Permian Basin Royalty Trust (NYSE: PBT) has declared a cash distribution to its shareholders of $0.01763 per share, payable to unitholders on record as of June 30, 2021, on July 15, 2021.
Texas Royalty Properties increased gas production
The Texas Royalty Properties increase in gas production offset the decline in oil production from the previous month, which led to lower distribution for this month. In addition, for the month of April, the Texas Royalty Properties’ gas and oil pricing climbed. As a result, only the Texas Royalty Properties contribute to the monthly payout at this time.
Because the Waddell Ranch is presently in deficit and will remain so for the near term, any decrease or increase in the dividend based on revenues collected will solely indicate the Texas Royalty Properties’ activity. The Waddell Ranch’s activities will be recounted in the ensuing narrative until they contribute to the dividend.
Waddell ranch produced 80,362 barrels of oil.
Waddell ranch produced a gross oil volume of 80,362 bbls at a price of $59.93 per bbl, while gas volumes production, including gas liquids, was around 259,609 mcf at $1.91 per mcf. As a result, the company generated net revenue of $5.64 billion. Notably, well count activity at the Waddell ranch in Q1 was 27 well, including 12 completion wells for April. In addition, in Q1 new drill wells with the inclusion of six new drill wells in April were eight. Thus, both the new wells and recompletions are generating revenue in new production.
The Texas Royalties produced 16,339 barrels of oil and 12,869 million cubic feet of gas from the underlying assets. The Trust’s assigned portion of the Texas Royalties produced 14,344 barrels of oil and 11,276 barrels of gas at an average price of $60.65 per barrel of oil and gas at $8.34 per thousand cubic feet of gas. As a result, Texas Royalties earned $1.09 billion on the production and underlying lands pricing.