DALLAS, June 17, 2021 /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 $0.017630 per unit, payable on July 15, 2021, to unit holders of record on
June 30, 2021.
This month's distribution decreased from the previous month as
the result of decreased production of oil offset by an increase in
gas production for the Texas Royalty Properties. Also, the pricing
for both oil and gas for the Texas Royalty Properties increased for
the month April. Currently, only the Texas Royalty Properties
are contributing to the monthly distribution
Since the Waddell Ranch is in current deficit for the
foreseeable future, any increase or decrease of the distribution by
revenues received, will be only reflective of the activity of the
Texas Royalty Properties. The activity of the Waddell Ranch
will be discussed with following narrative until it contributes
back to the distribution. This reflects the production month
of April.
WADDELL RANCH
In reporting April production of the
Underlying Properties for this month's press release, production
for oil volumes was 80,362 bbls (gross) and was priced at about
$59.93 per bbl. Production for
gas volumes (including gas liquids) was 259,608 mcf (gross) and was
priced at about $1.91 per mcf.
Net revenue for the underlying properties of the Waddell ranch was
$5,643,271 (gross) for April.
Lease Operating Expenses were $1,997,744 (gross) and Capital Expenditures were
$5,811,165 (gross) for April.
This would put the Trust's proceeds as a deficit of $(1,624,228) (net) for the month of April,
leaving an excess cost deficit cumulative of $9.9 million (net). Resulting well count
relating to activity on the Waddell Ranch properties for the first
quarter reflects 27 recompletion wells with additional 12
recompletion wells for the month of April. New drill well
count for the first quarter was 8 new drill wells with additional 6
new drill wells in the month of April. Both the recompletions
and new drill wells are currently receiving revenue on new
production, as reflected by the increasing volumes as stated.
Blackbeard Operating has advised the Trust of the 2021 capital
budget of $86.6 million (gross),
($32.5 million net to the Trust) for
the Waddell Ranch proposing 91 (gross) drill wells, with 24 (gross)
recompletions.
TEXAS ROYALTY
PROPERTIES
Production for the underlying properties at the
Texas Royalties was 16,339 of oil and 12,869 Mcf of gas. The
production for the Trust's allocated portion of the Texas Royalties
was 14,344 barrels of oil and 11,276 of gas. The average
price for oil was $60.65 per bbl and
for gas was $8.34 per Mcf. This
would primarily reflect production and pricing for the month of
April for oil and the month of March 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 $1,098,379. Deducted from these were taxes
of $126,829 resulting in a Net Profit
of $971,550 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 $922,973 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
|
80,362
|
259,608
|
60,272
|
194,706*
|
$59.93
|
$1.91**
|
Texas
Royalties
|
16,339
|
12,869
|
14,344
|
11,276*
|
$60.65
|
$8.34**
|
|
|
|
|
|
|
|
Prior
Month
|
|
|
|
|
|
|
Waddell
Ranch
|
74,075
|
157,614
|
55,556
|
118,211*
|
$61.36
|
$3.38**
|
Texas
Royalties
|
17,920
|
12,115
|
15,902
|
10,598*
|
$58.09
|
$6.86**
|
|
|
*
|
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.
|
General and Administrative Expenses deducted for the month were
$101,659 resulting in a distribution
of $821,755 to 46,608,796 units
outstanding, or $0.017630 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.
The 2020 Annual Report with Form 10-K and the January 1, 2021 Reserve Summary are now available
on Permian's website. Permian's cash distribution history,
current and prior year financial reports, tax information booklets,
and a link to filings made with the Securities and Exchange
Commission, all can be found on Permian's website at
http://www.pbt-permian.com/. Additionally, printed
reports can be requested and are mailed free of charge.
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content:http://www.prnewswire.com/news-releases/permian-basin-royalty-trust-announces-june-cash-distribution-301315119.html
SOURCE Permian Basin Royalty Trust