Permianville Royalty Trust Files Annual Report on Form 10-K for Fiscal Year Ended December 31, 2023
Ticker: PVL · Form: 10-K · Filed: Mar 22, 2024 · CIK: 1520048
| Field | Detail |
|---|---|
| Company | Permianville Royalty Trust (PVL) |
| Form Type | 10-K |
| Filed Date | Mar 22, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $63,705,145, $22, $13.85, $6.7 million, $1.2 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-K, Annual Report, Permianville Royalty Trust, PVL, SEC Filing
TL;DR
<b>Permianville Royalty Trust has filed its 2023 annual 10-K report detailing its financial performance and regulatory compliance.</b>
AI Summary
Permianville Royalty Trust (PVL) filed a Annual Report (10-K) with the SEC on March 22, 2024. Permianville Royalty Trust filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The Trust is registered under the Securities Exchange Act of 1934 and is incorporated in Delaware. The principal executive offices are located at 601 Travis Street, Floor 16, Houston, Texas. The Trust's units of beneficial interest are traded on the New York Stock Exchange under the symbol PVL. The filing indicates the Trust has been subject to the filing requirements for the past 90 days and has submitted all required reports.
Why It Matters
For investors and stakeholders tracking Permianville Royalty Trust, this filing contains several important signals. This 10-K filing provides a comprehensive overview of the Trust's financial health, operational activities, and risk factors for the fiscal year 2023, crucial for investors to assess performance and future outlook. As a publicly traded entity, the timely filing of this report is a regulatory requirement, ensuring transparency and providing stakeholders with essential information for investment decisions.
Risk Assessment
Risk Level: medium — Permianville Royalty Trust shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. However, the absence of specific financial performance data in the provided text necessitates a medium risk assessment as the full financial picture is not immediately available.
Analyst Insight
Review the full 10-K filing to analyze Permianville Royalty Trust's financial performance, operational highlights, and any disclosed risks for the fiscal year 2023.
Key Numbers
- 20231231 — Fiscal Year End (Report period)
- 20240322 — Filing Date (Date of submission)
- 001-35333 — Commission File Number (SEC identifier)
- 45-6259461 — IRS Number (Tax identification)
Key Players & Entities
- Permianville Royalty Trust (company) — Registrant
- The Bank of New York Mellon Trust Company, N.A. (company) — Trustee
- New York Stock Exchange (company) — Exchange where PVL is traded
- PVL (company) — Trading Symbol
- Delaware (company) — State of incorporation
- Houston, Texas (company) — Business address city and state
FAQ
When did Permianville Royalty Trust file this 10-K?
Permianville Royalty Trust filed this Annual Report (10-K) with the SEC on March 22, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Permianville Royalty Trust (PVL).
Where can I read the original 10-K filing from Permianville Royalty Trust?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Permianville Royalty Trust.
What are the key takeaways from Permianville Royalty Trust's 10-K?
Permianville Royalty Trust filed this 10-K on March 22, 2024. Key takeaways: Permianville Royalty Trust filed its annual report on Form 10-K for the fiscal year ended December 31, 2023.. The Trust is registered under the Securities Exchange Act of 1934 and is incorporated in Delaware.. The principal executive offices are located at 601 Travis Street, Floor 16, Houston, Texas..
Is Permianville Royalty Trust a risky investment based on this filing?
Based on this 10-K, Permianville Royalty Trust presents a moderate-risk profile. The filing is a standard 10-K, which is a routine annual report. However, the absence of specific financial performance data in the provided text necessitates a medium risk assessment as the full financial picture is not immediately available.
What should investors do after reading Permianville Royalty Trust's 10-K?
Review the full 10-K filing to analyze Permianville Royalty Trust's financial performance, operational highlights, and any disclosed risks for the fiscal year 2023. The overall sentiment from this filing is neutral.
How does Permianville Royalty Trust compare to its industry peers?
The filing pertains to the oil and gas industry, specifically crude petroleum and natural gas extraction, as indicated by SIC code 1311.
Are there regulatory concerns for Permianville Royalty Trust?
The report is filed under the Securities Exchange Act of 1934, indicating compliance with SEC regulations for publicly traded companies.
Industry Context
The filing pertains to the oil and gas industry, specifically crude petroleum and natural gas extraction, as indicated by SIC code 1311.
Regulatory Implications
The report is filed under the Securities Exchange Act of 1934, indicating compliance with SEC regulations for publicly traded companies.
What Investors Should Do
- Analyze the full 10-K document for detailed financial statements and management's discussion and analysis.
- Investigate any disclosed risk factors that could impact Permianville Royalty Trust's operations or financial performance.
- Compare the 2023 performance metrics with previous years to identify trends and evaluate the Trust's growth trajectory.
Key Dates
- 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
- 2024-03-22: Filing Date — Date the 10-K was officially submitted to the SEC.
Year-Over-Year Comparison
This is the initial 10-K filing provided for analysis; therefore, a comparison to a previous filing is not possible with the given data.
Filing Stats: 4,512 words · 18 min read · ~15 pages · Grade level 16.4 · Accepted 2024-03-22 17:11:32
Key Financial Figures
- $63,705,145 — tly completed second fiscal quarter was $63,705,145. As of March 22, 2024, 33,000,000 Unit
- $22 — Trust Units at a price to the public of $22 per unit. In October 2013, Enduro comp
- $13.85 — Trust Units at a price to the public of $13.85 per unit. The Trust did not sell any Tr
- $6.7 million — a total purchase price of approximately $6.7 million. On July 19, 2023, at a special meeting
- $1.2 million — nt, COERT has provided the Trust with a $1.2 million letter of credit to be used
Filing Documents
- tm241003d1_10k.htm (10-K) — 935KB
- tm241003d1_ex23-1.htm (EX-23.1) — 8KB
- tm241003d1_ex23-2.htm (EX-23.2) — 3KB
- tm241003d1_ex31-1.htm (EX-31.1) — 9KB
- tm241003d1_ex32-1.htm (EX-32.1) — 6KB
- tm241003d1_ex97-1.htm (EX-97.1) — 22KB
- tm241003d1_ex99-1.htm (EX-99.1) — 64KB
- tm241003d1_ex23-1img001.jpg (GRAPHIC) — 3KB
- tm241003d1_ex99-1img001.jpg (GRAPHIC) — 14KB
- tm241003d1_ex99-1img002.jpg (GRAPHIC) — 4KB
- tm241003d1_ex99-1img003.jpg (GRAPHIC) — 3KB
- 0001104659-24-037944.txt ( ) — 1082KB
Business
Business 1 Item 1A. Risk Factors 18 Item 1B. Unresolved Staff Comments 38 Item 1C. Cybersecurity 38 Item 2.
Properties
Properties 40 Item 3. Legal Proceedings 45 Item 4. Mine Safety Disclosures 46 PART II Item 5. Market for Registrant’s Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities 47 Item 6. [Reserved] 47 Item 7. Trustee’s Discussion and Analysis of Financial Condition and Results of Operations 48 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 57 Item 8. Financial 58 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 72 Item 9A. Controls and Procedures 72 Item 9B. Other Information 72 Item 9C. Disclosures Regarding Foreign Jurisdictions that Prevent Inspections 72 PART III Item 10. Directors, Executive Officers and Corporate Governance 73 Item 11. Executive Compensation 73 Item 12. Security 73 Item 13. Certain Relationships and Related Transactions, and Director Independence 74 Item 14. Principal Accountant Fees and Services 74 PART IV Item 15. Exhibit and Financial Statement Schedules 75 Item 16. Form 10-K Summary 75
FORWARD-LOOKING STATEMENTS
FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this “Form 10-K”) includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this Form 10-K, including without limitation the statements under “Trustee’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of this Form 10-K and “Risk Factors” in Part I, Item 1A of this Form 10-K regarding the financial position, business strategy, production and reserve growth, expected capital expenditures, and other plans and objectives for the future operations of COERT Holdings 1 LLC (“COERT” or the “Sponsor”) and regarding future matters relating to Permianville Royalty Trust (the “Trust”) are forward-looking statements. Such statements may be influenced by factors that could cause actual outcomes and results to differ materially from those projected. Such expectations may not prove to have been correct. When used in this document, the words “believes,” “expects,” “anticipates,” “intends” or similar expressions are intended to identify such forward-looking statements. The following important factors, in addition to those discussed elsewhere in this Form 10-K, could affect the future results of the energy industry in general, and the Sponsor and the Trust in particular, and could cause actual results to differ materially from those expressed in such forward-looking statements: · risks associated with the drilling and operation of oil and natural gas wells; · the amount of future direct operating expenses and development expenses; · the occurrence or threat of epidemic or pandemic diseases, such as the COVID-19 pandemic, or any
Business
Item 1. Business. Permianville Royalty Trust (the “Trust”), previously known as Enduro Royalty Trust, is a Delaware statutory trust formed in May 2011 pursuant to a trust agreement (as amended and restated, and as further amended, the “Trust Agreement”) among Enduro Resource Partners LLC (“Enduro”), as trustor, The Bank of New York Mellon Trust Company, N.A. (the “Trustee”), as trustee, and Wilmington Trust Company (the “Delaware Trustee”), as Delaware Trustee. The Trust was created to acquire and hold for the benefit of the Trust unitholders 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 properties in the states of Texas, Louisiana and New Mexico held by Enduro as of the date of the conveyance of the net profits interest to the Trust (the “Net Profits Interest”). The properties in which the Trust holds the Net Profits Interest are referred to as the “Underlying Properties.” In connection with the closing of the initial public offering of units of beneficial interest in the Trust (“Trust Units”) in November 2011, Enduro Operating LLC, a Texas limited liability company and a wholly owned subsidiary of Enduro (“Enduro Operating”), and Enduro Texas LLC, a Texas limited liability company and a wholly owned subsidiary of Enduro (“Enduro Texas”), merged, with each entity surviving the merger. By virtue of the merger, Enduro Texas retained all rights, title and interest to the Net Profits Interest. Enduro Operating and Enduro Texas entered into a Conveyance of Net Profits Interest, dated effective as of July 1, 2011 (as supplemented and amended to date, the “Conveyance”), to effect the transfer of the Net Profits Interest from Enduro Operating to Enduro Texas. On November 8, 2011, Enduro Texas merged with and into the Trust (the “Trust Merg