Permian Basin Royalty Trust Announces October Cash Distribution

Strategic Insights -

Permian Basin Royalty Trust has declared a cash distribution to the holders of its units of beneficial interest of $0.029986 per unit, payable on November 15, 2024, to unit holders of record on October 31, 2024. The distribution includes proceeds from September in the amount of $267,781, which were previously not included due to Blackbeard Operating, LLC's refusal to provide necessary information. The Trust's Texas Royalty Properties saw a net profit of $1,299,958 for October, with the Permian Basin Royalty Trust receiving a net contribution of $1,234,959.

Key Takeaways:

  • The Permian Basin Royalty Trust has announced a cash distribution of $0.029986 per unit, payable on November 15, 2024, to unit holders of record on October 31, 2024.
  • The distribution includes proceeds from September in the amount of $267,781, which were previously not included due to Blackbeard Operating, LLC's refusal to provide necessary information.
  • The Trust's Texas Royalty Properties saw a net profit of $1,299,958 for October, with the Permian Basin Royalty Trust receiving a net contribution of $1,234,959.
  • Blackbeard Operating, LLC has refused to provide the Trustee with necessary information to calculate the net profits interest (NPI) proceeds for September 2024, resulting in a delay in the inclusion of these proceeds in the distribution.
  • The Trust has initiated a lawsuit against Blackbeard Operating, LLC to recover more than $15 million in damages resulting from overhead costs and other expenses allegedly deducted from royalty payments to the Trust.
  • The lawsuit was filed on May 8, 2024, and Blackbeard has filed its original answer and counterclaim to the lawsuit.

Sources:

  • "Permian Basin Royalty Trust Announces October Cash Distribution" (Permian Basin Royalty Trust, October 21, 2024)
  • Form 8-K (Permian Basin Royalty Trust, October 21, 2024)

Statistics:

  • $0.029986 - cash distribution per unit
  • $267,781 - proceeds from September included in the October distribution
  • $1,299,958 - net profit for the Texas Royalty Properties in October
  • $1,234,959 - net contribution by the Texas Royalty Properties to the October distribution
  • 17,969 - barrels of oil produced by the Texas Royalty Properties in October
  • 7,932 - Mcf of gas produced by the Texas Royalty Properties in October
  • 16,103 - barrels of oil allocated to the Permian Basin Royalty Trust from the Texas Royalty Properties in October
  • 7,106 - Mcf of gas allocated to the Permian Basin Royalty Trust from the Texas Royalty Properties in October
  • $77.19 - average price for oil in October
  • $10.02 - average price for gas in October
  • $1,466,585 - revenues for the Texas Royalty Properties in October
  • $166,627 - taxes and expenses deducted from the revenues for the Texas Royalty Properties in October