DALLAS, Nov. 17, 2017 /PRNewswire/ -- Permian Basin
Royalty Trust (NYSE: PBT) ("Permian") today declared a cash
distribution to the holders of its units of beneficial interest of
$0.051016 per unit, payable on
December 14, 2017, to unit holders of
record on November 30, 2017.
This month's distribution decreased from the previous month due
to a slight increase of the lease operating expenses (LOE) and
slight increase in capital expenditures (CAPEX) occurring on the
Waddell Ranch underlying properties. This was offset by an
increase in oil and gas pricing, and was the result of the number
of days of production for the month of September, production did
decline. The Texas Royalty Properties had a slight increase
in oil and gas production along with a slight increase in the
pricing of both oil and gas production.
Capital expenditures on the Waddell Ranch are slightly higher
this month than previous months, with it being mostly facility
projects for the remainder of the year. However, most of the
additional CAPEX and LOE being incurred bringing the Tubb McKnight
Water Station back on line as of the end of July has been accounted
for and reflected. 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 58,251 barrels of oil and 318,034 Mcf of
gas. The production for the Trust's allocated portion of the
Waddell Ranch was 22,493 barrels of oil and 124,765 Mcf of gas.
The average price for oil was $47.13 per bbl and for gas was $3.29 per Mcf. This would primarily reflect
production and pricing for the month of September for oil and the
month of August 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
$3,791,689. Deducted from these
would be the Lease Operating Expense (LOE) of $1,447,325, taxes of $249,993, and Capital Expenditures (CAPEX) of
$213,730 totaling $1,911,048 resulting in a Net Profit of
$1,880,641 for the month of
October. 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 $1,410,481 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
|
58,251
|
318,034
|
22,493
|
124,765*
|
$47.13
|
$3.29**
|
|
Texas
Royalties
|
23,408
|
28,279
|
22,237
|
26,865*
|
$46.28
|
$5.72**
|
|
|
|
|
|
|
|
|
Prior
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**
|
|
|
*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 23,408 barrels of oil and 28,279 Mcf of gas.
The production for the Trust's allocated portion of the Texas
Royalties was 22,237 barrels of oil and 26,865 Mcf of gas.
The average price for oil was $46.28 per bbl and for gas was $5.72 per Mcf. This would primarily reflect
production and pricing for the month of September for oil and the
month of August 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 $1,245,178. Deducted from these would be
taxes of $170,188 resulting in a Net
Profit of $1,074,990 for the month of
October. 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 $1,021,240 to
this month's distribution.
General and Administrative Expenses deducted for the month were
$55,185 resulting in a distribution
of $2,377,816 to 46,608,796 units
outstanding, or $0.051016 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 2017 tax information packets are expected to begin mailing
directly to unitholders in early March 2018. A copy of
Permian's 2017 tax information booklet is expected to be posted on
Permian's website by March 1, 2018.
In addition to the tax booklet the Permian website also offers two
simple calculators for computing the income and expense amounts and
the cost depletion. To facilitate unitholder tax preparation,
both the income and expense and the depletion calculators are
expected to be updated on Permian's website by the end of February
for 2017 tax reporting.
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