PermRock Royalty Trust Declares Monthly Cash Distribution

Rhea-AI Summary

PermRock Royalty Trust (NYSE: PRT) declared a monthly cash distribution of $1,135,816.79 or $0.093361 per Trust Unit to holders as of October 31, 2022, payable on November 15, 2022. This distribution is primarily based on production from August 2022. Oil cash receipts decreased to $2.73 million due to falling prices, while natural gas receipts rose to $0.31 million due to higher sales volumes. Total direct operating expenses were $0.75 million, down $0.06 million, while capital expenses increased to $0.53 million.

Positive

• Natural gas cash receipts increased to $0.31 million due to higher sales volumes.
• Total direct operating expenses decreased to $0.75 million, reflecting better cost management.

Negative

• Oil cash receipts decreased to $2.73 million, driven by lower oil prices.
• Capital expenses increased by $0.24 million to $0.53 million, potentially indicating higher operational costs.

FORT WORTH, Texas, Oct. 21, 2022 /PRNewswire/ -- PermRock Royalty Trust (NYSE: PRT) (the "Trust") today declared a monthly cash distribution to record holders of its trust units representing beneficial interests in the Trust ("Trust Units") as of October 31, 2022 and payable on November 15, 2022 in the amount of $1,135,816.79 ($0.093361 per Trust Unit), based principally upon production during the month of August 2022.

The following table displays underlying oil and natural gas sales volumes and average received wellhead prices attributable to the current and prior month net profits interest calculations:

	Underlying Sales Volumes								Average Price
	Oil				Natural Gas				Oil		Natural Gas
	Bbls		Bbls/D		Mcf		Mcf/D		(per Bbl)		(per Mcf)
Current Month	28,651		924		34,677		1,119		$95.15		$8.93
Prior Month	28,296		913		33,145		1,069		$102.27		$9.13

Oil cash receipts for the properties underlying the Trust totaled $2.73 million for the current month, a decrease of $0.16 million from the prior month's distribution period.  This decrease was due to a decrease in oil prices. 

Natural gas cash receipts for the properties underlying the Trust totaled $0.31 million for the current month, an increase of $0.01 million from the prior month's distribution period. This increase was due to an increase in sales volumes.

Total direct operating expenses, including marketing, lease operating expenses and workover expenses, were $0.75 million reflecting a $0.06 million decrease from the prior month. Severance and ad valorem taxes were $0.20 million.  

Capital expenses this month were $0.53 million, an increase of $0.24 million from the prior month's distribution. Boaz Energy reports the increase in capital expenses this month was primarily related to reworking an injection well.

Boaz Energy informed the Trust that this month's net profits calculation included the application of $96,000 net to the Trust of funds previously reserved by Boaz Energy. 

About PermRock Royalty Trust

PermRock Royalty Trust is a Delaware statutory trust formed by Boaz Energy II, LLC ("Boaz Energy") to own a net profits interest representing the right to receive 80% of the net profits from the sale of oil and natural gas production from certain properties owned by Boaz Energy in the Permian Basin of West Texas. For more information on PermRock Royalty Trust, please visit our website at www.permrock.com.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release constitute "forward-looking statements." These forward-looking statements represent the Trust's and Boaz Energy's expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements include the amount and date of any anticipated distribution to unitholders, future cash retentions, advancements or recoupments from distributions, and statements regarding Boaz Energy's operations and the resulting impact on the computation of the Trust's net profits. The amount of cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will continue to be directly affected by volatility in commodity prices, oversupply and the economic effects of the COVID-19 pandemic. Other important factors that could cause actual results to differ materially from those projected in the forward-looking statements include expenses of the Trust and reserves for anticipated future expenses, uncertainties in estimating the cost of drilling activities and risks associated with drilling and operating oil and natural gas wells.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Trust does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Trust to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the Trust's Annual Report on Form 10-K filed with the SEC on March 31, 2022 and other public filings filed with the SEC. The risk factors and other factors noted in the Trust's public filings with the SEC could cause its actual results to differ materially from those contained in any forward-looking statement. The Trust's filed reports are or will be available over the Internet at the SEC's website at http://www.sec.gov.

Contact:	PermRock Royalty Trust
	Simmons Bank, Trustee
	Ron E. Hooper, SVP Royalty Trust Management
	Toll-free: (855) 588-7839
	Fax: (817) 298-5579
	Website:  www.permrock.com
	e-mail:  trustee@permrock.com

 

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SOURCE PermRock Royalty Trust

FAQ

What is the cash distribution amount declared by PermRock Royalty Trust (PRT) for November 2022?

PermRock Royalty Trust declared a cash distribution of $1,135,816.79 or $0.093361 per Trust Unit, payable on November 15, 2022.

When is the next cash distribution payable for PRT?

The next cash distribution for PermRock Royalty Trust is payable on November 15, 2022.

What were the oil sales volumes for PermRock Royalty Trust in August 2022?

The oil sales volumes for PermRock Royalty Trust in August 2022 were 28,651 Bbls.

How have the natural gas cash receipts changed for PermRock Royalty Trust?

Natural gas cash receipts increased slightly to $0.31 million, an increase of $0.01 million from the prior month.

What were the total direct operating expenses reported by PermRock Royalty Trust?

Total direct operating expenses for PermRock Royalty Trust were reported at $0.75 million.