DALLAS, March 18,
2024 /PRNewswire/ -- Argent Trust Company, as
Trustee of the Permian Basin Royalty Trust (NYSE: PBT) ("Permian"
or the "Trust") today announced corrections to its press
release from earlier today that
declared a cash distribution to the holders
of its units of beneficial interest of $0.041340 per unit, payable
on April 12, 2024, to unit holders of record on March 28, 2024. The per unit distribution amount
was not changed due to the reporting errors listed below.
The original release contained two errors that the Trustee
would like to correct. Those items are outlined as follows.
This month's distribution was a decrease from the previous month
as opposed to the stated increase. The cash distribution in
February was $0.045460 compared to
the previously reported $.041340, a
decrease of $0.00412 per unit. This
was due to a decrease in the production of gas and an increase in
capital costs, offset by an increase in production of oil and
increases in the pricing of both oil and gas on the Waddell Ranch
Properties. There was a decrease in oil volumes produced on the
Texas Royalty Properties, along with a decrease in the price of
oil. The gas pricing for the Texas Royalty Properties increased,
partially offset by a decrease in gas volume for the month.
A correction is being made to the reporting of the gas volume
amount for the Waddell Ranch properties. Plant product volumes have
not previously been added to the gas volume number. This is being
corrected for this month and the prior month's reported volumes in
the tables below. In addition, the gas price reported last month
for the Waddell Ranch is also updated below to reflect the new
calculation, which is a standard calculation, used for this month's
reporting.
|
Corrected
Underlying Properties
|
Corrected
Net to Trust Sales
|
|
|
Volumes
|
Volumes
|
Average
Price
|
|
Oil
(bbls)
|
Gas
(Mcf)
|
Oil
(bbls)
|
Gas
(Mcf)
|
Oil
(per bbl)
|
Gas
(per
Mcf)
|
|
Current Month
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Waddell
Ranch
|
253,653
|
1,401,615~
|
190,240
|
1,051,211*~
|
$72.45
|
$2.38**
|
|
Texas
Royalties
|
16,538
|
5,430
|
14,665
|
4,825*
|
$71.75
|
$11.68**
|
|
Prior
Month
|
|
|
|
|
|
|
|
Waddell
Ranch
|
252,265
|
1,449,995^
|
189,199
|
1,087,466*^
|
$70.25
|
$2.10**
|
|
Texas
Royalties
|
17,227
|
9,520
|
15,348
|
8,483*
|
$73.43
|
$7.93**
|
|
|
*These volumes
are the net to the Trust, after allocation of expenses to Trust's net profit interest, including any prior period
adjustments.
|
|
**This pricing
includes sales of gas liquid
products.
|
|
~ - Gas volumes
have been corrected to include plant product mcf volume.
|
|
^Prior month gas
volumes have been corrected to include plant product mcf
volume.
|
Contact: Jana Egeler, Vice President, Argent
Trust Company, Trustee,
Toll Free – 1.855.588.7839
View original
content:https://www.prnewswire.com/news-releases/permian-basin-royalty-trust-announces-amended-march-cash-distribution-release-302092122.html
SOURCE Permian Basin Royalty Trust
