#United States #Dallas #Permian Basin #Waddell Ranch #Argent Trust

April Cash Distribution Declared

On April 20, 2026, Argent Trust Company, acting as the Trustee of the Permian Basin Royalty Trust (NYSE: PBT), announced a cash distribution of $0.038014 per unit for the holders of beneficial interest units. This payout is set to be distributed on May 14, 2026, to those unit holders recorded by April 30, 2026. However, it's important to note that this distribution does not encompass proceeds from the Waddell Ranch properties due to production costs exceeding the gross proceeds for March 2026, which has led to a continued excess cost position.

Factors Influencing Distribution

The increased cash distribution compared to last month is attributed mainly to the third settlement payment amounting to $1,125,000 from Blackbeard Operating LLC. Additionally, Texas Royalty Properties recorded higher natural gas volumes along with overall increases in oil and natural gas pricing, although somewhat mitigated by a decrease in oil volumes.

Waddell Ranch Properties Update

Information crucial for calculating the net profits interest (NPI) from Waddell Ranch is not received until after the distribution announcement date. Thus, any NPI proceeds received on or before the record date will be included in the distributions for the following month. As of the end of March 2026, no proceeds were reported to be received, meaning all excess costs incurred will need recovery through future proceeds from Waddell Ranch before any further distributions can be made. Blackbeard provides production, pricing, and cost insights quarterly. Consequently, upcoming quarterly reports will incorporate this information as it becomes available.

Texas Royalty Properties Overview

For the Texas Royalty Properties, total production disclosed was 14,297 barrels of oil and 10,584 Mcf of gas. For the Trust’s allocated portion, the production was 12,437 barrels of oil and 9,220 Mcf of gas. The average sale price was $59.33 per barrel of oil and $6.31 per Mcf of gas, reflecting previous months' production metrics. The revenues from the Texas Royalty Properties reached $915,038, from which $125,989 was deducted for taxes and expenses, resulting in a net profit of $789,049 for the month of March 2026. With the Trust’s NPI being 95%, the contribution to this month’s distribution amounted to $749,597.

General Expenses Analysis

The total general and administrative expenses for the month, apart from interest earned, were $102,800, leading to a total distribution of $1,771,797, equating to $0.038014 per unit. As market conditions worldwide continue to exert pressure on domestic production pricing, predicting future distribution amounts remains challenging.

Unitholder Mailing and Proposed Modifications

On February 10, 2026, SoftVest, L.P., a unit holder, disseminated documents to beneficial interest holders, including a cover letter, a Citation in the District Court of Tarrant County, Texas, and a petition aiming to modify the Trust's Indenture. A court hearing is slated for May 8, 2026, addressing the merits of SoftVest’s petition, which seeks amendments regarding majority voting requirements for future modifications of the Indenture.

For those interested in further details dating back to December 31, 2025, or current financial reports, the Trust's filings are accessible on its official website, Permian Basin Royalty Trust Website. Printed reports can also be requested free of charge.

Looking Ahead

As noted in the press release, forward-looking statements regarding future conditions make clear the uncertainties the Trust faces due to fluctuating market dynamics. Factors influencing performance are discussed in the Risk Factors sections of their Annual and Quarterly Reports. Stakeholders and unitholders alike are urged to remain informed on upcoming developments and adjustments that may arise.