PermRock Royalty TrustDeclares Monthly Cash Distribution

Rhea-AI Summary

PermRock Royalty Trust (NYSE:PRT) announced a monthly cash distribution of $849,894.20 or $0.069859 per Trust Unit, payable on January 14, 2022. This distribution is based on October 2021 production levels. Notable figures include oil cash receipts of $2.41 million and natural gas cash receipts of $0.26 million, both increasing from the previous month. Operating expenses rose by $0.19 million to $0.74 million, with capital expenditures up by $0.16 million. The distribution reflects rising commodity prices and sales volumes.

Positive

• Monthly distribution of $849,894.20 based on increased sales volumes and oil prices.
• Oil cash receipts increased by $0.38 million to $2.41 million.
• Natural gas cash receipts rose by $0.02 million to $0.26 million.

Negative

• Total direct operating expenses rose by $0.19 million to $0.74 million.
• Capital expenditures increased by $0.16 million to $0.46 million.

FORT WORTH, Texas, Dec. 20, 2021 /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 December 31, 2021 and payable on January 14, 2022 in the amount of $849,894.20 ($0.069859 per Trust Unit), based principally upon production during the month of October 2021.

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	30,556	986	35,391	1,142	$78.81	$7.25
Prior Month	29,184	973	38,302	1,277	$69.51	$6.37

Oil cash receipts for the properties underlying the Trust totaled $2.41 million for the current month, an increase of $0.38 million from the prior month's distribution period. This increase was due to an increase in sales volumes and oil prices. 

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.

Total direct operating expenses, including marketing, lease operating expenses and workover expenses, were $0.74 million reflecting a $0.19 million increase from the prior month. Severance and ad valorem taxes were 0.20 million for the current month, an increase of 0.03 million from the prior month's distribution period.

Capital expenditures were $0.46 million, an increase of $0.16 million from the prior month. Boaz Energy informed the Trust that this month's net profits calculation included the application of $8,000 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. Further, low oil and natural gas prices may result in no distributions to unitholders in certain periods. 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 Securities and Exchange Commission (the "SEC") on March 31, 2021 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
	Lee Ann Anderson, Senior Vice President
	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 monthly cash distribution amount declared by PermRock Royalty Trust (PRT) for January 2022?

PermRock Royalty Trust declared a monthly cash distribution of $849,894.20 for January 2022.

When is the distribution payable for PermRock Royalty Trust (PRT)?

The distribution is payable on January 14, 2022.

What were the oil cash receipts for PermRock Royalty Trust (PRT) in December 2021?

The oil cash receipts were $2.41 million for December 2021.

How much did total operating expenses increase for PermRock Royalty Trust (PRT)?

Total operating expenses increased by $0.19 million to $0.74 million.

What were the natural gas cash receipts for PermRock Royalty Trust (PRT) in December 2021?

Natural gas cash receipts totaled $0.26 million for December 2021.