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Sep 18, 2026, 11:48 AM ETEnergy

Permian Basin Royalty Trust — September 2026 Earnings Summary

PBTPERMIAN BASIN ROYALTY TRUST
Source

Financial Performance

  • Declared a cash distribution of $0.019593 per unit, payable on October 15, 2026, to unit holders of record on September 30, 2026.
  • Total distribution amount was $913,228.22 to 46,608,796 units outstanding.
  • Texas Royalty Properties generated revenues of $1,324,846, with taxes and expenses of $135,365, resulting in a Net Profit of $1,189,481.
  • The Trust's 95% Net Profit Interest in Texas Royalty Properties contributed $1,130,007 to the distribution.
  • General and Administrative expenses, net of interest earned, totaled $216,779.
  • Waddell Ranch properties remained in an excess cost position where Production Costs exceeded Gross Proceeds for August, resulting in no proceeds included in the September distribution.
  • Distribution increased compared to the previous month primarily due to decreased Trust expenses, partially offset by lower oil and natural gas volumes and oil pricing from Texas Royalty Properties.
  • Texas Royalty Properties production for the current month was 13,460 barrels of oil and 4,868 Mcf of gas (net to Trust), compared to 14,405 barrels of oil and 5,581 Mcf of gas in the prior month.
  • Average oil price for the current month was $83.20 per bbl versus $93.10 per bbl in the prior month; average gas price was $13.49 per Mcf versus $9.55 per Mcf in the prior month.

Guidance and Future Outlook

  • Management stated it is difficult to predict the effect of worldwide market conditions on future distributions.
  • Waddell Ranch excess costs, including accrued interest, must be recovered by future proceeds before any distribution can be made from those properties.
  • Blackbeard Operating, LLC provides production, pricing, and cost information quarterly rather than monthly; Trustee will disclose this information in quarterly Form 10-Q and annual Form 10-K reports for the foreseeable future.

Business Segments and Product Lines

  • Texas Royalty Properties: Underlying production was 15,042 barrels of oil and 5,439 Mcf of gas; allocated volumes were 13,460 barrels of oil and 4,868 Mcf of gas.
  • Waddell Ranch Properties: Operator Blackbeard Operating, LLC did not provide NPI proceeds data for August; data will be disclosed in quarterly reports.
  • Pricing for Texas Royalty Properties reflects production and pricing from June (oil) and May (gas).

Market and Competitive Landscape

  • Worldwide market conditions continue to affect pricing for domestic production.
  • The Trust operates in the Permian Basin with exposure to oil, natural gas, and NGL pricing.

Risks and Challenges

  • Waddell Ranch properties are in a continuing excess cost position, delaying distributions from those assets.
  • Fluctuations in oil and natural gas volumes and pricing impact distribution amounts.
  • Dependence on third-party operator (Blackbeard) for timely cost and production data, which is provided quarterly rather than monthly.
  • Forward-looking statements note risks related to market conditions, actions by SoftVest, New PBT, Blackbeard Holdings, or third parties, and potential differences between anticipated and actual results.

Management Commentary and Tone

  • The Trustee noted the distribution increase was driven by expense decreases despite lower volumes and oil prices.
  • The Trustee and Trust are not parties to the proposed Business Combination, are not soliciting proxies, and are making no recommendation on how unitholders should vote regarding the SoftVest proposal.
  • The Trustee anticipates that subsequent events may cause views on forward-looking statements to change but disclaims any obligation to update them.

Other Key Points

  • SoftVest Proposal: SoftVest, L.P. and affiliates entered a definitive Combination Agreement with Blackbeard Holdings to create "PBT Land and Minerals, Inc." (New PBT) via a Business Combination.
  • Special Meeting: Unitholders representing over 15% of Trust Units have requested a special meeting to consider amendments to the Trust Indenture to implement the Business Combination.
  • SEC 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.
  • Record Date: The record date and meeting date for the special meeting will be notified at a later date.
  • 2025 Annual Report: The 2025 Annual Report with Form 10-K, including the December 31, 2025 Reserve Summary, has been filed with the SEC.
  • Information Access: Financial reports, tax booklets, and filings are available at http://www.pbt-permian.com/ or via free printed requests.