PermRock Royalty Trust Declares Monthly Cash Distribution

Rhea-AI Summary

PermRock Royalty Trust (NYSE:PRT) announced a monthly cash distribution of $1,229,733.76 (or $0.101081 per Trust Unit) to record holders as of May 31, 2022, payable on June 14, 2022. This distribution is based on production data from March 2022.

Notable increases in cash receipts were reported: $3.36 million for oil and $0.26 million for natural gas, driven by improved sales volumes and prices. Operating expenses fell to $0.74 million.

Positive

• Monthly cash distribution of $1,229,733.76 reflecting operational stability.
• Oil cash receipts increased by $0.84 million to $3.36 million due to higher prices and sales volumes.
• Natural gas cash receipts rose by $0.02 million to $0.26 million, indicating strong market performance.
• Total direct operating expenses decreased by $0.15 million to $0.74 million, showcasing cost efficiency.

Negative

• None.

FORT WORTH, Texas, May 20, 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 May 31, 2022 and payable on June 14, 2022 in the amount of $1,229,733.76 ($0.101081 per Trust Unit), based principally upon production during the month of March 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	31,320	1,010	35,085	1,132	$107.26	$7.42
Prior Month	28,084	1,003	33,647	1,202	$89.71	$7.03

Oil cash receipts for the properties underlying the Trust totaled $3.36 million for the current month, an increase of $0.84 million from the prior month's distribution period.  This increase was due to an increase in oil prices and sales volumes. 

Natural gas cash receipts for the properties underlying the Trust totaled $0.26 million for the current month, an increase of $0.02 million from the prior month's distribution period. This increase was due to an increase in natural gas prices and sales volumes.

Total direct operating expenses, including marketing, lease operating expenses and workover expenses, were $0.74 million reflecting a $0.15 million decrease from the prior month. Severance and ad valorem taxes were $0.23 million.  

Capital expenditures were $0.46 million, a decrease of $0.48 million from the prior month. Boaz Energy informed the Trust that capital expenses were related to recompleting a Coke County well to a different zone and non-operated drilling in Glasscock County.  Boaz Energy informed the Trust that this month's net profits calculation included $320,000 net to the Trust of funds reserved by Boaz Energy to cover future capital obligations and expenses. 

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 EHooper,SVP Royalty Trust Management
	Toll-free: (855) 588-7839
	Fax: (817) 298-5579
	Website:  wwwpermrockcom
	e-mail:  trustee@permrockcom

 

View original content:https://www.prnewswire.com/news-releases/permrock-royalty-trust-declares-monthly-cash-distribution-301551936.html

SOURCE PermRock Royalty Trust

FAQ

When will PermRock Royalty Trust distribute cash to unitholders?

PermRock Royalty Trust will distribute cash on June 14, 2022, to unitholders of record as of May 31, 2022.

What is the cash distribution amount for PermRock Royalty Trust?

The cash distribution amount is $1,229,733.76, which equals $0.101081 per Trust Unit.

What factors influenced the cash receipts for PermRock Royalty Trust?

Cash receipts were influenced by increased oil and natural gas prices as well as higher sales volumes.

What were the total operating expenses for PermRock Royalty Trust?

The total operating expenses were $0.74 million, reflecting a decrease from the prior month.

What were the oil and natural gas sales volumes for the current month?

Oil sales volumes were 31,320 Bbls, and natural gas sales volumes were 35,085 Mcf.