Business
PERMIAN BASIN ROYALTY TRUST ANNOUNCES APRIL CASH DISTRIBUTION AND EXCESS COST POSITION ON WADDELL RANCH PROPERTIES
Argent Trust Company, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) ("Permian" or the "Trust") today declared a cash distribution to the holders of its units of beneficial interest of $0.019615 per unit, payable on May 14, 2025, to unit holders of record on April 30, 2025. The distribution does not include proceeds from the Waddell Ranch properties, as total production costs ("Production Costs") exceeded gross proceeds ("Gross Proceeds") for the month of March, resulting in a continu
About this update from Permian Basin Royalty Trust
[{"type":"text","content":"DALLAS, April 17, 2025 /PRNewswire/ -- Argent Trust Company, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) ("Permian" or the "Trust") today declared a cash distribution to the holders of its units of beneficial interest of $0.019615 per unit, payable on May 14, 2025, to unit holders of record on April 30, 2025. The distribution does not include proceeds from the Waddell Ranch properties, as total production costs ("Production Costs") exceeded gross proceeds ("Gross Proceeds") for the month of March, resulting in a continuing excess cost position for the Waddell Ranch properties. More information regarding the Waddell Ranch properties is described below.","length":723,"tagName":"p"},{"type":"text","content":"This month's distribution slightly increased from the previous month due primarily to the Texas Royalty Properties having higher oil volumes, along with higher oil and natural gas pricing, partially offset by lower natural gas volumes for the month reported. ","length":263,"tagName":"p"},{"type":"text","content":"WADDELL RANCHNotwithstanding requests from the Trustee to Blackbeard, the operator of the Waddell Ranch properties, and the fact that prior to May 2024, Blackbeard has provided this information on a monthly basis since Argent Trust Company has become Trustee of the Trust, Blackbeard has refused to provide the Trustee information necessary to calculate the net profits interest ("NPI") proceeds for April 2025 as of the announcement date for this month's distribution. As a result of Blackbeard's failure to provide this information by the NYSE notification date for the distribution, in accordance with the Trust indenture, if NPI proceeds are received from the Waddell Ranch properties on or prior to the record date, they will be included in the May distribution. ","length":794,"tagName":"p"},{"type":"text","content":"As noted above, no proceeds were received by the Trustee in March 2025 to be included in the April distribution. All excess costs, including any accrued interest, will need to be recovered by future proceeds from the Waddell Ranch properties before any proceeds are distributed to the Trust. Due to the fact that Blackbeard is providing production, pricing and cost information quarterly instead of monthly, the Trust...