Permian Basin Royalty Trust Files Q2 2024 10-Q

TL;DR

PBT filed its 10-Q for Q2 2024. Check for dividend updates.

AI Summary

Permian Basin Royalty Trust filed its 10-Q for the quarterly period ended June 30, 2024. The filing details the trust's financial performance and operational status. Specific financial figures and operational updates are expected within the full report.

Why It Matters

This filing provides investors with an update on the financial health and operational performance of the Permian Basin Royalty Trust, crucial for understanding its dividend-paying capacity.

Risk Assessment

Risk Level: medium — As a royalty trust, its performance is directly tied to volatile oil and gas prices and production levels, making it inherently risky.

Key Players & Entities

• PERMIAN BASIN ROYALTY TRUST (company) — Registrant
• June 30, 2024 (date) — Quarterly period end date
• 001-08033 (other) — Commission File Number
• Argent Trust Company (company) — Trustee/Principal Executive Offices
• Dallas, Texas (location) — Business and Mail Address

FAQ

Key Financial Figures

• $10,777,591 — ies (net of accumulated amortization of $10,777,591 and $10,753,742 at June 30, 2024 and De
• $10,753,742 — mulated amortization of $10,777,591 and $10,753,742 at June 30, 2024 and December 31, 2023,
• $2,177,289 — ived on June 26, 2024, in the amount of $2,177,289 were held for future distribution as of
• $1,1000,000 — nse reserve, which reserve is currently $1,1000,000, that allows the Trustee to pay obligat
• $0.070169 — red a distribution on July 19, 2024, of $0.070169 per Unit payable on August 14, 2024 to

Filing Documents

• pbt_10-q_2024-06-30_v2.htm (10-Q) — 446KB
• pbt-ex31_1.htm (EX-31.1) — 14KB
• pbt-ex32_1.htm (EX-32.1) — 10KB
• 0000950170-24-094103.txt ( ) — 472KB

- 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 “Trust”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Effective December 30, 2022, Argent Trust Company (the “Trustee”) 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’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 June 30, 2024, and the distributable income and the changes in trust corpus for the three and six months ended June 30, 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-month and six-month periods ended June 30, 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 Ch

Trustee’s Discussion and Analysis

Item 2. Trustee’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, litigation, information to be received by operators of the Waddell Ranch properties or Texas Royalty properties, 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’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 “estimate,” “expect,” “predict,” “anticipate,” “goal,” “should,” “assume,” “believe,” or other words that convey the uncertainty of future events or outcomes. Commodity Prices The Trust’s income and monthly distributions are heavily influenced by c

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View this 10-Q filing on SEC EDGAR