DALLAS, Dec. 5, 2023
/PRNewswire/ -- Argent Trust Company, as Trustee of the Sabine
Royalty Trust (NYSE: SBR), today declared a cash distribution to
the holders of its units of beneficial interest of $1.143090 per unit, payable on December 29, 2023, to unit holders of record on
December 15, 2023. Sabine's cash
distribution history, current and prior year financial reports and
tax information booklets, a link to filings made with the
Securities and Exchange Commission and more can be found on its
website, which has recently been updated with a new look, at
http://www.sbr-sabine.com/. Additionally, printed
reports can be requested and are mailed free of charge.
This distribution reflects primarily the oil production for
September 2023 and the gas production
for August 2023. Preliminary
production volumes are approximately 189,898 barrels of oil and
1,378,406 Mcf of gas. Preliminary prices are approximately
$81.73 per barrel of oil and
$2.60 per Mcf of gas.
This month's distribution is higher than the previous month's
primarily due to an increase in oil and gas production. The
increase in oil production includes first production through
August 2023 production of
approximately 103,000 barrels of oil (net to the trust) from
fourteen new wells located in Martin
County, Texas. This was partially offset by a decrease in
oil and gas pricing.
The table below compares this month's production and prices to
the previous month's:
|
|
Net to Trust
Sales
|
|
|
|
|
Volumes
(a)
|
|
Average Price
(a)
|
|
|
Oil (bbls)
|
|
Gas (Mcf)
|
|
Oil
(per bbl)
|
|
Gas
(per Mcf)
|
|
|
|
|
|
|
|
|
|
|
Current
Month
|
|
189,898
|
|
1,378,406
|
|
$81.73
|
|
$2.60
|
|
|
|
|
|
|
|
|
|
|
Prior Month
|
|
70,052
|
|
840,907
|
|
$104.09
|
|
$5.88
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Sales volumes are
recorded in the month the Trust receives and identifies the related
royalty income. Because of this,
sales volumes and pricing may fluctuate from month to month based
on the timing of cash receipts.
|
Revenues are only distributed after they are received, verified,
and posted. Most energy companies normally issue payment of
royalties on or about the 25th of every month, and
depending on mail delivery, a varying amount of royalties are not
received until after the revenue posting on the last business day
of the month. The revenues received after that date will be posted
within 30 days of receipt.
Due to the timing of the end of the month of November,
approximately $449,295 of revenue
received will be posted in the following month of December, in
addition to normal receipts during December. Since the close of
business in November and prior to this press release, $111,734 in revenue has been received. At the
beginning of the fourth quarter, Sabine Royalty Trust engaged a new
revenue processor.
Approximately $990,000 for 2023 Ad
Valorem taxes was deducted from this month's distribution as
compared to $684,000 this time last
year. These payments are normal expenditures at this time of
year.
The 2022 Annual Report with Form 10-K and the January 1, 2023 Reserve Summary are available on
the Sabine website at
http://www.sbr-sabine.com/.
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content:https://www.prnewswire.com/news-releases/sabine-royalty-trust-announces-monthly-cash-distribution-for-december-2023-302005629.html
SOURCE Sabine Royalty Trust