DALLAS, Jan. 5, 2024
/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 $0.437160 per unit, payable on January 30, 2024, to unit holders of record on
January 16, 2024. 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
October 2023 and the gas production
for September 2023, which is
considered current production. Preliminary production volumes are
approximately 58,697 barrels of oil and 1,015,516 Mcf of gas.
Preliminary prices are approximately $86.27 per barrel of oil and $2.30 per Mcf of gas.
This month's distribution is less than the previous month's
primarily due to a decrease in both oil and gas production, along
with a decrease in the price of natural gas. The decrease in
production for the month is partially attributable to that fact
that production includes production from September and October from
the previously disclosed fourteen new wells located in Martin County, Texas, compared to last month's
distribution which included production from May, 2022 through
August, 2023 for the new wells. These decreases were partially
offset by an increase in the price of oil.
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
|
|
58,697
|
|
1,015,516
|
|
$86.27
|
|
$2.30
|
|
|
|
|
|
|
|
|
|
|
Prior Month
|
|
189,898
|
|
1,378,406
|
|
$81.73
|
|
$2.60
|
|
|
|
|
|
|
|
|
|
|
(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 December,
approximately $370,424 of revenue
received will be posted in the following month of January, in
addition to normal cash receipts received during January. Since the
close of business in December and prior to this press release,
$1,732,176 in revenue has been
received. At the beginning of the fourth quarter, Sabine Royalty
Trust engaged a new revenue processor.
Approximately $223,000 for 2023 Ad
Valorem taxes was deducted from this month's distribution as
compared to $744,000 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-january-2024-302026609.html
SOURCE Sabine Royalty Trust