Permian Basin - PBT STOCK NEWS

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.

Permian Basin Royalty Trust (NYSE: PBT) announced a cash distribution of $0.088214 per unit, payable on May 14, 2024, to unit holders of record on April 30, 2024. The distribution increased due to a decrease in capital costs and higher oil prices. Oil production for Waddell Ranch Properties saw an increase in volume with an average price of $75.09 per bbl. Gas production also increased but with a lower average price. Texas Royalty Properties experienced higher oil and gas volumes with increased oil prices. The Trust's Net Profit Interest contributed positively to the distribution. The Trust addressed ongoing market conditions affecting pricing and provided tax information for unit holders.

Argent Trust Company, as Trustee of Permian Basin Royalty Trust (PBT), corrected errors in its cash distribution announcement, reducing the distribution to $0.041340 per unit due to lower gas production and higher costs. The correction also includes accurate gas volume reporting and pricing adjustments for both oil and gas.

Permian Basin Royalty Trust (PBT) declares a cash distribution of $0.041340 per unit for April 12, 2024, due to increased oil production, higher oil and gas pricing, and reduced capital costs. The Trust's revenue rose slightly from the previous month, with positive net profit interests from Waddell Ranch and Texas Royalty Properties contributing to the distribution.

Permian Basin Royalty Trust (PBT) announced a cash distribution of $0.045460 per unit, reflecting an increase due to higher production and oil/gas prices. The Trust reported positive revenue from the Waddell Ranch Properties, with net profit interest of $1,591,057 for December. However, there are concerns about sustaining distributions if oil and gas prices decline.

Argent Trust Company, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT), declared a cash distribution of $0.031031 per unit, payable on February 14, 2024. The distribution decreased from the previous month due to a slight decrease in production and decreases in pricing of oil and gas. Net revenue for the underlying properties of the Waddell Ranch was $17,899,375 for November, with a positive Net Profit Interest (NPI) of $411,277. However, if current oil and gas pricing continues or declines, the Waddell Ranch Properties may or may not be able to continue to contribute to the distribution in the foreseeable future, after covering the ongoing CAPEX budget.

Argent Trust Company, as Trustee of the Permian Basin Royalty Trust (PBT), declared a cash distribution of $0.106232 per unit, payable on January 16, 2023, to unit holders of record on December 29, 2023. The distribution decreased due to increased production costs on the Waddell Ranch Properties, offset by higher oil and gas volumes. Waddell Ranch Properties NPI contributed to this month's distribution.