DALLAS, Aug. 21, 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 $0.039143 per unit, payable on September 17, 2018, to unit holders of record on
August 31, 2018.
This month's distribution decreased from the previous month due
to an increase of LOE expenditures relating to substantive workover
expense for the month, which in turn, through the allocation of the
Trust's production from the underlying properties, resulted in a
decrease in both oil and gas production allocated to the Trust's
interest for the Waddell Ranch properties, even though the actual
production for the underlying properties actually decreased due to
some declining field activity. This factor along with a
decline in the oil prices and lower gas prices contributed to the
decrease. The Texas Royalty Properties saw a decrease in both
production and pricing for oil for the month, slightly offset by
higher gas production and higher gas pricing, including pricing for
NGLs.
WADDELL RANCH
Production for the underlying properties
at the Waddell Ranch was 48,224 barrels of oil and 292,069 Mcf of
gas. The production for the Trust's allocated portion of the
Waddell Ranch was 9,223 barrels of oil and 57,098 Mcf of gas.
The average price for oil was $56.15 per bbl and for gas was $2.84 per Mcf. This would primarily reflect
production and pricing for the month of June for oil and the month
of May 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
$3,549,579. Deducted from these
would be the Lease Operating Expense (LOE) of $2,408,466, taxes of $246,942 and Capital Expenditures (CAPEX) of
$14,364 totaling $2,669,773 resulting in a Net Profit of
$879,806 for the month of July.
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 $659,854 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
|
48,224
|
292,069
|
9,223
|
57,098*
|
$56.15
|
$2.84**
|
Texas
Royalties
|
22,002
|
25,748
|
19,149
|
22,324*
|
$59.63
|
$6.80**
|
|
|
|
|
|
|
|
Prior
Month
|
|
|
|
|
|
|
Waddell
Ranch
|
49,338
|
303,640
|
17,170
|
106,463*
|
$63.05
|
$3.13**
|
Texas
Royalties
|
23,613
|
23,903
|
20,708
|
20,944*
|
$63.15
|
$5.54**
|
|
*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 22,002 barrels of oil and 25,748 Mcf of gas.
The production for the Trust's allocated portion of the Texas
Royalties was 19,149 barrels of oil and 22,324 Mcf of gas.
The average price for oil was $59.63 per bbl and for gas was $6.80 per Mcf. This would primarily reflect
production and pricing for the month of June for oil and the month
of May 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 $1,487,177. Deducted from these were taxes
of $183,047 resulting in a Net Profit
of $1,304,130 for the month of
July. 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 $1,238,923 to
this month's distribution.
General and Administrative Expenses deducted for the month were
$76,710 resulting in a distribution
of $1,824,419 to 46,608,796 units
outstanding, or $0.039143 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 1/1/2018,
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