PERMIAN BASIN ROYALTY TRUST Files 10-Q for Period Ended March 31, 2024

TL;DR

<b>PERMIAN BASIN ROYALTY TRUST filed its quarterly report (10-Q) for the period ending March 31, 2024, on May 9, 2024.</b>

AI Summary

PERMIAN BASIN ROYALTY TRUST (PBT) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Filed a 10-Q report for the quarterly period ended March 31, 2024. The report was filed on May 9, 2024. The registrant is PERMIAN BASIN ROYALTY TRUST. The trust's units of beneficial interest are traded on the New York Stock Exchange under the symbol PBT. As of May 1, 2024, there were 46,608,796 units of beneficial interest outstanding.

Why It Matters

For investors and stakeholders tracking PERMIAN BASIN ROYALTY TRUST, this filing contains several important signals. This filing provides an update on the trust's financial performance and operational status for the first quarter of 2024. Investors can use this report to assess the trust's current financial health and its position in the oil royalty market.

Risk Assessment

Risk Level: low — PERMIAN BASIN ROYALTY TRUST shows low risk based on this filing. The filing is a routine quarterly report (10-Q) and does not contain significant new risks or material adverse events, indicating a stable operational status.

Analyst Insight

Monitor future filings for detailed financial results and any changes in operational performance or market conditions affecting the trust.

Key Numbers

• 2024-03-31 — Quarterly Period End Date (Report covers this period)
• 2024-05-09 — Filing Date (Date the 10-Q was filed)
• 46,608,796 — Units Outstanding (As of May 1, 2024)

Key Players & Entities

• PERMIAN BASIN ROYALTY TRUST (company) — Registrant name
• March 31, 2024 (date) — Quarterly period ended
• May 9, 2024 (date) — Filing date
• PBT (company) — Trading Symbol
• New York Stock Exchange (company) — Exchange where PBT is traded
• 46,608,796 (dollar_amount) — Number of units of beneficial interest outstanding
• ARGENT TRUST COMPANY (company) — Trustee and address provider
• Texas (location) — State of incorporation and business address

FAQ

Industry Context

The Permian Basin Royalty Trust operates in the oil and gas sector, specifically focusing on royalty interests in the Permian Basin. This sector is subject to commodity price fluctuations and regulatory changes.

Regulatory Implications

As a publicly traded entity, the trust is subject to SEC regulations, including timely filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Analyze the trust's performance in relation to current oil and gas market conditions.
3. Track any future SEC filings for updates on operational changes or financial results.

Key Dates

• 2024-03-31: Quarterly Period End — End date for the financial reporting period covered by the 10-Q.
• 2024-05-09: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending March 31, 2024, following the standard reporting requirements for public companies.

Key Financial Figures

• $10,765,591 — ies (net of accumulated amortization of $10,765,591 and $10,753,742 at March 31, 2024 and D
• $10,753,742 — mulated amortization of $10,765,591 and $10,753,742 at March 31, 2024 and December 31, 2023
• $0.088214 — ed a distribution on April 19, 2024, of $0.088214 per Unit payable on May 14, 2024 to uni
• $80.10 — As of May 6, 2024 the price of oil was $80.10 per barrel. It is uncertain how the war
• $6,005,642 — ncome received by the Trust amounted to $6,005,642 compared to royalty income of $5,206,60
• $5,206,602 — 6,005,642 compared to royalty income of $5,206,602 during the first quarter of 2023. The i
• $73.17 — uction. Average oil and gas prices were $73.17 and $2.05, respectively, for the quarte
• $2 — rage oil and gas prices were $73.17 and $2.05, respectively, for the quarter endin
• $77.63 — arter ending March 31, 2024 compared to $77.63 and $3.19 for the quarter ended March 3
• $3.19 — g March 31, 2024 compared to $77.63 and $3.19 for the quarter ended March 31, 2023.
• $39,048 — or the quarter ended March 31, 2024 was $39,048 compared to $14,107 during the first qu
• $14,107 — March 31, 2024 was $39,048 compared to $14,107 during the first quarter of 2023. The i
• $552,484 — g the first quarter of 2024 amounted to $552,484 compared to $480,094 during the first q
• $480,094 — f 2024 amounted to $552,484 compared to $480,094 during the first quarter of 2023. The i
• $5,492,206 — for the quarter ended March 31, 2024 of $5,492,206 or $0.12 per Unit of beneficial interes

Filing Documents

• pbt_10-q_2024-03-31.htm (10-Q) — 300KB
• pbt-ex31_1.htm (EX-31.1) — 14KB
• pbt-ex32_1.htm (EX-32.1) — 10KB
• 0000950170-24-056652.txt (&nbsp;) — 325KB

- FIN ANCIAL INFORMATION

PART I - FIN ANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements The condensed financial statements included herein have been prepared by Argent Trust Company as Trustee for the Permian Basin Royalty Trust (the &#x201c;Trust&#x201d;), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Effective December 30, 2022, Argent Trust Company (the &#x201c;Trustee&#x201d;) became the new trustee for the Trust. Certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted pursuant to such rules and regulations, although the Trustee believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these condensed interim financial statements and notes thereto be read in conjunction with the financial statements and the notes thereto included in the Trust&#x2019;s latest annual report on Form 10-K. In the opinion of the Trustee, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the assets, liabilities and trust corpus of the Trust as of March 31, 2024, and the distributable income and the changes in trust corpus for the three months ended March 31, 2024 and 2023, have been included. The distributable income for such interim periods is not necessarily indicative of the distributable income for the full year. Unless specified otherwise, all amounts included herein are presented in US dollars. The condensed interim financial statements as of the three months ended March 31, 2024 and 2023, included herein, have been reviewed by Weaver and Tidwell, L.L.P., an independent registered public accounting firm, as stated in their report appearing herein. Page Report of Independent Registered Public Accounting Firm (PCAOB ID Number 410) 3 Condensed Statements of Assets, Liabilities and Trust Corpus 4 Condensed Statements of Distributable Income (Unaudited) 5 Condensed Statements of Changes in Trust Corpus (Una

Trustee&#x2019;s Discussion and Analysis

Item 2. Trustee&#x2019;s Discussion and Analysis Forward Looking Information Certain information included in this report contains, and other materials filed or to be filed by the Trust with the Securities and Exchange Commission (as well as information included in oral statements or other written statements made or to be made by the Trust) may contain or include, forward looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Such forward looking statements may be or may concern, among other things, capital expenditures, drilling activity, development activities, production efforts and volumes, hydrocarbon prices and the results thereof, and regulatory matters. Although the Trustee believes that the expectations reflected in such forward-looking statements are reasonable, such expectations are subject to numerous risks and uncertainties and the Trustee can give no assurance that they will prove correct. There are many factors, none of which are within the Trustee&#x2019;s control, that may cause such expectations not to be realized, including, among other things, factors such as actual oil and gas prices and the recoverability of reserves, capital expenditures, general economic conditions, actions and policies of petroleum-producing nations and other changes in the domestic and international energy markets. Such forward looking statements generally are accompanied by words such as &#x201c;estimate,&#x201d; &#x201c;expect,&#x201d; &#x201c;predict,&#x201d; &#x201c;anticipate,&#x201d; &#x201c;goal,&#x201d; &#x201c;should,&#x201d; &#x201c;assume,&#x201d; &#x201c;believe,&#x201d; or other words that convey the uncertainty of future events or outcomes. Commodity Prices The Trust&#x2019;s income and monthly distributions are heavily influenced by commodity prices. Commodity prices may fluctuate widely in response to (i) relatively minor changes in the supply

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