Permian Basin Royalty Trust · NYSE:PBT
Permian Basin Royalty Trust — Merger or Acquisition (July 2026)
23 slides from Permian Basin Royalty Trust's merger presentation, Jul 30, 2026
Slide 1: Combination of Permian Basin Royalty Trust and US Land Guild
PBT Land & Filing under Rule 425 under the Securities Act of 1933 and deemed filed under Rule 14a-12of the Securities Exchange Act of 1934 Filed by: : SoftVest Advisors LLC. Subject Company: Permian Basin Royalty Trust SEC File No. of Permian Basin Royalty Trust:001-8033Minerals: Combination of Perm
Slide 2: Disclaimer
2 Disclaimer The Combination Agreement and Proposed Business Combination Were Not Negotiated by the Trust or the Trustee. Given the limited powers of the Trust and the Trustee under the Trust Indenture, neither the Trust nor the Trustee participated in the negotiations of the Combination Agreement o
Slide 3: Disclaimer (cont'd)
3 Disclaimer (cont'd) Certain statements in this presentation contain or are based on "forward-looking" information within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are statements that could be deemed forward-looking
Slide 4: Combination Corrects Structural Limitations of Current PBT & Blackbeard Businesses
4 Combination Corrects Structural Limitations of Current PBT & Blackbeard Businesses PBT unitholders to receive cost-free interest in overlapping mineral and surface assets, with full operator alignment Pre-Combination New PBT 34,000 Acre(2) Net Profits Interest ("NPI") Limitations Trust bears the
Slide 5: PBT + USLG: Stronger Together
5 PBT + USLG: Stronger Together (1) US Land Guild, LLC ("USLG Legacy") and assets contributed from USLG Legacy affiliates BBO and GBH. (2) Based on gross oil and gas production for March 2026. (3) Represents combined ~7% NRI across ~143,000 gross acres in the Waddell Ranch. (4) NRAs are normalized t
Slide 6: Transaction Steps
6 Transaction Steps New PBT pro forma ownership: ~59% PBT unitholders / ~41% Blackbeard and affiliates Simplified Transaction Diagram Surface assets Royalty interests New royalty interests Working interest Technical, operational, and business development expertise Business combination of PBT and USL
Slide 7: Transaction is Expected to Be Accretive to PBT Unitholders
$0.92 $2.80 7 Transaction is Expected to Be Accretive to PBT Unitholders Source: Public disclosure and USLG combined financials. (1) Pro Forma Transaction figures assume contribution of combined USLG surface and mineral assets and conversion of PBT's Waddell Ranch NPI into a cost-free royalty intere
Slide 8: Transaction Structure, Governance, Approvals & Timing
8 Transaction Structure, Governance, Approvals & Timing Structure New PBT will be an Up-C with a C-Corporation PubCo Legacy PBT unitholders receive Class A shares and Blackbeard Holdings and affiliates receive Class B shares and OpCo Units Blackbeard and its affiliates will hold Class A shares vi
Slide 9: Pro Forma Capital Structure and Liquidity
9 Pro Forma Capital Structure and Liquidity New PBT Pro Forma Capitalization and Liquidity Key Notes Pro Forma Ownership(2) JPMorgan-led $500MM Sr. Secured Revolving Credit Facility with $100MM accordion Facility already in place at USLG, expected to be transferred and upsized in connection with t
Slide 10: PBT Land & Minerals: A Premier Land Management Platform
~111,000 Permian NRAs(1, 2) with unique line of sight (>90% operated by BBO(3)) ~68,000 surface acres 10+ years of high-quality drilling inventory PUD locations with average drilling breakeven price of ~$45/bbl(4) Ability to make distributions and execute on its attractive pipeline Infrastructure in
Slide 11: Operator Alignment Drives Value for PBT Unitholders
11 Operator Alignment Drives Value for PBT Unitholders Private Company Economically aligned and positioned to maximize the value of every acre Oil and Gas Royalties + Surface Use Payments Midstream Surface Use Payments NYSE: PBT Managed via MSA Legacy PBT Unitholders ~59% Ownership HOLDINGS 100% Own
Slide 12: Experienced Management Team with Successful Track Record
12 Experienced Management Team with Successful Track Record New PBT gains access to the broader Blackbeard team, who collectively have grown the upstream business from a single lease to become the largest producer in the CBP(1) + Eric Oliver, who brings significant experience investing in land & min
Slide 13: Strong Institutional Support
13 Strong Institutional Support Second largest PBT unitholder, consistently increasing stake since 2020 We are excited about transitioning this 45-year-old trust, whose founders never envisioned the possibilities created by modern drilling technology, into a company that has married the minerals and
Slide 14: Positioned to Capture Revenue Across the Entire Oil and Gas Life Cycle and Beyond
4 Pad, Road, & Pipeline Easements 2 Solar Power Generation 4 Utility Easements 2 Multi-Well Pad 2 Drilling Rig Location 2 Supply Water Pond 2 3 Produced Water Handling Facility 2 2 Processing Plant Sand Mine 2 3 Crypto and Data Centers 4 3 Mineral Royalties (Horizontal Wells) 1 Solid Waste Managemen
Slide 15: Horizontal Development Has Allowed Blackbeard To Grow Rapidly
0 10 20 30 40 50 60 70 80 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 $0 $20 $40 $60 $80 $100 $120 WTI Price ($/bbl) Blackbeard Rig Count 15 Horizontal Development Has Allowed Blackbeard To Grow Rapidly Vertical Production Source: Enverus. Note: CBP operators include CRGY, DEC, Formentera, Hilc
Slide 16: Organic Growth Engine: Horizontal Targets and 10+ Years of Inventory
16 Organic Growth Engine: Over 10 Horizontal Targets and 10+ Years of Inventory Horizontal delineation across 10+ zones has unlocked over a decade of inventory life West Ranch East Ranch 220 Producing wells Core Benches CBP Asset Overview 22 Producing wells Waddell Ranch has produced for over 100 y
Slide 17: Why the Central Basin Platform? Immense Horizontal Oil Resource Potential
0 50 100 150 200 250 300 350 400 0 20 40 60 80 100 120 140 160 Cumulative Oil (MMbo) Time Zero (Months) CBP Hz Midland Basin Hz Permian Sub-Basin Horizontal Development Map 17 Why the Central Basin Platform? Immense Horizontal Oil Resource Potential CBP exceeds Midland and Delaware Basin oil product
Slide 18: Central Basin Platform Experiencing Renaissance Via Horizontal Development
2.2 3.2 3.6 3.0 2.3 2.1 0.1 0.6 1.2 1.8 5.0 7.2 2.3 3.8 4.8 4.8 7.3 9.3 2021 2022 2023 2024 2025 Q1 2026 18 1.6 2.1 2.6 1.8 1.6 1.2 0.2 0.9 2.8 4.6 9.4 1.8 3 5.4 6.4 11.0 2013 2014 2015 2016 2017 Q1 2026 Daily Net Production (Mboe/d) 134.7 Central Basin Platform Experiencing Renaissance Via Horizont
Slide 19: We Have Capacity in Place to Accept Increasing Permian Water Volumes
19 19 We Have Capacity in Place to Accept Increasing Permian Water Volumes Source: Enverus. (1) Assumes 20,000 bpd produced water handling permits and one-mile spacing between all future produced water handling facilities. (2) Environmental Science & Technology, 2020, 54(6), 3510–3519; study led by
Slide 20: PBT Land & Minerals Combines Attributes of Leading Peers
e EV/2026E Adjusted EBITDA -- 22.3x 29.0x 32.7x 8.3x Key Stats Q1 2026 Revenue Mix: Minerals | Surface 85% | 15% -- | 100% 6% | 94% 55% | 45% 100% | -- Revenue Growth (3Q26E-3Q28E CAGR) (%)(1) 26% (1Q24A-1Q26A CAGR) 15% 19% 12% 4% Q1 2026 Adj. EBITDA - Capex Margin (%)(2) 91% 67% 88% 80% 95% % Opera
Slide 21: Why Own PBT Land & Minerals?
21 Why Own PBT Land & Minerals? Early-stage entry into a premier, operator-aligned platform at the forefront of the CBP's horizontal drilling renaissance Diversified surface revenue set to benefit from active oil and gas development, increased demand for produced water recycling and disposal in the
Slide 22: Non-GAAP Definitions
22 Non-GAAP Definitions Adjusted EBITDA and Adjusted EBITDA Margin Adjusted EBITDA and Adjusted EBITDA Margin are used by our management and by external users of our financial statements, such as investors, research analysts and others, to assess the financial performance of our assets over the long
Slide 23: Non-GAAP Reconciliations | Adjusted EBITDA and Adjusted EBITDA Margin
23 Non-GAAP Reconciliations | Adjusted EBITDA and Adjusted EBITDA Margin The following table sets forth a reconciliation of net income as determined in accordance with U.S. GAAP to Adjusted EBITDA and Adjusted EBITDA Margin for the periods indicated. (1) The generation of digital assets, which is no
Permian Basin Royalty Trust — Merger or Acquisition (July 2026) on 6ix