SABINE ROYALTY TRUST ANNOUNCES MONTHLY CASH DISTRIBUTION FOR MARCH 2023

Rhea-AI Summary

On March 3, 2023, Sabine Royalty Trust (NYSE: SBR) announced a cash distribution of $0.465470 per unit, payable on March 29, 2023, to unit holders on record as of March 15, 2023. This distribution reflects oil production from December 2022 and gas production from November 2022, totaling approximately 41,257 barrels of oil and 978,107 Mcf of gas. The decrease in this month's distribution compared to the previous month is attributed to reduced production and lower pricing, with oil priced at approximately $76.76 per barrel and gas at $4.72 per Mcf. The trust's 2022 tax information packets are also scheduled for mailing this week.

Positive

• Current month's cash distribution of $0.465470 per unit.
• Production includes approximately 41,257 barrels of oil and 978,107 Mcf of gas.

Negative

• Monthly distribution is lower than the previous month due to decreased production and pricing.
• Oil and gas prices decreased to $76.76 per barrel and $4.72 per Mcf, respectively.

DALLAS, March 3, 2023 /PRNewswire/ -- Argent Trust Company, as Trustee of the Sabine Royalty Trust (NYSE: SBR), today declared a cash distribution to the holders of its units of beneficial interest of $0.465470 per unit, payable on March 29, 2023, to unit holders of record on March 15, 2023. Sabine's cash distribution history, current and prior year financial reports and tax information booklets, a link to filings made with the Securities and Exchange Commission and more can be found on its website at http://www.sbr-sabine.com/.  Additionally, printed reports can be requested and are mailed free of charge.

This distribution reflects primarily the oil production for December 2022 and the gas production for November 2022. Preliminary production volumes are approximately 41,257 barrels of oil and 978,107 Mcf of gas. Preliminary prices are approximately $76.76 per barrel of oil and $4.72 per Mcf of gas.

This month's distribution is lower than the previous month's primarily due to decreased production due to the timing of receipts through the end of the month as compared to the previous month's timing of receipts, including a decrease in both oil and gas pricing.

The production from all the new horizontal gas wells in Panola County, Texas, has contributed approximately $1,230,000 reflecting October production including the recent new wells. All volumes and pricing are included in the tables below.

 Additionally, for the other three horizontal wells, also in Panola County, there were no receipts posted for this month's distribution.

As more regular monthly receipts are made in the months to come, additional information will be made available.

The table below compares this month's production and prices to the previous month's:

		Net to Trust Sales
		Volumes						Average Price
		Oil (bbls)			Gas (Mcf)			Oil (per bbl)		Gas (per Mcf)
Current Month		41,257			978,107			$76.76		$4.72
Prior Month		49,802			1,121,523			$84.75		$5.53

Revenues are only distributed after they are received, verified, and posted. Most energy companies normally issue payment of royalties on or about the 25^th of every month, and depending on mail delivery, a varying amount of royalties are not received until after the revenue posting on the last business day of the month. The revenues received after that date will be posted within 30 days of receipt.

Due to the timing of the end of the month of February, approximately $2,894,000 of revenue received will be posted in the following month of March in addition to normal receipts during March. Since the close of business in February and prior to this press release, $258,000 in revenue has been received.

The 2022 tax information packets will begin mailing directly to unitholders this week. A copy of Sabine's 2022 tax information booklet is now available on Sabine's website. In addition to the tax booklet the Sabine website will also offers two simple calculators for computing the income and expense amounts and the cost depletion. The calculators have been updated with the 2022 tax information.

The 2021 Annual Report with Form 10-K and the January 1, 2022 Reserve Summary are available on the Sabine website at http://www.sbr-sabine.com/. 

View original content:https://www.prnewswire.com/news-releases/sabine-royalty-trust-announces-monthly-cash-distribution-for-march-2023-301761838.html

SOURCE Sabine Royalty Trust

FAQ

What is the cash distribution for Sabine Royalty Trust (SBR) in March 2023?

The cash distribution for March 2023 is $0.465470 per unit.

When will the March distribution for SBR be paid?

The distribution will be paid on March 29, 2023.

What caused the decrease in the March distribution for Sabine Royalty Trust?

The decrease was primarily due to reduced production and lower oil and gas prices.

What were the production volumes for Sabine Royalty Trust in December 2022?

The production was approximately 41,257 barrels of oil and 978,107 Mcf of gas.