DALLAS, Aug. 19,
2022 /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 $0.195923 per unit, payable on September 15, 2022, to unit holders of record on
August 31, 2022.
This month's distribution increased from the previous month as
the result of primarily an increase in the pricing received for
both oil and gas for the month of June from the Waddell Ranch
properties but offset by slightly lower pricing for the Texas
Royalty Properties during the month of June.
WADDELL RANCH
In reporting June production of the
Underlying Properties for this month's press release, production
for oil volumes was 183,925 (gross) and was priced at about
$114.41 per bbl. Production for
gas volumes (including gas liquids) was 598,906 Mcf (gross) and was
priced at about $11.43 per Mcf, which
now includes the value received from plant products and natural gas
liquids. Net revenue for the underlying properties of the
Waddell ranch was $26,461,904 (gross)
for June. Lease Operating Expenses were $3,607,857 (gross) and Capital Expenditures were
$13,192,559 (gross) for June, netting
to the Net Profit Interest (NPI) of $9,661,488. This would put the Trust's proceeds
of 75% as a positive $7,246,116 (net)
for the month of June, to contribute to this month's
distribution. Given that if current oil and gas pricing
continues, Waddell Ranch could continue to contribute to the
distribution in the foreseeable future.
First sales received for the month of June 2022 wells were as follows: (all net to the
Trust), 4.5 new drill wells, including 1.1 horizontal wells, 3.0
recompleted wells. Waiting on completion, as of 6/30/2022,
were 4.9 drill wells, including 0.4 horizontal wells and 3.0
recompletion wells. Also, 0.4 wells, plugged and abandoned,
were completed.
Blackbeard has advised the Trustee of the projected 2022 capital
expenditure budget for the Waddell Ranch Properties to be an
estimated $92 million (net to the
Trust) with a projection of about 47 new drill wells and 45
recompletions along with about 19 plug and abandoned wells.
Of the new drill wells, about 13 will be horizontal drills and
about 34 vertical drill wells.
TEXAS ROYALTY
PROPERTIES
Production for the underlying properties at the
Texas Royalties was 19,623 barrels of oil and 15,306 Mcf of
gas. The production for the Trust's allocated portion of the
Texas Royalties was 17,933 barrels of oil and 13,983 Mcf of
gas. The average price for oil was $104.65 per bbl and for gas was $8.91 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 $2,189,961. Deducted from
these were taxes of $167,326
resulting in a Net Profit of $2,022,636 for the month of June. 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 $1,921,504 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
|
183,925
|
598,906
|
137,944
|
449,180*
|
$114.41
|
$11.43**
|
Texas
Royalties
|
19,623
|
15,306
|
17,933
|
13,983*
|
$104.65
|
$8.91**
|
|
|
|
|
|
|
|
Prior
Month
|
|
|
|
|
|
|
Waddell
Ranch
|
184,994
|
600,972
|
138,746
|
450,729*
|
$110.51
|
$9.44**
|
Texas
Royalties
|
19,300
|
10,710
|
17,640
|
9,776*
|
$106.55
|
$13.05**
|
|
|
|
*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
$40,475 resulting in a distribution
of $9,131,750 to 46,608,796 units
outstanding, or $0.195923 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 2021 Annual Report with Form 10-K and the January 1, 2022 Reserve Summary is 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.
CONTACT: Ron Hooper, Senior Vice
President, Simmons Bank, Trustee,
Toll Free – 1.855.588.7839
View original
content:https://www.prnewswire.com/news-releases/permian-basin-royalty-trust-announces-august-cash-distribution-301609046.html
SOURCE Permian Basin Royalty Trust