DALLAS, March 19, 2018 /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 $0.074516 per unit, payable on April 12, 2018, to unit holders of record on
March 29, 2018.
This month's distribution increased from the previous month due
to an increase in oil and gas pricing with overall production being
slightly higher for the month of January.
WADDELL RANCH
Production for the underlying properties
at the Waddell Ranch was 56,581 barrels of oil and 319,039 Mcf of
gas. The production for the Trust's allocated portion of the
Waddell Ranch was 29,397 barrels of oil and 166,388 Mcf of gas.
The average price for oil was $61.14 per bbl and for gas was $3.75 per Mcf. This would primarily reflect
production and pricing for the month of January for oil and the
month of December 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
$4,655,573. Deducted from these
would be the Lease Operating Expense (LOE) of $1,237,642, taxes of $290,254 and Capital Expenditures (CAPEX) of
$35,861 totaling $1,563,757 resulting in a Net Profit of
$3,091,816 for the month of
February. 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 $2,318,861 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
|
56,581
|
319,039
|
29,397
|
166,388*
|
$61.14
|
$3.75**
|
Texas
Royalties
|
22,601
|
24,023
|
21,471
|
22,822*
|
$60.02
|
$6.77**
|
|
|
|
|
|
|
|
Prior
Month
|
|
|
|
|
|
|
Waddell
Ranch
|
56,424
|
328,064
|
22,459
|
131,964*
|
$55.48
|
$3.31**
|
Texas
Royalties
|
22,504
|
24,590
|
21,379
|
23,360*
|
$54.48
|
$5.76**
|
*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 22,601 barrels of oil and 24,023 Mcf of gas.
The production for the Trust's allocated portion of the Texas
Royalties was 21,471 barrels of oil and 22,822 Mcf of gas.
The average price for oil was $60.02 per bbl and for gas was $6.77 per Mcf. This would primarily reflect
production and pricing for the month of January for oil and the
month of December 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 $1,519,259. Deducted from these were taxes
of $181,356 resulting in a Net Profit
of $1,337,901 for the month of
February. 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 $1,271,006
to this month's distribution.
General and Administrative Expenses deducted for the month were
$118,487 resulting in a distribution
of $3,473,106 to 46,608,796 units
outstanding, or $0.074516 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 were mailed directly to
unitholders on March 7, 2018. A
copy of Permian's 2017 tax information booklet is now available on
Permian's website. 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 have been updated
on Permian's website 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, can be found on Permian's
website at http://www.pbt-permian.com/.
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SOURCE Permian Basin Royalty Trust