Business
PERMIAN BASIN ROYALTY TRUST ANNOUNCES FEBRUARY 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 $0.017144 per unit, payable on March 14, 2025, to unit holders of record on February 28, 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 January, resulting in a
About this update from Permian Basin Royalty Trust
[{"type":"text","content":"DALLAS, Feb. 18, 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 $0.017144 per unit, payable on March 14, 2025, to unit holders of record on February 28, 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 January, resulting in a continuing excess cost position for the Waddell Ranch properties. More information regarding the Waddell Ranch properties is described below.","length":719,"tagName":"p"},{"type":"text","content":"This month's distribution slightly decreased from the previous month due primarily to the Texas Royalty Properties having lower oil volumes, along with lower natural gas pricing. Partially offset by higher gas volumes as well as slightly higher oil pricing for the month reported. ","length":320,"tagName":"p"},{"type":"text","content":"WADDELL RANCH","length":18,"tagName":"p"},{"type":"text","content":"Notwithstanding 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 February 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 March distribution.","length":777,"tagName":"p"},{"type":"text","content":"As noted above, no proceeds were received by the Trustee in January 2025 to be included in the February 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...