DALLAS, May 18, 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
$0.054973 per unit, payable on
June 14, 2018, to unit holders of
record on May 31, 2018.
This month's distribution increased from the previous month due
to an increase in oil and gas production, offset by a slight
decline in pricing for the month of
March.
WADDELL RANCH
Production for the underlying properties at the Waddell Ranch
was 55,246 barrels of oil and 319,493 Mcf of gas. The
production for the Trust's allocated portion of the Waddell Ranch
was 20,941 barrels of oil and 122,074 Mcf of gas. The average
price for oil was $59.53 per bbl and
for gas was $2.91 per Mcf. This
would primarily reflect production and pricing for the month of
March for oil and the month of February 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
$4,218,527. Deducted from these
would be the Lease Operating Expense (LOE) of $1,843,803, taxes of $272,894 and Capital Expenditures (CAPEX) of
$56,822 totaling $2,173,519 resulting in a Net Profit of
$2,045,008 for the month of
April. 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 $1,533,756 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
|
55,246
|
319,493
|
20,941
|
122,074*
|
$59.53
|
$2.91**
|
Texas
Royalties
|
20,882
|
20,360
|
18,074
|
17,596*
|
$60.49
|
$6.91**
|
|
|
|
|
|
|
|
Prior
Month
|
|
|
|
|
|
|
Waddell
Ranch
|
51,211
|
290,070
|
18,064
|
104,117*
|
$60.28
|
$3.17**
|
Texas
Royalties
|
21,392
|
23,348
|
18,589
|
20,261*
|
$61.36
|
$6.47**
|
|
|
|
*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 20,882 barrels of oil and 20,360 Mcf of gas.
The production for the Trust's allocated portion of the Texas
Royalties was 18,074 barrels of oil and 17,596 Mcf of gas.
The average price for oil was $60.49 per bbl and for gas was $6.91 per Mcf. This would primarily reflect
production and pricing for the month of March for oil and the month
of February 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 $1,403,836. Deducted from these were taxes
of $176,266 resulting in a Net Profit
of $1,227,570 for the month of
April. 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 $1,166,192 to
this month's distribution.
General and Administrative Expenses deducted for the month were
$140,144 resulting in a distribution
of $2,562,227 to 46,608,796 units
outstanding, or $0.054973 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 Basin Royalty Trust, as it does after the end of each
year, had a year-end Reserve Report prepared in accordance with the
Securities and Exchange Commission's requirements. This
report provides an evaluation of the estimated asset value as of
December 31 of each year, which can
be used to estimate the remaining life of the Trust.
The estimated net proved reserves, as of January 1, 2018, attributable to the Trust from
the properties appraised are approximately 4.6 million barrels of
oil and 10.5 billion cubic feet of gas with a future net value of
approximately $245,571,100 with a
discounted value of $129,909,800.
.
With the estimated quantities of this year's reserve estimate of
4.6 million barrels of oil and 10.5 billion cubic feet of gas
remaining, it could be estimated that the Trust still has a life
span of 8 to 11 years. The report is an exhibit to the
Trust's Annual Report on Form 10-K that was filed on March 15, 2018 and is available to all
unitholders at this time on the SEC website.
Permian's cash distribution history, current and prior year
financial reports and tax information booklets, a link to filings
made with the Securities and Exchange Commission and more can be
found on its website at
http://www.pbt-permian.com/.
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SOURCE Permian Basin Royalty Trust