DALLAS, Aug. 21, 2020 /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 $0.008863 per unit, payable on September 15, 2020, to unit holders of record on
August 31, 2020.
Effective for the production month of April, Blackbeard
Operating, the new operator of the Waddell Ranch properties, has
assumed the reporting responsibilities to Permian Basin Royalty
Trust (the "Trust"), starting this month. Blackbeard
has agreed to provide monthly reports for the greater need of
monthly reporting to the market. On a month by month basis,
the "new normal" reporting shall be provided. The Texas
Royalty Properties will continue to report on a monthly basis,
assuming there are net profits to be had from those assets.
The Trust will continue to make monthly announcements concerning
what activity has been reported for that month.
This month's distribution increased from the previous month as
the result of rebounding prices for oil and gas across the
industry. General and administrative expenses were
significantly lower this month compared to the previous month. The
Trust was advised by Blackbeard that the Waddell Ranch properties
were in deficit for the month of June, providing details as to
production levels and pricing received. The Texas Royalty
Properties reflected an increase in both oil and gas pricing offset
by a decline in both oil and gas production. This reflects
the production month of June. A number of individual wells which
were marginal to begin with, may or may not be able to recover
their previous production levels.
WADDELL RANCH
In reporting June production of the Underlying Properties for
this month's press release, production for oil volumes was 45,469
bbls and was priced at about $35.55
per bbl. Production for gas volumes ( including gas liquids)
was 86,621 mcf and was priced at about $1.48 per mcf. Net revenue for the
underlying properties of the Waddell ranch was $1,781,814 for June. Lease Operating
Expenses were $1,603,295 for June.
Capital Expenditures were $554,771
for June.
TEXAS ROYALTY
PROPERTIES
Production for the underlying properties at the Texas Royalties
was 17,674 barrels of oil and 10,901 Mcf of gas. The
production for the Trust's allocated portion of the Texas Royalties
was 15,225 barrels of oil and 9,393 of gas. The average price
for oil was $29.84 per bbl and for
gas was $3.02 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 $560,261. Deducted from these were taxes of
$73,820 resulting in a Net Profit of
$486,440 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 $462,118 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 –
June
|
45,469
|
86,621
|
34,102
|
64,966*
|
$35.55
|
$1.48**
|
Texas
Royalties
|
17,674
|
10,901
|
15,225
|
9,393*
|
$29.84
|
$3.02**
|
|
|
|
|
|
|
|
Prior
Month
|
|
|
|
|
|
|
Waddell Ranch
-April
|
47,672
|
152,869
|
35,754
|
114,651*
|
$13.68
|
$1.03**
|
Waddell Ranch –
May
|
48,969
|
119,813
|
36,727
|
89,860*
|
$14.87
|
$0.90**
|
Texas
Royalties
|
18,378
|
15,196
|
17,459
|
14,436*
|
$16.27
|
$1.15**
|
|
|
*
|
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.
|
***
|
Blackbeard Operating
reported that Waddell Ranch was in a deficit for the month of
June.
|
General and Administrative Expenses deducted for the month were
$49,424 resulting in a distribution
of $413,127 to 46,608,796 units
outstanding, or $0.008863 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 2019 Annual Report with Form 10-K and the January 1, 2020 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.
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content:http://www.prnewswire.com/news-releases/permian-basin-royalty-trust-announces-august-cash-distribution-301116120.html
SOURCE Permian Basin Royalty Trust