Business
PERMIAN BASIN ROYALTY TRUST ANNOUNCES MAY CASH DISTRIBUTION, EXCESS COST POSITION ON WADDELL RANCH PROPERTIES, AND RESULTS OF HEARING
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 $0.020355 per unit, payable on June 12, 2026, to unit holders of record on May 29, 2026. 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 April, resulting in a continui
About this update from Permian Basin Royalty Trust
[{"type":"text","content":"DALLAS, May 18, 2026 /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 $0.020355 per unit, payable on June 12, 2026, to unit holders of record on May 29, 2026. 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 April, resulting in a continuing excess cost position for the Waddell Ranch properties. More information regarding the Waddell Ranch properties is described below.","length":710,"tagName":"p"},{"type":"text","content":"This month's distribution decreased compared to the previous month due primarily to the third settlement payment in the amount of $1,125,000 being received from Blackbeard Operating LLC which was included in the April distribution. Texas Royalty Properties had higher oil volumes, along with higher oil and natural gas pricing, partially offset by lower natural gas volumes for the reporting period.","length":403,"tagName":"p"},{"type":"text","content":"WADDELL RANCHInformation from Blackbeard, the operator of the Waddell Ranch properties, necessary to calculate the net profits interest ("NPI") proceeds for a given month is received after the announcement date for the month's distribution. As a result, 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 following month's distribution.","length":468,"tagName":"p"},{"type":"text","content":"As noted above, no proceeds were received by the Trustee in April 2026 to be included in the May 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 provides production, pricing and cost information quarterly instead of monthly, the Trustee will be disclosing that information in the quarterly reports on Form 10-Q and annual reports on Form 10-K for the foreseeable future (to the extent timely received from Blackbeard).","length":600,"tagNam...