0000950123-11-091195.txt : 20111021 0000950123-11-091195.hdr.sgml : 20111021 20111021151318 ACCESSION NUMBER: 0000950123-11-091195 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20111021 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20111021 DATE AS OF CHANGE: 20111021 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PERMIAN BASIN ROYALTY TRUST CENTRAL INDEX KEY: 0000319654 STANDARD INDUSTRIAL CLASSIFICATION: OIL ROYALTY TRADERS [6792] IRS NUMBER: 756280532 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08033 FILM NUMBER: 111152362 BUSINESS ADDRESS: STREET 1: BANK OF AMERICA N A TRUST DEPARTMENT STREET 2: P O BOX 1317 NK OF TEXAS NA TRUST DEPT CITY: FT WORTH STATE: TX ZIP: 76102 BUSINESS PHONE: 8173906905 MAIL ADDRESS: STREET 1: 1300 SUMMIT AVENUE SUITE 300 CITY: FORTH WORTH STATE: TX ZIP: 76102 8-K 1 d85252e8vk.htm FORM 8-K e8vk
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 21, 2011
PERMIAN BASIN ROYALTY TRUST
(Exact name of Registrant as specified in its charter)
         
Texas   1-8033   75-6280532
(State or other jurisdiction of
incorporation or organization) 		  (Commission
File Number) 		  (I.R.S. Employer
Identification No.)
     
Trust Division
Royalty Trust Group
U.S. Trust, Bank of America, Private
Wealth Management
901 Main Street, 17th Floor
Dallas, Texas
(Address of principal executive offices) 		  75202
(Zip Code)
Registrant’s Telephone Number, including area code: (214) 209-2400
Not Applicable
(Former name, former address and former fiscal year, 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.):
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 

 

Item 2.02. Results of Operations and Financial Condition.
     On October 21, 2011, the Registrant issued a press release announcing its monthly cash distribution to unitholders of record on October 31, 2011. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 7.01. Regulation FD Disclosure.
     On October 21, 2011, the Registrant announced that ConocoPhillips, as the parent company of Burlington Resources Oil & Gas Company LP, the operator of the Waddell Ranch Properties, withheld additional proceeds relating to a claimed overpayment for prior periods with respect to the Waddell Ranch Properties. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
  (d)   Exhibits
 
  99.1   Press Release dated October 21, 2011.
     This Report on Form 8-K is being furnished pursuant to Item 2.02, Results of Operations and Financial Condition, and Item 7.01, Regulation FD Disclosure. The information furnished in this Report on Form 8-K, including Exhibit 99.1 hereto, 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.

 

 

SIGNATURES
     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.
         
  PERMIAN BASIN ROYALTY TRUST
 		  
  By:   BANK OF AMERICA, N.A., TRUSTEE FOR
PERMIAN BASIN ROYALTY TRUST  		  
 
     
  By:   /s/ RON E. HOOPER    
    Ron E. Hooper   
    Senior Vice President, Royalty Management   
 
Date: October 21, 2011

 

 

EXHIBIT INDEX
     
Exhibit    
Number   Description
99.1
  Press Release dated October 21, 2011.

 

EX-99.1 2 d85252exv99w1.htm EX-99.1 exv99w1
Exhibit 99.1
Permian Basin Royalty Trust
PERMIAN BASIN ROYALTY TRUST
ANNOUNCES OCTOBER CASH DISTRIBUTION
     DALLAS, Texas, October 21, 2011 — Permian Basin Royalty Trust (NYSE: PBT) (“Permian”) today declared a cash distribution to the holders of its units of beneficial interest of $.104152 per unit, payable on November 15, 2011, to unit holders of record on October 31, 2011. Permian’s cash distribution history, current and prior year financial reports and tax information booklets, a link to filings made with the Securities and Exchange Commission and more can be found on its website at http://www.pbt-permianbasintrust.com/.
     This month’s distribution increased from the previous month due primarily to the timing of recoupment by ConocoPhillips as discussed below. Actual production of both oil and gas and pricing of both oil and gas declined from the previous month. This would primarily reflect production for the month of August. 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.
     As previously reported, ConocoPhillips, as the parent company of Burlington Resources Oil & Gas Company LP, the operator of the Waddell Ranch Properties, notified Permian’s Trustee that as a result of inaccuracies in ConocoPhillips’ accounting and record keeping relating to Permian’s interest in proceeds from the gas plant production since January 2007, ConocoPhillips overpaid Permian approximately $5.9 million. On September 19, ConocoPhillips informed the Trustee that it would withhold proceeds of $4,068,067.15 from the Waddell Ranch Properties on the theory that it is recouping the claimed overpayment in part through deduction of the distribution that was payable to unitholders on October 17, 2011. On October 20, 2011, ConocoPhillips informed the Trustee that it would withhold additional proceeds of $474,480 from the current month’s distribution, bringing the total to $4,542,547 withheld from the two monthly distributions. ConocoPhillips indicated that this would be the total amount recouped for the claimed overpayment. As a result, the distributable proceeds for the current distribution have been reduced by $474,480. The Trustee continues to evaluate the claim for overpayment.
     Production for Waddell Ranch and the Texas Royalty Properties combined for oil and gas respectively was 50,435 bbls and 157,898 Mcf. The average price for oil was $83.48 per bbl and for gas was $8.44 per Mcf. Capital expenditures were approximately $925,273. The numbers provided reflect what was net to the Trust prior to the effect of ConocoPhillips’ recoupment.
                                 
    Net to Trust Sales        
    Volumes     Average Price  
    Oil (bbls)     Gas (Mcf)     Oil     Gas  
                    (per bbl)     (per Mcf)  
Current Month*
     50,435       157,898     $ 83.48     $ 8.44 **
Prior Month
     51,649       216,027     $ 93.26     $ 8.58 **
 
*    Includes amounts for the Waddell Ranch Properties which were recouped by ConocoPhillips as result of a claimed overpayment.
 
**    This pricing includes sales of gas liquid products.
     
Contact:
  Ron E. Hooper
 
  Senior Vice President
 
  U.S. Trust, Bank of America Private Wealth Management, Trustee
 
  Toll Free — 1.877.228.5085