DALLAS, Oct. 20, 2017 /PRNewswire/ -- Permian Basin
Royalty Trust (NYSE: PBT) ("Permian") today declared a cash
distribution to the holders of its units of beneficial interest of
$0.053960 per unit, payable on
November 14, 2017, to unit holders of
record on October 31, 2017.
This month's distribution increased from the previous month due
to a decrease of the lease operating expenses (LOE) occurring on
the Waddell Ranch underlying properties. This decrease of LOE
is the result of completion of repairs of the Tubb McKnight Water
Station. Also, an increase in oil production offset by a decrease
in gas production for the Waddell Ranch properties. A slight
increase in pricing for oil was offset by a decrease of pricing for
gas production of the underlying Waddell Ranch properties.
The Texas Royalty Properties had a slight decline in oil and gas
production offset by a slight increase in the pricing of and gas
production and a slight decrease in pricing of oil
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. 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
65,428 barrels of oil and 336,325 Mcf of gas. The production
for the Trust's allocated portion of the Waddell Ranch was 29,100
barrels of oil and 150,549 Mcf of gas. The average price for
oil was $44.81 per bbl and for gas
was $2.97 per Mcf. This would
primarily reflect production and pricing for the month of August
for oil and the month of July 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
$3,929,527. Deducted from these
would be the Lease Operating Expense (LOE) of $1,333,377, taxes of $265,992, and Capital Expenditures (CAPEX) of
$97,621 totaling $1,696,990 resulting in a Net Profit of
$2,232,537 for the month of
September. 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 $1,674,402 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
|
65,428
|
336,325
|
29,100
|
150,549*
|
$44.81
|
$2.97**
|
Texas
Royalties
|
23,369
|
24,269
|
22,201
|
23,055*
|
$43.63
|
$5.53**
|
|
|
|
|
|
|
|
Prior
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**
|
|
*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 23,369 barrels of oil and 24,269 Mcf of gas.
The production for the Trust's allocated portion of the Texas
Royalties was 22,201 barrels of oil and 23,055 Mcf of gas.
The average price for oil was $43.63 per bbl and for gas was $5.53 per Mcf. This would primarily reflect
production and pricing for the month of August for oil and the
month of July 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 $1,153,845. Deducted from these would be
taxes of $172,269 resulting in a Net
Profit of $981,576 for the month of
September. 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 $932,497 to
this month's distribution.
General and Administrative Expenses deducted for the month were
$93,403 resulting in a distribution
of $2,515,020 to 46,608,796 units
outstanding, or $0.053960 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