DALLAS, July 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 $0.163979 per unit, payable on August 12, 2022, to unit holders of record on
July 29, 2022.
This month's distribution increased from the previous month as
the result of primarily an increase in the production and pricing
received for the current month from the Waddell Ranch
properties and Texas Royalty Properties, but offset by slightly
lower pricing for the Texas Royalty Properties during the month of
May.
WADDELL RANCH
In reporting May production of the Underlying Properties for
this month's press release, production for oil volumes was 184,994
(gross) and was priced at about $110.51 per bbl. Production for gas volumes
(including gas liquids) was 600,972 Mcf (gross) and was priced at
about $9.44 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 $24,757,499 (gross)
for May. Lease Operating Expenses were $4,092,076 (gross) and Capital Expenditures were
$12,996,418 (gross) for May, netting
to the Net Profit Interest (NPI) of $7,669,005. This would put the Trust's proceeds
of 75% as a positive $5,751,754 (net)
for the month of May, 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 May
2022 wells were as follows: (all net to the Trust), 2.6 new
drill wells, including .4 horizontal wells, 4.9 recompleted
wells. Waiting on completion, as of 5/31/2022, were 4.1 drill
wells, including .8 horizontal wells and 3.0 recompletion
wells. Also, .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 19,300 barrels of oil and 10,710 Mcf of gas. The
production for the Trust's allocated portion of the Texas Royalties
was 17,640 barrels of oil and 9,776 Mcf of gas. The average
price for oil was $106.55 per bbl and
for gas was $13.05 per Mcf.
This would primarily reflect production and pricing for the month
of May for oil and the month of April 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 $2,196,190. Deducted from these were taxes
of $170,702 resulting in a Net Profit
of $2,025,488 for the month of
May. 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 $1,924,213 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
|
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**
|
|
|
|
|
|
|
|
Prior
Month
|
|
|
|
|
|
|
Waddell
Ranch
|
181,207
|
475,410
|
135,905
|
356,558*
|
$103.74
|
$5.61**
|
Texas
Royalties
|
14,412
|
9,573
|
13,030
|
8,636*
|
$108.42
|
$13.76**
|
|
|
*
|
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
$34,383 resulting in a distribution
of $7,642,896 to 46,608,796 units
outstanding, or $0.163979 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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SOURCE Permian Basin Royalty Trust