Welcome to our dedicated page for Permian Basin SEC filings (Ticker: PBT), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Permian Basin Royalty Trust (NYSE: PBT) files a range of documents with the U.S. Securities and Exchange Commission that provide detail on its royalty interests, distributions, and governance. This page brings those SEC filings together and pairs them with AI-powered summaries to help explain the key points in clear language.
The Trust’s current reports on Form 8-K disclose material events such as monthly cash distribution announcements, entry into material definitive agreements, and significant unitholder actions. Several 8-K filings state that press releases announcing monthly cash distributions are furnished under Item 2.02 (Results of Operations and Financial Condition) and describe the per-unit distribution, record date, and the role of net profits from the Texas Royalty Properties and Waddell Ranch properties. Other 8-Ks report on governance matters, including requests by SoftVest Advisors, LLC and other unitholders for a special meeting, voting results on a non-binding proposal to support judicial reformation or modification of the Trust Indenture, and an Original Petition for Modification of Trust filed by SoftVest, L.P. seeking to change amendment thresholds in the Indenture.
An 8-K dated August 19, 2025, describes a material definitive agreement: a settlement agreement and release between Argent Trust Company, as Trustee, and Blackbeard Operating, LLC, the operator of the Waddell Ranch properties. The filing outlines the agreed $9,000,000 payment to the Trust, the schedule of installments, and the agreed rules for overhead charges, third-party costs, technical labor, and reporting, as well as the Trust’s option to conduct annual site audits. AI-generated highlights on this page can help readers quickly identify these core terms without reading the entire agreement.
The Trust’s annual report on Form 10-K, referenced in multiple press releases, includes a reserve summary as of a specified year-end and provides broader context on the Trust’s underlying properties and royalty interests. Quarterly reports on Form 10-Q include production, pricing, and cost information for the Waddell Ranch properties to the extent that data is received from the operator on a timely basis. AI tools on this page can assist in extracting and summarizing information on net profits interests, excess cost positions, and other technical disclosures from these longer reports.
In addition to 10-K, 10-Q, and 8-K filings, this page provides access to other SEC documents associated with PBT, such as exhibits to settlement agreements and governance-related materials. Users can review filing dates, item descriptions, and AI-generated overviews to better understand how royalty calculations, litigation outcomes, and proposed changes to the Trust Indenture are reflected in the Trust’s regulatory record.
Permian Basin Royalty Trust files its annual report describing how it collects net profits from long‑lived oil and gas interests in the Waddell Ranch and Texas Royalty properties and distributes monthly cash to holders of 46,608,796 Units of Beneficial Interest.
The Trust depends heavily on crude oil and natural gas prices, which directly drive royalty income and development activity. As of March 16, 2026, benchmark prices cited were $93.39 per barrel for oil and $3.03 per MMBtu for gas. For 2025, production attributable to the Royalties totaled 3,432,650 barrels of oil and 15,540,798 Mcf of gas, with Waddell Ranch the dominant contributor.
Proved developed reserves at December 31, 2025 were 13,384 thousand barrels of oil and 37,705 thousand Mcf of gas, with a standardized undiscounted future net cash flow of $925.7 million and a 10% discounted value of $547.9 million. Because operator Blackbeard does not provide a development plan, all proved undeveloped reserves are now excluded from reported totals, increasing uncertainty about long‑term volumes.
The filing highlights significant risks, including commodity price volatility, rising production and development costs, climate and regulatory pressures, cybersecurity threats, and operators’ operational decisions that neither the Trustee nor Unit holders can control. It also notes delayed receipt of Blackbeard data, which leaves distributions one month in arrears, and a court petition by SoftVest, L.P. seeking to ease supermajority voting protections and potentially convert the Trust into a different investment vehicle.
Permian Basin Royalty Trust declared a March cash distribution of $0.010662 per unit, payable on April 14, 2026, to unitholders of record on March 31, 2026. Total cash distributed is $496,950 across 46,608,796 units.
The payout comes solely from the Texas Royalty Properties, as the Waddell Ranch properties remained in an excess cost position for February, with production costs exceeding gross proceeds, so no Waddell proceeds were included. For the underlying Texas Royalty Properties, production was 15,009 barrels of oil and 9,793 Mcf of gas, with the Trust’s allocated volumes of 13,047 barrels of oil and 8,518 Mcf of gas. Average realized prices were $56.56 per barrel of oil and $6.02 per Mcf of gas, generating $907,884 of revenue and $783,853 of net profit, of which $744,660 flowed to the Trust after applying its 95% net profits interest. After $247,710 of general and administrative expenses, the remainder funded the distribution.
The press release also notes a unitholder mailing from SoftVest, L.P., which has filed a petition in a Texas district court seeking to modify the Trust indenture to lower certain amendment approval thresholds from 75% of outstanding units to a majority of units represented at a quorumed meeting.
Permian Basin Royalty Trust declared a February cash distribution of $0.014221 per unit, payable on March 13, 2026 to unitholders of record on February 27, 2026. Total cash distributed is $662,862 across 46,608,796 units.
The payout comes solely from the Texas Royalty Properties because January Production Costs on the Waddell Ranch properties exceeded Gross Proceeds, keeping those properties in an excess cost position. For the Texas Royalty Properties, underlying production was 15,292 barrels of oil and 9,841 Mcf of gas, with the Trust’s share at 13,325 barrels and 8,573 Mcf. Average realized prices were $56.78 per barrel of oil and $5.85 per Mcf of gas, generating revenues of $925,795 and Net Profit of $806,849, of which $766,506 flowed to the Trust after applying its 95% net profits interest.
The Trust also reports that SoftVest, L.P., a unitholder, mailed materials to investors regarding a petition in a Texas district court to modify the Trust Indenture’s amendment provisions, including changing certain supermajority voting requirements to majority-based thresholds, with a bench trial currently scheduled for May 8, 2026.
Permian Basin Royalty Trust reports that large unitholder SoftVest, L.P. has mailed court documents to all unitholders about a petition to modify the Trust’s Indenture. The materials describe a planned bench trial on May 8, 2026 in the 96th District Court of Tarrant County, Texas.
SoftVest’s petition asks the court to remove the current requirement that certain amendments receive approval from 75% of all outstanding units and instead allow amendments by a majority in interest of unitholders present at a meeting where a quorum exists. The Trust notes the mailing is required by the court, does not seek relief against individual unitholders, and does not require them to take any action.
Permian Basin Royalty Trust filed a current report stating that it has issued a press release announcing its monthly cash distribution to unitholders. The distribution will be paid to unitholders of record on January 30, 2026, as described in the press release.
The press release detailing the monthly cash distribution is included as Exhibit 99.1 to the report and is incorporated by reference. The trust notes that this information is being furnished under the results of operations and financial condition disclosure item and is not considered filed for liability purposes under the securities laws.
Permian Basin Royalty Trust reports that unit holder SoftVest, L.P. has filed an Original Petition for Modification of Trust in a Texas district court. SoftVest is asking the court to change the Trust’s Indenture so that amendments no longer require approval by 75% of the outstanding units. Instead, SoftVest seeks to allow amendments by a majority in interest of unitholders constituting a quorum at a meeting where a quorum is present, and to replace existing restrictions on certain prohibited amendments with this new majority-based standard. The Trust notes that future outcomes depend on actions by SoftVest, other unit holders, and the courts, and includes standard cautionary language about forward‑looking statements.
Permian Basin Royalty Trust’s major unitholder SoftVest and its affiliates report beneficial ownership of 6,217,107 Units of Beneficial Interest, representing 13.3% of the class, based on 46,608,796 units outstanding as disclosed in the trust’s Form 10-Q. The units are held with shared voting and shared dispositive power across SoftVest Advisors, LLC, SoftVest GP I, LLC, SoftVest, L.P., and Eric L. Oliver, who signs in several leadership capacities.
This Amendment No. 3 to their Schedule 13D updates the stated purpose of the investment to note that on December 26, 2025, SoftVest, L.P., as a beneficiary of the trust, filed an Original Petition for Modification of Trust in the 96th District Court of Tarrant County, Texas, seeking to effect an Indenture Reformation. A copy of the petition is filed as a new exhibit to the schedule.
Permian Basin Royalty Trust had an insider report the expiration of previously written derivative positions. On December 19, 2025, a director and 10% owner, reporting indirect ownership through SoftVest, LP, reported the expiration (transaction code E) of short put options on Units of Beneficial Ownership. One short put position covered 396,500 units at a strike price of $12.50, and a second covered 100 units at a strike price of $15.00. After these expirations, the number of these derivative securities beneficially owned was reported as zero and the positions were held indirectly by SoftVest, LP.
The filing notes that the short put options were written before the reporting persons became Section 16 insiders and were initially disclosed on a Form 3 filed on July 22, 2025, so their expiration is stated to be exempt from Section 16(b) of the Securities Exchange Act of 1934.
Permian Basin Royalty Trust reported that it issued a press release on December 19, 2025 announcing its monthly cash distribution. The distribution will be paid to unitholders of record on December 31, 2025. The trust furnished this update under the results of operations and financial condition disclosure rules, and attached the full press release as an exhibit for more detail on the payment.
Permian Basin Royalty Trust held a special meeting where unitholders overwhelmingly backed a non-binding proposal related to how the trust indenture can be amended. Of 46,608,796 units outstanding, 27,938,688 were represented in person or by proxy, establishing a quorum.
The Indenture Reformation Proposal received 27,525,758 votes for, 245,868 against and 167,062 abstentions, and the related adjournment proposal also passed. Although the vote is advisory, SoftVest Advisors has informed the trustee that it intends to seek judicial reformation or modification of the trust indenture consistent with this proposal.