DALLAS, Sept. 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 $0.054808 per unit, payable on October 15, 2018, to unit holders of record on
September 28, 2018.
This month's distribution increased from the previous month due
to a decrease of LOE expenditures relating to substantive workover
expense for the previous month, which in turn, through the
allocation of the Trust's production from the underlying
properties, resulted in an increase in both oil and gas production
allocated to the Trust's interest for the Waddell Ranch
properties. This, along with an increase in the oil prices and
gas prices contributed to the increase. The Texas Royalty
Properties saw a decrease in both production of oil and gas and
pricing for oil for the month, slightly offset by higher gas
pricing, including pricing for NGLs.
WADDELL RANCH
Production for the underlying properties
at the Waddell Ranch was 49,076 barrels of oil and 303,074 Mcf of
gas. The production for the Trust's allocated portion of the
Waddell Ranch was 16,679 barrels of oil and 104,211 Mcf of gas. The
average price for oil was $60.40 per
bbl and for gas was $3.87 per Mcf.
This would primarily reflect production and pricing for the month
of July for oil and the month of June 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
$4,152,509. Deducted from these
would be the Lease Operating Expense (LOE) of $2,063,273, taxes of $269,992 and Capital Expenditures (CAPEX) of
$2,717 totaling $2,335,982 resulting in a Net Profit of
$1,816,527 for the month of
August. 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 $1,362,395 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
|
49,076
|
303,074
|
16,679
|
104,211*
|
$60.40
|
$3.87**
|
Texas
Royalties
|
21,816
|
21,042
|
18,963
|
18,251*
|
$59.48
|
$6.87**
|
|
|
|
|
|
|
|
Prior
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**
|
*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 21,816 barrels of oil and 21,042 Mcf of gas.
The production for the Trust's allocated portion of the Texas
Royalties was 18,963 barrels of oil and 18,251 of of gas. The
average price for oil was $59.48 per
bbl and for gas was $6.87 per
Mcf. This would primarily reflect production and pricing for
the month of July for oil and the month of June 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 $1,442,170. Deducted from these were taxes
of $154,372 resulting in a Net Profit
of $1,287,799 for the month of
August. 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 $1,223,409 to
this month's distribution.
General and Administrative Expenses deducted for the month were
$33,605 resulting in a distribution
of $2,554,577 to 46,608,796 units
outstanding, or $0.054808 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