Permianville Royalty Trust Announces Monthly Cash Distribution

Rhea-AI Summary

Permianville Royalty Trust (NYSE: PVL) has declared a cash distribution of $0.030000 per unit, set for payment on May 12, 2023, to unitholders of record by April 28, 2023. This distribution is based on reported oil production for January 2023 and natural gas production for December 2022, along with accrued costs from February 2023.

Current month oil cash receipts reached $2.9 million on average prices of $75.01/Bbl, showing a rise from the previous month. Natural gas cash receipts remained steady at $0.9 million with average prices at $4.71/Mcf. Total operating expenses were $2.2 million, unchanged from prior periods.

Positive

• Declared a cash distribution of $0.030000 per unit.
• Increased oil cash receipts to $2.9 million from the prior month.
• Average oil price realized was $75.01 per barrel, showing a slight increase.

Negative

• Natural gas cash receipts remained consistent at $0.9 million, indicating no growth.
• Total accrued operating expenses were $2.2 million, possibly limiting future distributions.

HOUSTON--(BUSINESS WIRE)-- Permianville Royalty Trust (NYSE: PVL, the “Trust”) today announced a cash distribution to the holders of its units of beneficial interest of $0.030000 per unit, payable on May 12, 2023 to unitholders of record on April 28, 2023. The net profits interest calculation represents reported oil production for the month of January 2023 and reported natural gas production during December 2022. The calculation includes accrued costs incurred in February 2023.

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		38,896		1,255		191,223		6,168		$	75.01		$	4.71
Prior Month		34,720		1,120		204,419		6,814		$	78.48		$	4.23

Recorded oil cash receipts from the oil and gas properties underlying the Trust (the “Underlying Properties”) totaled $2.9 million for the current month on realized wellhead prices of $75.01/Bbl, up $0.2 million from the prior month’s oil cash receipts.

Recorded natural gas cash receipts from the Underlying Properties totaled $0.9 million for the current month on realized wellhead prices of $4.71/Mcf, consistent with the prior month.

Total accrued operating expenses for the period were $2.2 million, consistent with the prior period. Capital expenditures decreased $0.3 million from the prior period to $0.2 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. The anticipated distribution is based, in large part, on the amount of cash received or expected to be received by the Trust from 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 as a result of a variety of factors that are beyond the control of the Trust and the Sponsor. 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 2022 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, 2022, filed with the SEC on March 23, 2023. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230417005788/en/

Permianville Royalty Trust

The Bank of New York Mellon Trust Company, N.A., as Trustee

Sarah Newell 1 (512) 236-6555

Source: Permianville Royalty Trust

FAQ

What is the cash distribution amount for PVL announced for May 2023?

The cash distribution amount for Permianville Royalty Trust (NYSE: PVL) announced for May 2023 is $0.030000 per unit.

When is the PVL cash distribution payable?

The cash distribution for PVL is payable on May 12, 2023.

What were the oil and gas production figures for PVL in January and December 2022?

The oil production figures for January 2023 were reported at 38,896 barrels, and natural gas production for December 2022 was 191,223 Mcf.

What were the average realized prices for oil and natural gas for PVL?

The average realized prices were $75.01 per barrel for oil and $4.71 per Mcf for natural gas.

What were the total accrued operating expenses for PVL?

The total accrued operating expenses for PVL were $2.2 million, consistent with the prior period.