DALLAS, Oct. 21,
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 $0.208587 per unit, payable on November 15, 2022, to unit holders of record on
October 31, 2022.
This month's distribution decreased from the previous month as
the result of primarily an increase in production costs for the
Waddell Ranch during the month of August along with lower oil
pricing for both the Waddell Ranch and the Texas Royalty Properties
for the month of August. Both Waddell Ranch and the Texas Royalty
Properties saw an increase in gas volumes and gas pricing for the
month.
WADDELL RANCH
In reporting August production of the
Underlying Properties for this month's press release, production
for oil volumes was 196,937 (gross) and was priced at about
$95.03 per bbl. Production for gas
volumes (including gas liquids) was 726,510 Mcf (gross) and was
priced at about $8.91 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 $23,672,457 (gross) for
August. Lease Operating Expenses were $3,196,475 (gross) and Capital Expenditures were
$9,973,754 (gross) for August,
netting to the Net Profit Interest (NPI) of $10,502,228. This would put the trust's proceeds
of 75% as a positive $7,876,671 (net)
for the month of August, 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 August 2022 wells were as follows: (all net to
the Trust), 3.4 new drill wells, including 0.0 horizontal wells,
4.1 recompleted wells. Waiting on completion, as of 8/31/2022, were
4.5 drill wells, including 1.5 horizontal wells and 2.6
recompletion wells. Also, 3.4 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 22,819 barrels of oil and 14,598 Mcf of gas.
The production for the Trust's allocated portion of the Texas
Royalties was 20,858 barrels of oil and 13,319 Mcf of gas. The
average price for oil was $90.50 per
bbl and for gas was $9.52 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 $2,203,896. Deducted from these were taxes of
$172,882 resulting in a Net Profit of
$2,031,013 for the month of August.
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 $1,929,463 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
|
196,937
|
726,510
|
147,703
|
544,883*
|
$95.03
|
$8.91**
|
Texas
Royalties
|
22,819
|
14,598
|
20,858
|
13,319*
|
$90.50
|
$9.52**
|
|
|
|
|
|
|
|
Prior
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**
|
*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
$94,918 resulting in a distribution
of $9,722,011 to 46,608,796 units
outstanding, or $0.208587 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
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content:https://www.prnewswire.com/news-releases/permian-basin-royalty-trust-announces-october-cash-distribution-301655805.html
SOURCE Permian Basin Royalty Trust