An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Permianville Royalty Trust Announces Monthly Cash Distribution
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Permianville Royalty Trust (NYSE: PVL) announced a cash distribution of $0.051000 per unit, payable on November 14, 2022, to unitholders of record on October 31, 2022. This distribution is based on oil production reported for July 2022 and natural gas production for June 2022. Oil cash receipts totaled $4.6 million at an average price of $106.32/Bbl, a $0.4 million increase from the prior month, while natural gas receipts were $1.8 million, down $0.2 million. Total operating expenses increased to $2.8 million.
Positive
Oil cash receipts increased by $0.4 million from the prior month, totaling $4.6 million.
Average pricing for oil was reported at $106.32/Bbl.
The inclusion of production from new wells contributed to increased oil production.
Negative
Natural gas cash receipts declined by $0.2 million to $1.8 million.
Total accrued operating expenses rose to $2.8 million, an increase of $0.2 million from the previous period.
Capital expenditures increased by $0.4 million to $1.3 million.
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 $0.051000 per unit, payable on November 14, 2022 to unitholders of record on October 31, 2022. The net profits interest calculation represents reported oil production for the month of July 2022 and reported natural gas production during June 2022. The calculation includes accrued costs incurred in August 2022.
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
43,632
1,407
237,538
7,918
$
106.32
$
7.56
Prior Month
37,873
1,262
287,116
9,262
$
110.92
$
6.85
Recorded oil cash receipts from the oil and gas properties underlying the Trust (the “Underlying Properties”) totaled $4.6 million for the current month on realized wellhead prices of $106.32/Bbl, up $0.4 million from the prior month’s oil cash receipts. The increase in oil production for the current month reflects the inclusion of production for several prior months in the first month of received revenues from four wells that a private operator has completed and brought online and in which the Underlying Properties have an approximate 5.4% working interest (see the Capex Drilling Activity Recap and Updatein the Trust’s September 16, 2022 press release).
Recorded natural gas cash receipts from the Underlying Properties totaled $1.8 million for the current month on realized wellhead prices of $7.56/Mcf, down $0.2 million from the prior month.
Total accrued operating expenses for the period were $2.8 million, an increase of $0.2 million from the prior period. Capital expenditures increased $0.4 million from the prior period to $1.3 million.
Given the increase in operator activity and the higher 2022 capital expenditure estimates for the Underlying Properties as described in the Trust’s September 16, 2022 press release, COERT Holdings 1 LLC (the “Sponsor”) has notified the Trustee that it is withholding $0.1 million from the current month’s net profits to be added to the Sponsor’s previously established cash reserve for approved, future development expenses this year. With this addition, the total reserve is approximately $1.1 million for approved development expenses this year. This reserve is intended to fund an expected increase in development expenses; however, if those expenses are ultimately delayed or are less than expected, or if the outlook changes, amounts reserved but unspent will be released as an incremental cash distribution in a future period.
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, expectations regarding the cash reserve for future development expenses and expectations regarding current and future capital expenditures and development activities on the Underlying Properties. 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 2021 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, 2021, filed with the SEC on March 25, 2022. 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.
