Washington, D.C. 20549







Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 19, 2022




(Exact name of Registrant as specified in its charter)




Texas   1-8033   75-6280532

(State or other jurisdiction of

incorporation or organization)



File Number)


((I.R.S. Employer

Identification No.)

Royalty Trust Management

Simmons Bank

2911 Turtle Creek Boulevard

Suite 850

Dallas, Texas

(Address of principal executive offices)   (Zip Code)

Registrant’s Telephone Number, including area code: (855) 588-7839

Not Applicable

(Former name or former address, if changed since last report)



Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):


Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class





Name of each exchange

on which registered

Units of Beneficial Interest   PBT   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐




Item 2.02. Results of Operations and Financial Condition.

On July 19, 2022, the Registrant issued a press release announcing its monthly cash distribution to unitholders of record on July 29, 2022. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

This Report on Form 8-K is being furnished pursuant to Item 2.02, Results of Operations and Financial Condition. The information furnished is not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Item 9.01. Financial Statements and Exhibits.


               (d)    Exhibits
  99.1    Press Release dated July 19, 2022.


Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


By:   /s/ RON E. HOOPER
  Ron E. Hooper
  Senior Vice President

Date: July 19, 2022


Exhibit 99.1

Permian Basin Royalty Trust





DALLAS, Texas, July 19, 2022 – Simmons Bank, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) (“Permian”) today declared a cash distribution to the holders of its units of beneficial interest of $0.163979 per unit, payable on August 12, 2022, to unit holders of record on July 29, 2022.

This month’s distribution increased from the previous month as the result of primarily an increase in the production and pricing received for the current month from the Waddell Ranch properties and Texas Royalty Properties, but offset by slightly lower pricing for the Texas Royalty Properties during the month of May.


In reporting May production of the Underlying Properties for this month’s press release, production for oil volumes was 184,994 (gross) and was priced at about $110.51 per bbl. Production for gas volumes (including gas liquids) was 600,972 Mcf (gross) and was priced at about $9.44 per Mcf, which now includes the value received from plant products and natural gas liquids. Net revenue for the underlying properties of the Waddell ranch was $24,757,499 (gross) for May. Lease Operating Expenses were $4,092,076 (gross) and Capital Expenditures were $12,996,418 (gross) for May, netting to the Net Profit Interest (NPI) of $7,669,005. This would put the Trust’s proceeds of 75% as a positive $5,751,754 (net) for the month of May, to contribute to this month’s distribution. Given that if current oil and gas pricing continues, Waddell Ranch could continue to contribute to the distribution in the foreseeable future.

First sales received for the month of May 2022 wells were as follows: (all net to the Trust), 2.6 new drill wells, including .4 horizontal wells, 4.9 recompleted wells. Waiting on completion, as of 5/31/2022, were 4.1 drill wells, including .8 horizontal wells and 3.0 recompletion wells. Also, .4 wells, plugged and abandoned, were completed.

Blackbeard has advised the Trustee of the projected 2022 capital expenditure budget for the Waddell Ranch Properties to be an estimated $92 million (net to the Trust) with a projection of about 47 new drill wells and 45 recompletions along with about 19 plug and abandoned wells. Of the new drill wells, about 13 will be horizontal drills and about 34 vertical drill wells.


Production for the underlying properties at the Texas Royalties was 19,300 barrels of oil and 10,710 Mcf of gas. The production for the Trust’s allocated portion of the Texas Royalties was 17,640 barrels of oil and 9,776 Mcf of gas. The average price for oil was $106.55 per bbl and for gas was $13.05 per Mcf. This would primarily reflect production and pricing for the month of May for oil and the month of April for gas. These allocated volumes were impacted by the pricing of both oil and gas. This production and pricing for the underlying properties resulted in revenues for the Texas Royalties of $2,196,190. Deducted from these were taxes of $170,702 resulting in a Net Profit of $2,025,488 for the month of May. With the Trust’s Net Profit Interest (NPI) of 95% of the Underlying Properties, this would result in net contribution by the Texas Royalties of $1,924,213 to this month’s distribution.


     Underlying Properties      Net to Trust Sales               
     Volumes      Volumes     Average      Price  
(per bbl)
(per Mcf)

Current Month


Waddell Ranch

     184,994        600,972        138,746        450,729   $ 110.51      $ 9.44 ** 

Texas Royalties

     19,300        10,710        17,640        9,776   $ 106.55      $ 13.05 ** 

Prior Month


Waddell Ranch

     181,207        475,410        135,905        356,558   $ 103.74      $ 5.61 ** 

Texas Royalties

     14,412        9,573        13,030        8,636   $ 108.42      $ 13.76 ** 



These volumes are the net to the trust, after allocation of expenses to Trust’s net profit interest, including any prior period adjustments.


This pricing includes sales of gas liquid products.

General and Administrative Expenses deducted for the month were $34,383 resulting in a distribution of $7,642,896 to 46,608,796 units outstanding, or $0.163979 per unit.

The worldwide market conditions continue to affect the pricing for domestic production. It is difficult to predict what effect these conditions will have on future distributions.

The 2021 Annual Report with Form 10-K and the January 1, 2022 Reserve Summary is now available on Permian’s website. Permian’s cash distribution history, current and prior year financial reports, tax information booklets, and a link to filings made with the Securities and Exchange Commission, all can be found on Permian’s website at http://www.pbt-permian.com/. Additionally, printed reports can be requested and are mailed free of charge.

*    *    *

Contact: Ron Hooper, Senior Vice President, Simmons Bank, Trustee, Toll Free – 1.855.588.7839