DALLAS, Nov. 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
$0.049958 per unit, payable on
December 14, 2018, to unit holders of
record on November 30, 2018.
This month's distribution decreased from the previous month due
to an increase 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 an
increase in the production of both oil and gas that was offset by a
decline in the pricing of oil and gas for the month.
WADDELL RANCH
Production for the underlying properties
at the Waddell Ranch was 52,625 barrels of oil and 298,643 Mcf of
gas. The production for the Trust's allocated portion of the
Waddell Ranch was 17,053 barrels of oil and 97,267 Mcf of gas.
The average price for oil was $53.32 per bbl and for gas was $3.51 per Mcf. This would primarily reflect
production and pricing for the month of September for oil and the
month of August 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
$3,838,544. Deducted from these
would be the Lease Operating Expense (LOE) of $1,932,572, taxes of $257,757 and Capital Expenditures (CAPEX) of
$58,448 totaling $2,248,777 resulting in a Net Profit of
$1,589,767 for the month of
October. 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 $1,192,325 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
|
52,625
|
298,643
|
17,053
|
97,267*
|
$53.32
|
$3.51**
|
Texas
Royalties
|
22,417
|
27,897
|
19,430
|
24,172*
|
$55.32
|
$6.10**
|
|
|
|
|
|
|
|
Prior
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**
|
|
|
*
|
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 22,417 barrels of oil and 27,897 Mcf of gas.
The production for the Trust's allocated portion of the Texas
Royalties was 19,430 barrels of oil and 24,172 of of gas. The
average price for oil was $55.32 per
bbl and for gas was $6.10 per
Mcf. This would primarily reflect production and pricing for
the month of September for oil and the month of August 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 $1,410,436. Deducted from these were taxes
of $161,520 resulting in a Net Profit
of $1,248,916 for the month of
October. 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 $1,186,470 to
this month's distribution.
General and Administrative Expenses deducted for the month were
$52,809 resulting in a distribution
of $2,328,522 to 46,608,796 units
outstanding, or $0.049958 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