DALLAS, Sept. 19, 2017 /PRNewswire/ -- Permian Basin
Royalty Trust (NYSE: PBT) ("Permian") today declared a cash
distribution to the holders of its units of beneficial interest of
$0.040226 per unit, payable on
October 16, 2017, to unit holders of
record on September 29, 2017.
This month's distribution decreased from the previous month due
to an increase of the lease operating expenses (LOE) occurring on
the Waddell Ranch underlying properties. This increase of LOE
is the result of downtime of the Tubb McKnight Water Station being
out of commissioned until it was repaired and resumed operations as
of the end of July. This was offset by an increase in oil and gas
production for the Waddell Ranch properties. Also, an
increase in pricing for both oil and gas production of the
underlying Waddell Ranch properties help offset the increase in
LOE. The Texas Royalty Properties had a slight decline in oil
and gas production offset by a slight increase in the pricing of
both oil and gas production.
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 LOE 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 55,648 barrels of oil and
341,728 Mcf of gas. The production for the Trust's allocated
portion of the Waddell Ranch was 16,539 barrels of oil and 104,059
Mcf of gas. The average price for oil was $43.56 per bbl and for gas was $3.10 per Mcf. This would primarily reflect
production and pricing for the month of July for oil and the month
of June 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
$3,481,942. Deducted from these
would be the Lease Operating Expense (LOE) of $1,685,408, taxes of $233,525, and Capital Expenditures (CAPEX) of
$228,097 totaling $2,147,030 resulting in a Net Profit of
$1,334,912 for the month of
August. 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 $1,001,184 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
|
55,648
|
341,728
|
16,539
|
104,059*
|
$43.56
|
$3.10**
|
Texas
Royalties
|
23,562
|
25,884
|
22,384
|
24,590*
|
$43.86
|
$5.13**
|
|
|
|
|
|
|
|
Prior
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**
|
|
|
*
|
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 23,562 barrels of oil and 25,884 Mcf of gas.
The production for the Trust's allocated portion of the Texas
Royalties was 22,384 barrels of oil and 24,590 Mcf of gas.
The average price for oil was $43.86 per bbl and for gas was $5.13 per Mcf. This would primarily reflect
production and pricing for the month of July for oil and the month
of June 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 $1,166,031. Deducted from these would be
taxes of $170,500 resulting in a Net
Profit of $995,531 for the month of
August. 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 $945,755 to
this month's distribution.
General and Administrative Expenses deducted for the month were
$73,129 resulting in a distribution
of $1,874,931 to 46,608,796 units
outstanding, or $0.040226 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