holders of its units of beneficial interest of $0.210990 per unit, payable on March 29, 2021, to unit holders of record on
March 15, 2021. Sabine's cash
distribution history, current and prior year financial reports and
tax information booklets, a link to filings made with the
Securities and Exchange Commission and more can be found on its
website at http://www.sbr-sabine.com/. Additionally, printed
reports can be requested and are mailed free of charge.
During the month of February, the respective
shelter-at-home/work-from-home orders across the spectrum of the
industry has significantly affected the posting of revenues for the
Trust, until the following month of March. As adjustments are
made accordingly, the functions of the Trust are still being
performed, although on a delayed basis. We will continue to
strive to make the operations of the Trust and its providers, as
fluid as possible.
The impact of the precipitous drop in energy pricing are not
reflected in this month's revenue, however it has been seen in the
previous months. With the assets of the Royalty Trust being
almost true royalty interest ownership of established production
streams, production should continue, however the over-supply of
existing industry inventories will affect the ability to transport
on down the production stream. As the result of these
aforementioned factors, various producers/operators/purchasers may
not be able to continue as they have been and could affect payment
to the Trust. We are taking steps to monitor those various
entities as they have a direct relationship with the
Trust. The ownership of the Trust's various royalty interests
should not be diminished, as that will continue.
This distribution reflects primarily the oil production for
December 2020 and the gas production
for November 2020. Preliminary production volumes are
approximately 51,259 barrels of oil and 719,512 Mcf of
gas. Preliminary prices are approximately $41.30 per barrel of oil and $2.44 per Mcf of gas.
The table below compares this month's production and prices to
the previous month's:
|
|
Net to Trust
Sales
|
|
|
|
|
Volumes
|
|
Average
Price
|
|
|
Oil (bbls)
|
|
Gas (Mcf)
|
|
Oil
(per bbl)
|
|
Gas
(per Mcf)
|
|
|
|
|
|
|
|
|
|
Current
Month
|
|
51,259
|
|
719,512
|
|
$41.30
|
|
$2.44
|
|
|
|
|
|
|
|
|
|
Prior
Month
|
|
46,433
|
|
657,693
|
|
$38.90
|
|
$1.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues are only distributed after they are received, verified
and posted. Most energy companies normally issue payment of
royalties on or about the 25th of every month, and
depending on mail delivery, a varying amount of royalties are not
received until after the revenue posting on the last business day
of the month. The revenues received after that date will be
posted within 30 days of receipt.
Due to the timing of the end of the month of February,
approximately $184,000 of revenue
received will be posted in the following month of March in addition
to normal receipts during March. Since the close of business
in February and prior to this press release, there has been
approximately $1,469,000 in revenue
received.
The 2020 tax information packets were mailed directly to
unitholders as of March 4. A copy of
Sabine's 2020 tax information
booklet is available on Sabine's
website. In addition to the tax booklet the Sabine website also has available two simple
calculators for computing the income and expense amounts and the
cost depletion.
The 2019 Annual Report with Form 10-K and the January 1, 2020 Reserve Summary is available on
the Sabine website at
http://www.sbr-sabine.com/.
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SOURCE Sabine Royalty Trust