Welcome to our dedicated page for Permian Basin news (Ticker: PBT), a resource for investors and traders seeking the latest updates and insights on Permian Basin 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.
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.
FAQ
What is the current stock price of Permian Basin (PBT)?
What is the market cap of Permian Basin (PBT)?
What does Permian Basin Royalty Trust do?
What are the primary properties of Permian Basin Royalty Trust?
What recent legal action has the Trust taken?
What was the latest cash distribution announced by the Trust?
How does the Trust generate revenue?
Where can I find financial reports of the Trust?
Who is the Trustee of Permian Basin Royalty Trust?
What impact do market conditions have on the Trust?
What is the Trust’s approach to auditing its finances?
How can I get more information about the Trust?
