PermRock Royalty Trust Declares Monthly Cash Distribution

Rhea-AI Summary

On February 17, 2022, PermRock Royalty Trust (NYSE:PRT) announced a monthly cash distribution of $804,658.60 ($0.066141 per Trust Unit) to record holders as of February 28, 2022, payable on March 14, 2022. The distribution is based on the Trust's production in December 2021. Oil cash receipts were $2.19 million, reflecting a $0.21 million decline from the previous month, driven by lower oil prices and sales volumes. Natural gas receipts totaled $0.25 million, down $0.04 million. Total operating expenses decreased to $0.71 million.

Positive

• Monthly cash distribution of $804,658.60 represents continued cash flow.
• Total direct operating expenses decreased to $0.71 million, showing cost management.

Negative

• Oil cash receipts fell by $0.21 million due to lower prices and sales volumes.
• Natural gas cash receipts decreased by $0.04 million due to lower sales volumes and prices.

FORT WORTH, Texas, Feb. 17, 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 February 28, 2022 and payable on March 14, 2022 in the amount of $804,658.60 ($0.066141 per Trust Unit), based principally upon production during the month of December 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	30,949	998	35,761	1,153	$70.84	$6.89
Prior Month	31,062	1,035	36,016	1,201	$77.30	$7.94

Oil cash receipts for the properties underlying the Trust totaled $2.19 million for the current month, a decrease of $0.21 million from the prior month's distribution period. This decrease was due to a decrease in oil prices and sales volumes. 

Natural gas cash receipts for the properties underlying the Trust totaled $0.25 million for the current month, a decrease of $0.04 million from the prior month's distribution period. This decrease was due to a decrease in natural gas sales volumes and prices.

Total direct operating expenses, including marketing, lease operating expenses and workover expenses, were $0.71 million reflecting a $0.16 million decrease from the prior month. Severance and ad valorem taxes were ($0.06) million, reflecting the inclusion in the calculation of $0.16 million of funds previously accrued by Boaz for the payment of the estimated 2021 ad valorem taxes. 

Capital expenditures were $0.38 million, a decrease of $0.01 million from the prior month. Boaz Energy informed the Trust that this month's net profits calculation included $152,000 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. 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

View original content:https://www.prnewswire.com/news-releases/permrock-royalty-trust-declares-monthly-cash-distribution-301484525.html

SOURCE PermRock Royalty Trust

FAQ

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

PermRock Royalty Trust declared a cash distribution of $804,658.60 ($0.066141 per Trust Unit) for February 2022.

When will the February distribution for PRT be paid?

The February 2022 distribution will be payable on March 14, 2022.

What caused the decrease in oil and natural gas receipts for PRT in February 2022?

The decrease in oil and natural gas receipts for February 2022 was primarily due to lower prices and reduced sales volumes.

What were the total operating expenses for PermRock Royalty Trust in February 2022?

Total direct operating expenses for PermRock Royalty Trust in February 2022 were $0.71 million.