Aug 21, 2026, 1:48 PM ETEnergy

Permian Basin Royalty Trust — August 2026 Earnings Summary

PBTPERMIAN BASIN ROYALTY TRUST

Financial Performance

Declared a cash distribution of $0.018701 per unit, payable on September 15, 2026, to unit holders of record on August 31, 2026.
Total distribution amount was $871,663.17 distributed across 46,608,796 outstanding units.
Distribution decreased compared to the previous month, primarily due to the exclusion of a $1,125,000 settlement payment from Blackbeard Operating LLC received in July, partially offset by higher oil volumes and natural gas pricing.
Texas Royalty Properties generated revenues of $1,544,865, with taxes and expenses of $149,649, resulting in a Net Profit of $1,395,216.
The Trust's 95% Net Profit Interest (NPI) from Texas Royalty Properties contributed $1,325,455 to the distribution.
General and Administrative expenses, net of interest earned, totaled $453,792, including a $250,000 increase to the expense reserve for liabilities.
Waddell Ranch properties remain in an excess cost position where Production Costs exceeded Gross Proceeds for July, resulting in no proceeds included in the August distribution.

Future distributions are difficult to predict due to worldwide market conditions affecting domestic production pricing.
Waddell Ranch excess costs, including accrued interest, must be recovered by future proceeds before any distribution can be made from those properties.
Blackbeard Operating provides production, pricing, and cost information quarterly rather than monthly; the Trustee will disclose this data in quarterly Form 10-Q and annual Form 10-K reports.

Texas Royalty Properties:
- Underlying production: 15,959 barrels of oil and 6,193 Mcf of gas.
- Allocated Trust volumes: 14,405 barrels of oil and 5,581 Mcf of gas.
- Average pricing: $93.10 per barrel of oil and $9.55 per Mcf of gas (including significant NGL pricing).
- Prior month comparison (July): Underlying production was 15,307 barrels of oil and 6,545 Mcf of gas; allocated volumes were 13,842 barrels of oil and 5,923 Mcf of gas; average pricing was $99.90 per barrel of oil and $8.61 per Mcf of gas.
Waddell Ranch Properties:
- Operator: Blackbeard Operating, LLC.
- NPI proceeds information is received after the announcement date; proceeds received on or prior to the record date are included in the following month's distribution.
- No NPI proceeds were received in July 2026 for inclusion in the August distribution.

Worldwide market conditions continue to impact pricing for domestic production.
The Trust's allocated volumes and pricing were impacted by market conditions for both oil and gas.

Waddell Ranch properties are in a continuing excess cost position, delaying distributions from these assets until costs are recovered.
Difficulty in predicting the effect of worldwide market conditions on future distributions.
Forward-looking statements are subject to risks including actions by SoftVest, other unitholders, New PBT, Blackbeard Holdings, or third parties (including courts) outside the control of the Trust or Trustee.
Actual results may differ materially from forward-looking statements regarding future events or conditions.

The Trustee notes that the decrease in the current month's distribution was primarily driven by the timing of the Blackbeard settlement payment and lower natural gas volumes/pricing from Texas Royalty Properties.
The Trustee and Trust are not parties to the proposed Business Combination and are not making any recommendation on how unitholders should vote.
The Trustee anticipates that subsequent events may cause views on forward-looking statements to change but disclaims any obligation to update them.

Proposed Business Combination: SoftVest, L.P. and affiliates entered a definitive Combination Agreement with Blackbeard Holdings, LLC to combine Trust assets with Blackbeard's mineral interests to form a new publicly traded corporation, PBT Land and Minerals, Inc. ("New PBT").
Special Meeting: Unitholders representing over 15% of Trust Units have requested a special meeting to vote on amendments to the Trust Indenture to implement the Business Combination.
Regulatory Filings: New PBT has filed a Form S-4 (including proxy statement/prospectus) and a Form S-1 (for a rights offering) with the SEC.
Trustee Stance: The Trust and Trustee are not soliciting proxies, participating in the securities offering, or making any recommendation regarding the Business Combination.
Reporting: The 2025 Annual Report with Form 10-K, including the December 31, 2025 Reserve Summary, has been filed with the SEC.