DALLAS, Sept. 20,
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 $0.223645 per unit, payable on October 17, 2022, to unit holders of record on
September 30, 2022.
This month's distribution increased from the previous month as
the result of primarily a decrease in production costs in the month
of July for the Waddell Ranch properties and higher oil and gas
pricing for the Texas Royalty Properties during the month of
July.
WADDELL RANCH
In reporting July production of the Underlying Properties for
this month's press release, production for oil volumes was 185,388
(gross) and was priced at about $101.94 per bbl. Production for gas volumes
(including gas liquids) was 692,203 Mcf (gross) and was priced at
about $8.57 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 $23,509,160 (gross)
for July. Lease Operating Expenses were $1,817,004 (gross) and Capital Expenditures were
$10,274,489 (gross) for July, netting
to the Net Profit Interest (NPI) of $11,417,667. This would put the Trust's proceeds
of 75% as a positive $8,563,250 (net)
for the month of July, 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 July 2022 wells were as follows: (all net to the
Trust), 4.5 new drill wells, including 0.4 horizontal wells, 3.0
recompleted wells. Waiting on completion, as of 7/31/2022,
were 2.6 drill wells, including 0.4 horizontal wells and 4.1
recompletion wells. Also, 0.0 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 18,820 barrels of oil and 4,051 Mcf of gas. The
production for the Trust's allocated portion of the Texas Royalties
was 17,198 barrels of oil and 3,697 Mcf of gas. The average
price for oil was $109.68 per bbl and
for gas was $26.95 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 $2,173,373. Deducted from these were taxes
of $155,561 resulting in a Net Profit
of $2,017,812 for the month
of July. 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 $1,916,922 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
|
185,388
|
692,203
|
139,041
|
519,152*
|
$101.94
|
$8.57**
|
Texas
Royalties
|
18,820
|
4,051
|
17,198
|
3,697*
|
$109.68
|
$26.95**
|
|
|
|
|
|
|
|
Prior
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**
|
|
*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
$61,927 resulting in a distribution
of $10,423,852 to 46,608,796 units
outstanding, or $0.223645 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-september-cash-distribution-301628319.html
SOURCE Permian Basin Royalty Trust