PermRock Royalty Trust Announces January Distribution for Investors
On December 20, 2024, PermRock Royalty Trust (NYSE: PRT) made a significant announcement regarding its cash distribution to unitholders. The Trust declared a monthly cash distribution for record holders of its trust units amounting to $612,260.75, translating to $0.050326 per Trust Unit. This distribution will be paid on January 15, 2025, to those who hold their units as of December 31, 2024. The distribution's basis is primarily rooted in the production results from October 2024, signaling a positive trend for both oil and natural gas sales.
In the latest calculations, the Trust recorded impressive underlying sales volumes. For the current month, the Trust reported 24,938 barrels of oil sold, an increase from the previous monthly figure of 22,464 barrels. Similarly, the natural gas sales also showed stability, with volumes recorded at 27,951 Mcf in the current month, compared to 27,970 Mcf earlier. Notably, the average wellhead prices for oil reached $70.24 per barrel, marking a rise from $68.87 in the prior month, while natural gas prices also increased to $2.37 per Mcf from $1.66.
The cash receipts from oil for this month's distribution indicate a total of $1.75 million, which is a $200,000 increase compared to the previous month. This growth is primarily attributed to a rise in both oil sales prices and volumes. Conversely, the natural gas cash receipts increased slightly, totaling $70,000. The rise in natural gas prices contributed to this increase, though the quantities remained relatively stable.
Total operating expenses for the Trust were reported at $590,000, which is a decline of $140,000 when compared to the previous month. This decrease reflects efficient management while also accounting for severance and ad valorem taxes, which for this month, amounted to $74,108, up due to a sequence of tax adjustments made last month.
When it comes to capital expenditures, the Trust registered a total of $110,000, a notable decrease from the prior month's $700,000. This drop is attributed to the culmination of various recompletion projects in the Permian Clearfork and Permian Platform areas, alongside preliminary costs incurred in preparation for non-operated drilling within the Permian Shelf region.
The Trust has been informed by Boaz Energy of a reserved fund amounting to $32,000 earmarked for future capital obligations and expenses.
PermRock Royalty Trust is a statutory trust established in Delaware by Boaz Energy II, LLC, aimed at owning net profits interests. This grants the Trust the right to receive 80% of the net profits generated from oil and natural gas sales from specific properties owned by Boaz Energy in the West Texas Permian Basin.
For continued updates and further information about the Trust, investors can visit their official website at www.permrock.com.
In line with best practices, stakeholders must be mindful that statements made within this announcement can be classified as forward-looking. They represent the expectations from the Trust and Boaz Energy regarding future events, the specifics of which could differ from actual outcomes due to various operational and market factors. It is recommended to review cautionary statements detailed within the Trust's filings available through the SEC to better understand the potential risks and volatility involved in this sector.
Production Insights
In the latest calculations, the Trust recorded impressive underlying sales volumes. For the current month, the Trust reported 24,938 barrels of oil sold, an increase from the previous monthly figure of 22,464 barrels. Similarly, the natural gas sales also showed stability, with volumes recorded at 27,951 Mcf in the current month, compared to 27,970 Mcf earlier. Notably, the average wellhead prices for oil reached $70.24 per barrel, marking a rise from $68.87 in the prior month, while natural gas prices also increased to $2.37 per Mcf from $1.66.
Financial Breakdown
The cash receipts from oil for this month's distribution indicate a total of $1.75 million, which is a $200,000 increase compared to the previous month. This growth is primarily attributed to a rise in both oil sales prices and volumes. Conversely, the natural gas cash receipts increased slightly, totaling $70,000. The rise in natural gas prices contributed to this increase, though the quantities remained relatively stable.
Total operating expenses for the Trust were reported at $590,000, which is a decline of $140,000 when compared to the previous month. This decrease reflects efficient management while also accounting for severance and ad valorem taxes, which for this month, amounted to $74,108, up due to a sequence of tax adjustments made last month.
Capital Management
When it comes to capital expenditures, the Trust registered a total of $110,000, a notable decrease from the prior month's $700,000. This drop is attributed to the culmination of various recompletion projects in the Permian Clearfork and Permian Platform areas, alongside preliminary costs incurred in preparation for non-operated drilling within the Permian Shelf region.
The Trust has been informed by Boaz Energy of a reserved fund amounting to $32,000 earmarked for future capital obligations and expenses.
About PermRock Royalty Trust
PermRock Royalty Trust is a statutory trust established in Delaware by Boaz Energy II, LLC, aimed at owning net profits interests. This grants the Trust the right to receive 80% of the net profits generated from oil and natural gas sales from specific properties owned by Boaz Energy in the West Texas Permian Basin.
For continued updates and further information about the Trust, investors can visit their official website at www.permrock.com.
Cautionary Note
In line with best practices, stakeholders must be mindful that statements made within this announcement can be classified as forward-looking. They represent the expectations from the Trust and Boaz Energy regarding future events, the specifics of which could differ from actual outcomes due to various operational and market factors. It is recommended to review cautionary statements detailed within the Trust's filings available through the SEC to better understand the potential risks and volatility involved in this sector.
Topics Financial Services & Investing）
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