DALLAS, Aug. 20, 2021 /PRNewswire/ -- Simmons Bank, as Trustee of the Permian Basin
Royalty Trust (NYSE: PBT) ("Permian") today declared a cash
distribution to the holders of its units of beneficial interest of
$0.019552 per unit, payable on
September 15, 2021, to unit holders
of record on August 31, 2021.
This month's distribution decreased from the previous month as
the result of decreased production of oil and gas due to the timing
of receipts offset by an increase in the pricing for oil and gas
for the Texas Royalty Properties during the month of June.
Currently, only the Texas Royalty Properties are contributing to
the monthly distribution.
Since the Waddell Ranch is in current deficit for the
foreseeable future, any increase or decrease of the distribution by
revenues received, will only be reflective of the activity of the
Texas Royalty Properties. The activity of the Waddell Ranch
will be discussed with the following narrative until it contributes
back to the distribution. This reflects the production month
of June.
WADDELL RANCH
In reporting June production of the
Underlying Properties for this month's press release, production
for oil volumes was 90,258 bbls (gross) and was priced at about
$70.22 per bbl. Production for
gas volumes (including gas liquids) was 220,120 mcf (gross) and was
priced at about $4.21 per mcf, which
now includes the value received from plant products and natural gas
liquids. Net revenue for the underlying properties of the
Waddell ranch was $6,956,201 (gross)
for June. Lease Operating Expenses were $1,600,296 (gross) and Capital Expenditures were
$9,324,242 (gross) for June. This
would put the Trust's proceeds as a deficit of $ 2,976,253 (net) for the month of June, leaving
an excess cost deficit cumulative of $15.5
million (net).
Resulting producing well count relating to activity on the
Waddell Ranch properties for the month of June reflects 12
additional recompletion wells along with the previously stated well
count of 49 recompletions giving a total for the year of 61 wells
(gross) recompleted and producing. New producing drill well
count for the month of June were 8 new drill wells along with the
previously stated new drill well count of 22 new drill wells giving
the total of new drill wells for the year of 30 (gross) drilled and
producing. Both the recompletions and new drill wells are
currently receiving revenue on new production, as reflected by the
increasing volumes as stated above.
Blackbeard Operating has advised the Trust of the 2021 capital
budget of $86.6 million (gross),
($32.5 million net to the Trust) for
the Waddell Ranch proposing 91 (gross) drill wells, with 24 (gross)
recompletions.
TEXAS ROYALTY
PROPERTIES
Production for the underlying properties at the
Texas Royalties was 17,820 of oil and 9,894 Mcf of gas. The
production for the Trust's allocated portion of the Texas Royalties
was 15,854 barrels of oil and 8,797 of gas. The average price
for oil was $69.06 per bbl and for
gas was $7.89 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 $1,308,703. Deducted from these were taxes
of $129,626 resulting in a Net Profit
of $1,179,076 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 $1,120,123 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
|
90,258
|
220,120
|
67,694
|
165,090*
|
$70.22
|
$4.21**
|
Texas
Royalties
|
17,820
|
9,894
|
15,854
|
8,797*
|
$69.06
|
$7.89**
|
|
|
|
|
|
|
|
Prior
Month
|
|
|
|
|
|
|
Waddell
Ranch
|
94,554
|
194,689
|
70,916
|
146,017*
|
$63.97
|
$2.61**
|
Texas
Royalties
|
19,114
|
10,523
|
16,949
|
9,333*
|
$61.94
|
$6.62**
|
|
*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.
|
General and Administrative Expenses deducted for the month were
$209,244 resulting in a distribution
of $911,332 to 46,608,796 units
outstanding, or $0.019552 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.
The 2020 Annual Report with Form 10-K and the January 1, 2021 Reserve Summary are now available
on Permian's website. 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.
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SOURCE Permian Basin Royalty Trust