Permianville Royalty Trust Announces Monthly Cash Distribution

Rhea-AI Summary

Permianville Royalty Trust (NYSE: PVL) declared a cash distribution of $0.013000 per unit, payable on September 15, 2021. The distribution is based on oil and natural gas production from May and April 2021, respectively. The Trust reported approximately $0.5 million in income from distributable net profits. Recorded oil cash receipts amounted to $2.3 million at an average price of $64.46/Bbl, while natural gas receipts were $0.8 million at $2.55/Mcf. Operating expenses stayed at $2.1 million and capital expenditures rose to $0.4 million.

Positive

• Income from distributable net profits reached approximately $0.5 million.
• Oil cash receipts totaled $2.3 million at $64.46/Bbl.
• Natural gas cash receipts increased to $0.8 million at $2.55/Mcf.

Negative

• Oil receipts decreased by $0.4 million compared to the prior month.
• Total accrued operating expenses remained consistent at $2.1 million, limiting profit increase.

Permianville Royalty Trust (NYSE: PVL, the “Trust”) today announced a cash distribution to the holders of its units of beneficial interest of $0.013000 per unit, payable on September 15, 2021 to unitholders of record on August 31, 2021. The net profits interest calculation represents reported oil production for the month of May 2021 and reported natural gas production during April 2021. The calculation includes accrued costs incurred in June 2021.

This month, after the Trust’s repayment of prior administrative expense advances, income from the distributable net profits interest was approximately $0.5 million.

The following table displays reported underlying oil and natural gas sales volumes and average received wellhead prices attributable to the current and prior month recorded 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		35,650		1,150		313,309		10,444		$	64.46		$	2.55
Prior Month		44,962		1,499		246,964		7,967		$	59.37		$	2.81

Recorded oil cash receipts from the oil and gas properties underlying the Trust (the “Underlying Properties”) totaled $2.3 million for the current month on realized wellhead prices of $64.46/Bbl, down $0.4 million from the prior month distribution period.

Recorded natural gas cash receipts from the Underlying Properties totaled $0.8 million for the current month on realized wellhead prices of $2.55/Mcf, an increase of $0.1 million from the prior month.

Total accrued operating expenses for the period remained consistent with the prior month at $2.1 million. Capital expenditures increased $0.1 million from the prior period to $0.4 million.

About Permianville Royalty Trust

Permianville Royalty Trust is a Delaware statutory trust formed 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, predominantly non-operated, oil and gas properties in the states of Texas, Louisiana and New Mexico. As described in the Trust’s filings with the Securities and Exchange Commission (the “SEC”), the amount of the periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, the amount and timing of capital expenditures, and the Trust’s administrative expenses, among other factors. Future distributions are expected to be made on a monthly basis. For additional information on the Trust, please visit www.permianvilleroyaltytrust.com.

Forward-Looking Statements and Cautionary Statements

This press release contains statements that are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are “forward-looking statements” for purposes of these provisions. These forward-looking statements include the amount and date of any anticipated distribution to unitholders, expected expenses, including capital expenditures. The anticipated distribution is based, in large part, on the amount of cash received or expected to be received by the Trust from COERT Holdings 1 LLC (the “Sponsor”) with respect to the relevant period. The amount of such 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 the volatility in commodity prices, which have experienced significant fluctuation since the beginning of 2020 in response to the economic effects of the COVID-19 pandemic and the actions taken by Russia and the members of the Organization of Petroleum Exporting Countries regarding production levels. Low oil and natural gas prices will reduce profits to which the Trust is entitled, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders. Other important factors that could cause actual results to differ materially include expenses of the Trust, reserves for anticipated future expenses and the effect, impact, potential duration or other implications of the COVID-19 pandemic. In addition, future monthly capital expenditures may exceed the average levels experienced in 2020 and prior periods. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither the Sponsor nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by the Trust is subject to the risks described in the Trust’s filings with the SEC, including the risks described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 23, 2021. The Trust’s quarterly and other filed reports are or will be available over the Internet at the SEC’s website at http://www.sec.gov.

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FAQ

What is the cash distribution amount for Permianville Royalty Trust (PVL) in September 2021?

The cash distribution amount for Permianville Royalty Trust (PVL) in September 2021 is $0.013000 per unit.

When is the payment date for the PVL distribution?

The payment date for the PVL distribution is September 15, 2021.

What are the reported oil and gas sales volumes for PVL in May 2021?

For May 2021, PVL reported oil sales volumes of 35,650 Bbls and natural gas sales volumes of 313,309 Mcf.

What were the average prices for oil and gas for PVL in the current month?

The average price for oil was $64.46 per Bbl, and for natural gas, it was $2.55 per Mcf.

How do the accrued operating expenses for PVL compare to last month?

The total accrued operating expenses for PVL remained consistent with the prior month at $2.1 million.