DALLAS, Oct. 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 $0.055098 per unit, payable on November 15, 2018, to unit holders of record on
October 31, 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 was offset by a decline in the pricing of
both oil and gas. The Texas Royalty Properties saw a slight
decrease in the production of oil that was offset by a slight
increase in gas production. There was a decline in the
pricing of both oil and gas for the month.
WADDELL RANCH
Production for the underlying properties
at the Waddell Ranch was 50,357 barrels of oil and 267,841 Mcf of
gas. The production for the Trust's allocated portion of the
Waddell Ranch was 19,970 barrels of oil and 106,900 Mcf of gas.
The average price for oil was $55.16 per bbl and for gas was $3.61 per Mcf. This would primarily reflect
production and pricing for the month of August for oil and the
month of July 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
$3,797,309. Deducted from these
would be the Lease Operating Expense (LOE) of $1,584,047, taxes of $251,443 and Capital Expenditures (CAPEX) of
$9,892 totaling $1,845,382 resulting in a Net Profit of
$1,951,927 for the month of
September. 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 $1,463,945 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
|
50,357
|
267,841
|
19,970
|
106,900*
|
$55.16
|
$3.61**
|
Texas
Royalties
|
21,324
|
22,399
|
18,440
|
19,354*
|
$58.15
|
$6.71**
|
|
|
|
|
|
|
|
Prior
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**
|
|
*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 21,324 barrels of oil and 22,399 Mcf of gas.
The production for the Trust's allocated portion of the Texas
Royalties was 18,440 barrels of oil and 19,354 of of gas. The
average price for oil was $58.15 per
bbl and for gas was $6.71 per
Mcf. This would primarily reflect production and pricing for
the month of August for oil and the month of July 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 $1,390,234. Deducted from these were taxes
of $174,014 resulting in a Net Profit
of $1,216,220 for the month of
September. 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 $1,155,409
to this month's distribution.
General and Administrative Expenses deducted for the month were
$53,093 resulting in a distribution
of $2,568,087 to 46,608,796 units
outstanding, or $0.055098 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/.
View original
content:http://www.prnewswire.com/news-releases/permian-basin-royalty-trust-announces-october-cash-distribution-300734096.html
SOURCE Permian Basin Royalty Trust