PERMIAN BASIN ROYALTY TRUST ANNOUNCES SEPTEMBER CASH DISTRIBUTION
- Cash distribution declared
- Increased pricing of oil and gas
- Texas Royalty Properties contribution
- Slightly decreased distribution due to lower production
- Waddell Ranch Properties did not contribute
This month's distribution decreased slightly from the previous month primarily due to a decrease in the production of both oil and gas offset by an increase in pricing of both oil and gas on the Texas Royalty Properties for this month. The Waddell Ranch Properties did not contribute to the distribution for the month of July.
WADDELL RANCH
In reporting July production of the Underlying Properties for this month's press release, production for oil volumes was 255,430 (gross) and was priced at about
First sales received for the month of July 2023 wells were as follows: (all net to the Trust), 2.3 new drill wells, including 0.75 horizontal wells, 6.0 recompleted wells. Waiting on completion, as of 7/31/2023, were 2.3 drill wells, including 1.1 horizontal wells and 5.3 recompletion wells. Also, 2.3 wells, plugged and abandoned, were completed.
Blackbeard has provided the projected 2023 capital expenditure budget for the Waddell Ranch Properties to be an estimated
Production for the underlying properties at the Texas Royalties was 16,680 barrels of oil and 18,376 Mcf of gas. The production for the Trust's allocated portion of the Texas Royalties was 14,811 barrels of oil and 16,325 Mcf of gas. The average price for oil was
Underlying Properties | Net to Trust Sales | |||||
Volumes | Volumes | Average | Price | |||
Oil (bbls) | Gas (Mcf) | Oil (bbls) | Gas (Mcf) | Oil (per bbl) | Gas (per Mcf) | |
Current Month | ||||||
Waddell Ranch | 255,430 | 929,763 | 191,573 | 697,322* | ||
Texas Royalties | 16,680 | 18,376 | 14,811 | 16,325* | ||
Prior Month | ||||||
Waddell Ranch | 232,996 | 782,776 | 174,747 | 587,082* | ||
Texas Royalties | 19,131 | 23,417 | 17,105 | 20,986* |
*These volumes are the net to the trust, after allocation of expenses to Trust's net profit interest, including any prior period adjustments.
**This pricing includes sales of gas liquid products.
General and Administrative Expenses deducted for the month were
The worldwide market conditions continue to affect the pricing for domestic production. It is difficult to predict what effect these conditions will have on future distributions.
The 2022 Annual Report with Form 10-K and the January 1, 2023 Reserve Summary are posted on Permian's website. Permian's cash distribution history, current and prior year financial reports, tax information booklets, and a link to filings made with the Securities and Exchange Commission, all can be found on Permian's website at http://www.pbt-permian.com/. Additionally, printed reports can be requested and are mailed free of charge.
Contact: Ron Hooper, Senior Vice President, Argent Trust Company, Trustee, Toll Free – 1.855.588.7839
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SOURCE Permian Basin Royalty Trust