DALLAS, Sept. 18, 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
$0.012354 per unit, payable on
October 15, 2020, to unit holders of
record on September 30, 2020.
This month's distribution increased from the previous month as
the result of rebounding prices for oil but offset by lower prices
for 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 July,
providing details as to production levels and pricing
received. The Texas Royalty Properties reflected an increase
in both oil and gas pricing in addition to an increase in both oil
and gas production. This reflects the production month of
July.
WADDELL RANCH
In reporting July production of the
Underlying Properties for this month's press release, production
for oil volumes was 49,622 bbls and was priced at about
$37.38 per bbl. Production for gas
volumes (including gas liquids) was 131,393 mcf and was priced at
about $0.98 per mcf. Net revenue for
the underlying properties of the Waddell ranch was $2,244,995 for July. Lease Operating Expenses
were $1,696,989 and Capital
Expenditures were $1,383,171 for
July.
TEXAS ROYALTY
PROPERTIES
Production for the underlying properties at the
Texas Royalties was 20,462 barrels of oil and 15,469 Mcf of
gas. The production for the Trust's allocated portion of the
Texas Royalties was 17,290 barrels of oil and 13,060 of
gas. The average price for oil was $34.37 per bbl and for gas was $3.21 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 $752,970. Deducted from these were taxes of
$109,528 resulting in a Net Profit of
$643,442 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 $611,270 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
|
49,622
|
131,393
|
37,217
|
98,545*
|
$37.38
|
$0.98**
|
Texas
Royalties
|
20,462
|
15,469
|
17,290
|
13,060*
|
$34.37
|
$3.21**
|
|
|
|
|
|
|
|
Prior
Month
|
|
|
|
|
|
|
Waddell
Ranch
|
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**
|
*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 July.
|
General and Administrative Expenses deducted for the month were
$35,910 resulting in a distribution
of $575,819 to 46,608,796 units
outstanding, or $0.012354 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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SOURCE Permian Basin Royalty Trust