PermRock Royalty Trust Declares Monthly Cash Distribution

Rhea-AI Summary

PermRock Royalty Trust (NYSE: PRT) announced a monthly cash distribution of $1,217,916.85 (or $0.100110 per Trust Unit) to be paid on July 15, 2022, based on April 2022 production. Oil sales decreased to $3.05 million due to lower prices and sales volumes, while natural gas receipts grew to $0.28 million from increased volumes. Total operating expenses rose to $0.95 million, alongside capital expenditures of $0.89 million, attributed to well recompletion in Crane County, Texas.

Positive

• Natural gas cash receipts increased by $0.02 million from the prior month.
• Trust reported a distribution amounting to $1,217,916.85.

Negative

• Oil cash receipts decreased by $0.31 million compared to the prior month.
• Total direct operating expenses increased by $0.21 million from last month.
• Capital expenditures rose by $0.43 million, indicating higher costs for recompletion.

FORT WORTH, Texas, June 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 June 30, 2022 and payable on July 15, 2022 in the amount of $1,217,916.85 ($0.100110 per Trust Unit), based principally upon production during the month of April 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	29,315		977		35,614		1,187		$104.06		$7.80
Prior Month	31,320		1,010		35,085		1,132		$107.26		$7.42

Oil cash receipts for the properties underlying the Trust totaled $3.05 million for the current month, a decrease of $0.31 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 $0.28 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 $0.95 million reflecting a $0.21 million increase from the prior month. Severance and ad valorem taxes were $0.22 million.  

Capital expenditures were $0.89 million, an increase of $0.43 million from the prior month. Boaz Energy informed the Trust that capital expenses were related to recompletion of a well to a different zone in Crane County, Texas. Boaz Energy informed the Trust that this month's net profits calculation included $100,000 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 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 for July 2022?

PermRock Royalty Trust declared a cash distribution of $1,217,916.85, or $0.100110 per Trust Unit, payable on July 15, 2022.

How did oil and natural gas receipts change for PermRock Royalty Trust?

Oil cash receipts decreased to $3.05 million, while natural gas receipts increased to $0.28 million for the current month.

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

The total direct operating expenses for the month were $0.95 million, reflecting an increase of $0.21 million from the previous month.

What were the capital expenditures reported by PermRock Royalty Trust?

Capital expenditures amounted to $0.89 million, which is an increase of $0.43 million from the prior month.

What were the average prices for oil and natural gas according to the recent report?

The average price for oil was $104.06 per Bbl and natural gas was $7.80 per Mcf during the current month.