Permian Basin Royalty Trust Announces April 2021 Cash Distribution And 2021 Reserve Quantities
Added 04-20-21 04:04:02pm EST - “Simmons Bank, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) ("Permian") today declared a cash distribution to the holders of its units of beneficial interest of $0.018156 per unit, payable on May 14, 2021, to unit holders…” - Finance.yahoo.com
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DALLAS, April 20, 2021 /PRNewswire/ -- Simmons Bank, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) ("Permian") today declared a cash distribution to the holders of its units of beneficial interest of $0.018156 per unit, payable on May 14, 2021, to unit holders of record on April 30, 2021.
This month's distribution increased slightly from the previous month as the result of increased prices for both oil and gas offset by decreased production on the Waddell Properties due to the end of the February and weather-related outage. The Trust was advised by Blackbeard that the Waddell Ranch properties were in a deficit of $460,647 for the month of February with the deficit increasing to be recovered to $8.0 million in the months to come. The Texas Royalty Properties reflected an increase in both oil and gas production along with an increase in both oil and gas pricing. This reflects the production month of February.
WADDELL RANCHIn reporting February production of the Underlying Properties for this month's press release, production for oil volumes was 50,757 bbls and was priced at about $58.09 per bbl. Production for gas volumes (including gas liquids) was 190,570 mcf and was priced at about $2.28 per mcf. Net revenue for the underlying properties of the Waddell ranch was $3,283,121 for February. Lease Operating Expenses were $2,069,051 and Capital Expenditures were $1,828,265 for February. This would put the Trust's proceeds as a profit of $(460,647) for the month of February, leaving an excess cost deficit cumulative of $8.0 million.
Blackbeard Operating has advised the Trust of the 2020 capital budget of $10.4 million(gross) results for the Waddell Ranch reflecting 16 (gross) drill wells completed, with 4 (gross) drill wells in progress of 12/31/20 and 4 (gross) workovers in progress as of 12/31/20. Resulting production from these new wells for 5 months production through the December 31, 2020 were 47,374 barrels (gross) of oil and 60,712 mcf (gross) of gas, the Trust's portions, respectfully, were 17,765 barrels of oil and 22,767 mcf of gas. There were 21 (gross) plugged and abandoned wells for 2020.
Blackbeard Operating has advised the Trust of the 2021 capital budget of $86.6 million (gross), ($32.5 million net to the Trust) for the Waddell Ranch proposing 91 (gross) drill wells, with 24 (gross) recompletions.
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