Welcome to our dedicated page for Permian Basin Royalty Trust news (Ticker: PBT), a resource for investors and traders seeking the latest updates and insights on Permian Basin Royalty Trust stock.
Permian Basin Royalty Trust (NYSE: PBT) is an express trust that holds mineral and royalty interests in mature producing oil fields across Texas. The Trust's primary properties include Waddell Ranch Properties, in which it holds a 75% net overriding royalty interest, as well as other substantial interests in properties such as Yates, Wasson, Sand Hills, East Texas, Kelly-Snyder, and several others.
The Trust generates the majority of its revenues from royalties received through these properties. Recent financial updates indicate that the Trust declared a cash distribution of $0.020052 per unit in May 2024, reflecting lower volumes of oil and gas production offset by higher prices.
Additionally, the Trust has initiated a lawsuit against Blackbeard Operating, LLC, the operator of the Waddell Ranch properties, seeking to recover over $15 million in allegedly impermissible deductions from royalty payments. This legal action highlights the Trust's active engagement in safeguarding its financial interests.
The Trust’s financial reports, including the 2023 Annual Report and current distribution details, are available on the Trust’s official website. The Trust continues to monitor market conditions which impact domestic production pricing and future distributions.
Permian Basin Royalty Trust (NYSE: PBT) 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 $267,781 from September proceeds but excludes current month proceeds from Waddell Ranch properties. The decrease from the previous month is due to lower September proceeds from Waddell Ranch and reduced oil volumes and prices for Texas Royalty Properties.
For Texas Royalty Properties, production was 16,103 barrels of oil and 7,106 Mcf of gas, with average prices of $77.19 per bbl for oil and $10.02 per Mcf for gas. This resulted in a net contribution of $1,234,959 to the distribution.
The Trust is currently engaged in litigation against Blackbeard Operating, , seeking over $25 million in damages related to disputed overhead charges and other expenses. A preliminary trial date is set for April 21, 2025.
Permian Basin Royalty Trust (NYSE: PBT) announced a cash distribution of $0.050711 per unit, payable on October 15, 2024, to unit holders of record on September 30, 2024. The distribution includes $934,450 from August proceeds but excludes current month proceeds from Waddell Ranch properties. The decrease from the previous month is due to lower August proceeds and changes in Texas Royalty Properties' production and pricing.
For Texas Royalty Properties, production was 20,846 barrels of oil and 7,012 Mcf of gas, with average prices of $79.03 per bbl for oil and $10.00 per Mcf for gas. This resulted in a net contribution of $1,483,671 to the distribution.
The Trust is currently engaged in litigation against Blackbeard Operating, , seeking over $25 million in damages related to disputed overhead charges and other expenses. A preliminary trial date is set for April 21, 2025.
Permian Basin Royalty Trust (NYSE: PBT) announced a cash distribution of $0.051902 per unit, payable on September 16, 2024. The distribution includes $1,508,873 from Waddell Ranch properties but lacks current month proceeds. The decrease from the previous month is due to lower proceeds from Waddell Ranch and reduced gas volumes and oil prices for Texas Royalty Properties. Blackbeard Operating has refused to provide information for July 2024 NPI proceeds calculation. The Trust's litigation against Blackbeard seeks to recover over $15 million in damages from improperly deducted expenses, with a trial date set for April 21, 2025.
Permian Basin Royalty Trust (NYSE: PBT) announced a cash distribution of $0.070169 per unit, payable on August 14, 2024, to unitholders of record on July 31, 2024. The distribution includes $2,177,289 from June proceeds but excludes July proceeds from Waddell Ranch properties due to Blackbeard Operating's refusal to provide necessary information. The distribution slightly decreased from the previous month due to lower oil and gas prices and production.
The Trust's Texas Royalty Properties produced 14,033 barrels of oil and 5,905 Mcf of gas, with average prices of $80.60 per bbl for oil and $10.48 per Mcf for gas. This resulted in a net contribution of $1,134,040 to the distribution. The Trust is currently engaged in litigation against Blackbeard Operating, seeking to recover over $15 million in damages related to improperly deducted expenses.
Permian Basin Royalty Trust (NYSE: PBT) announced a June cash distribution of $0.072743 per unit, payable on July 15, 2024, to unit holders of record on June 28, 2024. The distribution includes $2,247,045 from May's Waddell Ranch properties. The increase in distribution is due to May's proceeds and higher oil prices, despite lower production and gas prices. Production for Texas Royalty Properties was 16,053 barrels of oil and 6,912 Mcf of gas, generating $1,393,281 in revenues, yielding a Net Profit of $1,246,693 for June. Administrative expenses were $40,933. Notably, Blackbeard Operating, , has not provided necessary data for June, affecting the distribution timeline. Additionally, the Trust is involved in litigation against Blackbeard for over $15 million in damages due to alleged improper overhead charges.
Permian Basin Royalty Trust (NYSE: PBT) announced the receipt of $2,247,045 in proceeds from the Waddell Ranch Properties on May 31, 2024. These funds will be included in the June 2024 distribution. Notably, Blackbeard Operating, did not provide production or pricing documentation for the oil or natural gas products, nor details on deductions or expenditures related to the funds. On May 8, 2024, the Trustee filed a lawsuit against Blackbeard in Tarrant County, Texas, seeking over $15 million in damages due to allegedly impermissible overhead costs and other expenses deducted from royalty payments.
On May 20, 2024, Argent Trust Company, Trustee of Permian Basin Royalty Trust (NYSE: PBT), declared a cash distribution of $0.020052 per unit, payable on June 14, 2024, to unit holders of record on May 31, 2024. The drop from the previous month stems from the omission of proceeds from the Waddell Ranch properties and lower production volumes from Texas Royalty Properties, despite higher oil and gas prices. Blackbeard Operating, , failed to provide necessary information for Waddell Ranch NPI proceeds, causing the exclusion. Texas Royalty Properties reported a net profit of $1,217,150 for May, contributing $1,156,292 to this month's distribution. General and administrative expenses were $221,657. The Trust filed a lawsuit against Blackbeard for over $15 million in damages due to alleged improper deductions affecting royalty payments.
Argent Trust Company, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT), filed a lawsuit against Blackbeard Operating, for allegedly deducting over $15 million in impermissible expenses from royalty payments. The Trust seeks to recover damages resulting from unauthorized overhead costs and expenses. Despite unsuccessful attempts to resolve the issue outside of court, the Trust is pursuing legal action to address the discrepancies.
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