-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JJmk0DwtDRux0kec5zw4ZoTB9cT6t44yfAyF13fn7iBBE+RtIhonzo8CT3nrv7Ll 7P6Y/Hi+XsVvsPBs594fbg== /in/edgar/work/0000950134-00-009652/0000950134-00-009652.txt : 20001115 0000950134-00-009652.hdr.sgml : 20001115 ACCESSION NUMBER: 0000950134-00-009652 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000930 FILED AS OF DATE: 20001114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PERMIAN BASIN ROYALTY TRUST CENTRAL INDEX KEY: 0000319654 STANDARD INDUSTRIAL CLASSIFICATION: [6792 ] IRS NUMBER: 756280532 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-08033 FILM NUMBER: 763649 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 10-Q 1 d81668e10-q.txt FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2000 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended September 30, 2000 Commission File No. 1-8033 PERMIAN BASIN ROYALTY TRUST Texas I.R.S. No. 75-6280532 Bank of America, N.A., Trust Department P.O. Box 830650 Dallas, Texas 75283 Telephone Number 214.209.2400 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- Number of Units of beneficial interest of the Trust outstanding at November 1, 2000: 46,608,796 2 PERMIAN BASIN ROYALTY TRUST PART I - FINANCIAL STATEMENTS Item 1. Financial Statements The condensed financial statements included herein have been prepared by Bank of America, N.A. as Trustee for the Permian Basin Royalty Trust, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted pursuant to such rules and regulations, although the Trustee believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these condensed financial statements be read in conjunction with the financial statements and the notes thereto included in the Trust's latest annual report on Form 10-K. In the opinion of the Trustee, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the assets, liabilities and trust corpus of the Permian Basin Royalty Trust at September 30, 2000, and the distributable income and changes in trust corpus for the three-month and nine-month periods ended September 30, 2000 and 1999 have been included. The distributable income for such interim periods is not necessarily indicative of the distributable income for the full year. Deloitte & Touche LLP, independent certified public accountants, has made a limited review of the condensed financial statements as of September 30, 2000 and for the three-month and nine-month periods ended September 30, 2000 and 1999 included herein. -2- 3 INDEPENDENT ACCOUNTANTS' REVIEW REPORT BANK OF AMERICA, N.A. AS TRUSTEE FOR THE PERMIAN BASIN ROYALTY TRUST We have reviewed the accompanying condensed statement of assets, liabilities and trust corpus of the Permian Basin Royalty Trust as of September 30, 2000 and the related condensed statements of distributable income and changes in trust corpus for the three-month and nine-month periods ended September 30, 2000 and 1999. These financial statements are the responsibility of the Trustee. We conducted our reviews in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical procedures to financial data and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with auditing standards generally accepted in the United States of America, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. The accompanying condensed financial statements are prepared on a modified cash basis as described in Note 1, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America. Based on our reviews, we are not aware of any material modifications that should be made to such condensed financial statements for them to be in conformity with the basis of accounting described in Note 1. We have previously audited, in accordance with auditing standards generally accepted in the United States of America, the statement of assets, liabilities and trust corpus of the Permian Basin Royalty Trust as of December 31, 1999, and the related statements of distributable income and changes in trust corpus for the year then ended (not presented herein); and in our report dated March 25, 2000, we expressed an unqualified opinion on those financial statements. In our opinion, the information set forth in the accompanying condensed statement of assets, liabilities and trust corpus as of December 31, 1999 is fairly stated, in all material respects, in relation to the statement of assets, liabilities and trust corpus from which it has been derived. /s/ DELOITTE & TOUCHE LLP Dallas, Texas November 10, 2000 -3- 4 PERMIAN BASIN ROYALTY TRUST CONDENSED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS - --------------------------------------------------------------------------------
September 30 December 31, ASSETS 2000 1999 (Unaudited) Cash and short-term investments $ 3,194,201 $ 2,415,245 Net overriding royalty interests in producing oil and gas properties (net of accumulated amortization of $8,301,631 and $8,085,238 at September 30, 2000 and December 31, 1999, respectively) 2,673,585 2,889,978 ----------- ----------- $ 5,867,786 $ 5,305,223 =========== =========== LIABILITIES AND TRUST CORPUS Distribution payable to Unit holders $ 3,194,201 $ 2,415,245 Commitments and contingencies Trust corpus - 46,608,796 Units of beneficial interest authorized and outstanding 2,673,585 2,889,978 ----------- ----------- $ 5,867,786 $ 5,305,223 =========== ===========
CONDENSED STATEMENTS OF DISTRIBUTABLE INCOME (UNAUDITED)
Three Months Ended Nine Months Ended September 30 September 30 2000 1999 2000 1999 ----------- ----------- ------------ ------------ Royalty income $ 9,486,867 $ 5,965,535 $ 24,897,284 $ 11,698,796 Interest income 23,172 7,821 56,476 14,822 ----------- ----------- ------------ ------------ 9,510,039 5,973,356 24,953,760 11,713,618 General and administrative expenditures 46,978 48,635 329,646 308,975 ----------- ----------- ----------- ------------ Distributable income $ 9,463,060 $ 5,924,721 $ 24,624,114 $ 11,404,643 =========== =========== ============ ============ Distributable income per Unit (46,608,796 Units) $ 0.203032 $ .127115 $ 0.528315 $ .244688 =========== =========== ============ ============
The accompanying notes to condensed financial statements are an integral part of these statements. -4- 5 PERMIAN BASIN ROYALTY TRUST CONDENSED STATEMENTS OF CHANGES IN TRUST CORPUS (UNAUDITED) - --------------------------------------------------------------------------------
THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30 SEPTEMBER 30 -------------------------- --------------------------- 2000 1999 2000 1999 Trust corpus, beginning of period $ 2,743,157 $ 3,137,915 $ 2,889,978 $ 3,336,583 Amortization of net overriding royalty interests (69,572) (127,207) (216,393) (325,875) Distributable income 9,463,060 5,924,721 24,624,114 11,404,643 Distributions declared (9,463,060) (5,924,721) (24,624,114) (11,404,643) ----------- ----------- ------------ ------------ Total Trust Corpus $ 2,673,585 $ 3,010,708 $ 2,673,585 $ 3,010,708 =========== =========== ============ ============
The accompanying notes to condensed financial statements are an integral part of these statements. -5- 6 PERMIAN BASIN ROYALTY TRUST NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) - -------------------------------------------------------------------------------- 1. BASIS OF ACCOUNTING The Permian Basin Royalty Trust ("Trust") was established as of November 1, 1980. The net overriding royalties conveyed to the Trust include: (1) a 75% net overriding royalty carved out of Southland Royalty Company's fee mineral interests in the Waddell ranch in Crane County, Texas (the "Waddell Ranch properties"); and (2) a 95% net overriding royalty carved out of Southland Royalty Company's major producing royalty interests in Texas (the "Texas Royalty properties"). The net overriding royalty for the Texas Royalty properties is subject to the provisions of the lease agreements under which such royalties were created. The financial statements of the Trust are prepared on the following basis: o Royalty income recorded for a month is the amount computed and paid to Bank of America, N.A. ("Trustee") as Trustee for the Trust by the interest owners: Burlington Resources Oil & Gas Company ("BROG") for the Waddell Ranch properties and Riverhill Energy Corporation ("Riverhill Energy"), formerly a wholly owned subsidiary of Riverhill Capital Corporation ("Riverhill Capital") and formerly an affiliate of Coastal Management Corporation ("CMC"), for the Texas Royalty properties. CMC currently conducts all field, technical and accounting operations on behalf of BROG with regard to the Waddell Ranch properties. CMC also conducts the accounting operations for the Texas Royalty properties on behalf of Riverhill Energy. Royalty income consists of the amounts received by the owners of the interest burdened by the net overriding royalty interests ("Royalties") from the sale of production less accrued production costs, development and drilling costs, applicable taxes, operating charges, and other costs and deductions multiplied by 75% in the case of the Waddell Ranch properties and 95% in the case of the Texas Royalty properties. As was previously reported, in February 1997, BROG sold its interest in the Texas Royalty properties to Riverhill Energy. The Trustee has been advised that in the first quarter of 1998, Schlumberger Technology Corporation ("Schlumberger") acquired all of the shares of stock of Riverhill Capital. Prior to such acquisition by Schlumberger, CMC and Riverhill Energy were wholly owned subsidiaries of Riverhill Capital. The Trustee has further been advised that in connection with Schlumberger's acquisition of Riverhill Capital, the shareholders of Riverhill Capital acquired ownership of all of the shares of stock of Riverhill Energy. Thus, the ownership in the Texas Royalty properties referenced above remained in Riverhill Energy, the stock ownership of which was acquired by the former shareholders of Riverhill Capital. o Trust expenses recorded are based on liabilities paid and cash reserves established out of cash received or borrowed funds for liabilities and contingencies. o Distributions to Unit holders are recorded when declared by the Trustee. o Royalty income is computed separately for each of the conveyances under which the Royalties were conveyed to the Trust. If monthly costs exceed revenues for any conveyance ("excess costs"), such excess cannot reduce royalty income from other conveyances, but is carried forward with accrued interest to be recovered from future net proceeds of that conveyance (see Note 3). The financial statements of the Trust differ from financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") because revenues are not accrued in the month of production and certain cash reserves may be established for contingencies which would not be accrued -6- 7 in financial statements. Amortization of the Royalties calculated on a unit-of-production basis is charged directly to trust corpus. On July 5, 1999, NationsBank, N.A., Trustee of the Permian Basin Royalty Trust, legally changed its name to Bank of America, N.A. On July 23, 1999, Bank of America, N.A. (formerly known as NationsBank, N.A.) was merged with and into Bank of America NT&SA, with the resulting entity being called Bank of America, N.A. As a result, immediately following the close of business on July 23, 1999, the remaining legal entity was Bank of America, N.A. As a result of such merger, the Trustee of the Trust is Bank of America, N.A., successor by merger to NationsBank, N.A. 2. FEDERAL INCOME TAXES For Federal income tax purposes, the Trust constitutes a fixed investment trust which is taxed as a grantor trust. A grantor trust is not subject to tax at the trust level. The Unit holders are considered to own the Trust's income and principal as though no trust were in existence. The income of the Trust is deemed to have been received or accrued by each Unit holder at the time such income is received or accrued by the Trust and not when distributed by the Trust. The Royalties constitute "economic interests" in oil and gas properties for Federal income tax purposes. Unit holders must report their share of the revenues from the Royalties as ordinary income from oil and gas royalties and are entitled to claim depletion with respect to such income. The Trust has on file technical advice memoranda confirming the tax treatment described above. The classification of the Trust's income for purposes of the passive loss rules may be important to a Unit holder. As a result of the Tax Reform Act of 1986, royalty income will generally be treated as portfolio income and will not offset passive losses. 3. EXCESS COSTS In the calculation of royalty income for the months of June through December 1998, costs exceeded revenues for the Waddell Ranch properties underlying the Waddell Ranch Net Overriding Royalty Conveyance by $1,218,732. Such excess costs were recovered from net proceeds of the underlying Waddell Ranch properties during the first quarter of 1999 and these properties are again contributing Trust royalty income. ****** -7- 8 ITEM 2. TRUSTEE'S DISCUSSION AND ANALYSIS FORWARD LOOKING INFORMATION Certain information included in this report contains, and other materials filed or to be filed by the Trust with the Securities and Exchange Commission (as well as information included in oral statements or other written statements made or to be made by the Trust) may contain or include, forward looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Such forward looking statements may be or may concern, among other things, capital expenditures, drilling activity, development activities, production efforts and volumes, hydrocarbon prices and the results thereof, and regulatory matters. Although the Trustee believes that the expectations reflected in such forward-looking statements are reasonable, such expectations are subject to numerous risks and uncertainties and the Trustee can give no assurance that they will prove correct. There are many factors, none of which is within the Trustee's control, that may cause such expectations not to be realized, including, among other things, factors such as actual oil and gas prices and the recoverability of reserves, capital expenditures, general economic conditions, actions and policies of petroleum-producing nations and other changes in the domestic and international energy markets. Such forward looking statements generally are accompanied by words such as "estimate," "expect," "predict," "anticipate," "goal," "should," "assume," "believe," or other words that convey the uncertainty of future events or outcomes. YEAR 2000 ISSUE Many existing computer programs use only two digits to identify a year in the date field. These programs were designed and developed without considering the impact of the upcoming change in the century. If not corrected, many computer applications could fail or create erroneous results by the Year 2000. The Trustee has no reason to believe that there was any effect of the Year 2000 significant to the Trust or its vendors. In the event the Trustee learns that a vendor's system was affected, the Trustee will assess the potential risk and develop contingency plans at that time. -8- 9 THREE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999 For the quarter ended September 30, 2000 royalty income received by the Trust amounted to $9,486,867 compared to royalty income of $5,965,535 during the third quarter of 1999. The increase in royalty income is primarily attributable to an increase in average oil and gas prices and production offset by a increase in allocated capital expenditures compared to the third quarter of 1999. Interest income for the quarter ended September 30, 2000, was $23,172 compared to $7,821 during the third quarter of 1999. The increase in interest income is primarily attributable to an increase in funds available for investment. General and administrative expenses during the third quarter of 2000 amounted to $46,979 compared to $48,635 during the third quarter of 1999. The decrease in general and administrative expenses can be primarily attributed to timing differences in the receipt and payment of these expenses. These transactions resulted in distributable income for the quarter ended September 30, 2000 of $9,463,061 or $.20 per Unit of beneficial interest. Distributions of $.062815, $.071684 and $.068532 per Unit were made to Unit holders of record as of July 31, August 31 and September 29, 2000, respectively. For the third quarter of 1999, distributable income was $5,924,721 or $.127115 per Unit of beneficial interest. Royalty income for the Trust for the third quarter of the calendar year is associated with actual oil and gas production for the period of May, June and July 2000 from the properties from which the Trust's net overriding royalty interests ("Royalties") were carved. Oil and gas sales attributable to the Royalties and the properties from which the Royalties were carved are as follows:
Third Quarter ----------------------- 2000 1999 ROYALTIES: Oil sales (Bbls) 231,820 247,834 Gas sales (Mcf) 893,292 1,007,978 PROPERTIES FROM WHICH THE ROYALTIES WERE CARVED: Oil: Total oil sales (Bbls) 367,470 410,051 Average per day (Bbls) 3,994 4,457 Average price per Bbl $ 28.44 $ 16.14 Gas: Total gas sales (Mcf) 1,528,344 1,749,773 Average per day (Mcf) 16,612 19,019 Average price per Mcf $ 3.75 $ 2.18
The posted price of oil increased to an average price per barrel of $28.44 in the third quarter of 2000, compared to $16.14 in the third quarter of 1999. The Trustee has been advised by BROG that for the period August 1, 1993, through July 31, 2000, the oil from the Waddell Ranch properties was being sold under a competitive bid to a third party. The increase in the average price of gas from $2.18 in the third quarter of 1999 to $3.75 in the third quarter of 2000 is primarily attributable to an increase in the spot prices of natural gas. Since the oil and gas sales attributable to the Royalties are based on an allocation formula that is dependent on such factors as price and cost (including capital expenditures), the production amounts in the Royalties -9- 10 section of the above table do not provide a meaningful comparison. The oil and gas sales from the properties from which the Royalties are carved decreased for the applicable period in 2000 compared to 1999. Capital expenditures for drilling, remedial and maintenance activities on the Waddell Ranch properties during the third quarter of 2000 totaled $1.1 million as compared to $60,000 for the third quarter of 1999. BROG has informed the Trustee that the 2000 capital expenditures budget has been revised to $14.2 million for the Waddell Ranch. The total amount of capital expenditures for 1999 was $1.1 million. Through the third quarter of 2000, capital expenditures of $4.5 million have been expended. The Trustee has been advised that there were no wells completed or in progress during the three months ended September 30, 2000 on the Waddell Ranch properties. For the three months ended September 30, 1999, there were no gross wells completed and there were no wells in progress. Lease operating expense and property taxes totaled $2.3 million for the third quarter of 2000, compared to $2.3 million in the third quarter of 1999 on the Waddell Ranch properties. This decrease is primarily attributable to more efficient field operations on the Waddell Ranch properties. -10- 11 NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999 For the nine months ended September 30, 2000, royalty income received by the Trust amounted to $24,897,284 compared to royalty income of $11,698,796 for the nine months ended September 30, 1999. The increase in royalty income is primarily due to a increase in oil and gas prices in the first nine months of 2000, compared to the first nine months in 1999, offsetting an increase in allocated capital expenditures in the first nine months of 2000. In the calculation of royalty income for the month of June 1998, costs exceeded revenues for the Waddell Ranch properties underlying the Waddell Ranch Net Overriding Royalty Conveyance by $396,012. Such excess costs were recovered from net proceeds of the underlying Waddell Ranch properties during the first quarter of 1999 and these properties are again contributing trust royalty income. Interest income for the nine months ended September 30, 2000 was $56,476 compared to $14,822 during the nine months ended September 30, 1999. The increase in interest income is attributable primarily to a increase in funds available for investment. General and administrative expenses for the nine months ended September 30, 2000 were $329,646. During the nine months ended September 30, 1999, general and administrative expenses were $308,975. The increase in general and administrative expenses is primarily due to timing differences in the receipt and payment of these expenses. These transactions resulted in distributable income for the nine months ended September 30, 2000 of $24,624,114 or $.528125 per Unit. For the nine months ended September 30, 1999, distributable income was $11,404,643 or $.244688 per Unit. Royalty income for the Trust for the period ended September 30, 2000 is associated with actual oil and gas production for the period November 1999 through July 2000 from the properties from which the Royalties were carved. Oil and gas production attributable to the Royalties and the properties from which the Royalties were carved are as follows:
FIRST NINE MONTHS ---------------------- 2000 1999 ROYALTIES: Oil sales (Bbls) 658,399 352,147 Gas sales (Mcf) 2,472,451 1,213,613 PROPERTIES FROM WHICH THE ROYALTIES WERE CARVED: Oil: Total oil sales (Bbls) 1,109,405 1,405,613 Average per day (Bbls) 4,049 5,149 Average price per Bbl $ 27.06 $ 13.23 Gas: Total gas sales (Mcf) 4,529,290 5,425,012 Average per day (Mcf) 16,530 19,872 Average price per Mcf $ 3.35 $ 2.22
The average price of oil increased during the nine months ended September 30, 2000, compared to the same period in 1999 was $27.06 per barrel as compared to $13.23 per barrel. The increase in the average price of oil is primarily due to increases in the posted price for oil. The increase in the average price of gas from $2.22 per Mcf for the nine months ended September 30, 1999 to $3.35 per Mcf for the nine months ended September 30, 2000 is primarily the result of a increase in the spot prices of natural gas. Since the oil and gas sales attributable to the Royalties are based on an allocation formula that is dependent on such factors as price and cost (including capital expenditures), the production amounts in the Royalties -11- 12 section of the above table do not provide a meaningful comparison. The oil and gas sales from the properties from which the Royalties are carved decreased for the applicable period of 2000 compared to 1999. The Trust has been advised that no gross and no net productive oil wells on the Waddell Ranch properties were drilled and completed during the nine months ended September 30, 2000, and that 15 gross 6.51 net productive oil wells on the Waddell Ranch properties were drilled and completed during the nine months ended September 30, 1999. Capital expenditures for the Waddell Ranch properties for the nine months ended September 30, 2000 totaled $4,500,000 compared to $577,000 for the same period in 1999. BROG has previously advised the Trust that the remaining 2000 capital expenditures budget for the Waddell Ranch properties is $8.7 million. Lease operating expense and property taxes totaled $7.4 million in 2000 compared to $7.7 million in 1999. The decrease in lease operating expense is primarily attributable to more efficient field operations on the Waddell Ranch properties. -12- 13 CALCULATION OF ROYALTY INCOME The Trust's royalty income is computed as a percentage of the net profit from the operation of the properties in which the Trust owns net overriding royalty interests. These percentages of net profits are 75% and 95% in the case of the Waddell Ranch properties and the Texas Royalty properties, respectively. Royalty income received by the Trust for the three months ended September 30, 2000 and 1999 respectively, were computed as shown in the table below:
THREE MONTHS ENDED SEPTEMBER 30, ----------------------------------------------------------------- 2000 1999 ------------------------------- ------------------------------- WADDELL TEXAS WADDELL TEXAS RANCH ROYALTY RANCH ROYALTY PROPERTIES PROPERTIES PROPERTIES PROPERTIES Gross proceeds of sales from properties from which the net overriding royalties were carved: Oil proceeds $ 8,219,876 $ 2,343,951 $ 5,154,870 $ 1,463,948 Gas proceeds 5,111,625 635,166 3,320,747 497,155 Other revenues 0 0 0.00 0.00 ----------- ----------- -------------- -------------- Total 13,331,502 2,979,117 8,475,617 1,961,103 ----------- ----------- -------------- -------------- Less: Severance tax: Oil 340,085 88,837 175,363 49,343 Gas 332,924 39,728 124,283 25,620 Lease operating expense and property tax: Oil and gas 2,328,795 150,000 2,299,375 180,270 Capital expenditures 1,074,248 0 59,892 0.00 Other expense 26,990 0 23,427 0.00 ----------- ----------- -------------- -------------- Total 4,103,045 278,565 2,682,340 255,233 ----------- ----------- -------------- -------------- Net profits 9,228,456 2,700,551 5,793,277 1,705,870 Net overriding royalty interests 0.75 0.95 0.75 0.95 ----------- ----------- -------------- -------------- Royalty income $ 6,921,343 $ 2,565,524 $ 4,344,958 $ 1,620,577 =========== =========== ============== ==============
-13- 14 ITEM 3. QUALITATIVE AND QUANTITATIVE DISCLOSURES ABOUT MARKET RISK Not applicable. -14- 15 PART II - OTHER INFORMATION Items 1 through 5. Not applicable. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits (4)(a) Permian Basin Royalty Trust Indenture dated November 3, 1980, between Southland Royalty Company (now Burlington Resources Oil & Gas Company) and The First National Bank of Fort Worth (now Bank of America, N.A.), as Trustee, heretofore filed as Exhibit (4)(a) to the Trust's Annual Report on Form 10-K to the Securities and Exchange Commission for the fiscal year ended December 31, 1980 is incorporated herein by reference. (4)(b) Net Overriding Royalty Conveyance (Permian Basin Royalty Trust) from Southland Royalty Company (now Burlington Resources Oil & Gas Company) to The First National Bank of Fort Worth (now Bank of America, N.A.), as Trustee, dated November 3, 1980 (without Schedules), heretofore filed as Exhibit (4)(b) to the Trust's Annual Report on Form 10-K to the Securities and Exchange Commission for the fiscal year ended December 31, 1980 is incorporated herein by reference. (4)(c) Net Overriding Royalty Conveyance (Permian Basin Royalty Trust - Waddell Ranch) from Southland Royalty Company (now Burlington Resources Oil & Gas Company) to The First National Bank of Fort Worth (now Bank of America, N.A.), as Trustee, dated November 3, 1980 (without Schedules), heretofore filed as Exhibit (4)(c) to the Trust's Annual Report on Form 10-K to the Securities and Exchange Commission for the fiscal year ended December 31, 1980 is incorporated herein by reference. (27) Financial Data Schedule (b) Reports on Form 8-K No reports were filed during the quarter ended September 30, 2000. -15- 16 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. BANK OF AMERICA, N.A., TRUSTEE FOR THE PERMIAN BASIN ROYALTY TRUST By /s/ RON E. HOOPER -------------------------------- Ron E. Hooper Senior Vice President Date: November 13, 2000 (The Trust has no directors or executive officers.) -16- 17 INDEX TO EXHIBITS
Sequentially Exhibit Numbered Number Exhibit Page (4)(a) Permian Basin Royalty Trust Indenture dated November 3, 1980, between Southland Royalty Company (now Burlington Resources Oil & Gas Company) and The First National Bank of Fort Worth (now Bank of America, N.A.), as Trustee, heretofore filed as Exhibit (4)(a) to the Trust's Annual Report on Form 10-K to the Securities and Exchange Commission for the fiscal year ended December 31, 1980 is incorporated herein by reference.* (b) Net Overriding Royalty Conveyance (Permian Basin Royalty Trust) from Southland Royalty Company (now Burlington Resources Oil & Gas Company) to The First National Bank of Fort Worth (now Bank of America, N.A.), as Trustee, dated November 3, 1980 (without Schedules), heretofore filed as Exhibit (4)(b) to the Trust's Annual Report on Form 10-K to the Securities and Exchange Commission for the fiscal year ended December 31, 1980 is incorporated herein by reference.* (c) Net Overriding Royalty Conveyance (Permian Basin Royalty Trust - Waddell Ranch) from Southland Royalty Company (now Burlington Resources Oil & Gas Company) to The First National Bank of Fort Worth (now Bank of America, N.A.), as Trustee, dated November 3, 1980 (without Schedules), heretofore filed as Exhibit (4)(c) to the Trust's Annual Report on Form 10-K to the Securities and Exchange Commission for the fiscal year ended December 31, 1980 is incorporated herein by reference.* (27) Financial Data Schedule **
* A copy of this Exhibit is available to any Unit holder, at the actual cost of reproduction, upon written request to the Trustee, Bank of America, N.A., P. O. Box 830650, Dallas, Texas 75202. ** Filed herewith. EX-27 2 d81668ex27.txt FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE UNAUDITED CONDENSED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS OF PERMIAN BASIN ROYALTY TRUST AS OF SEPTEMBER 30, 2000, AND THE RELATED CONDENSED STATEMENTS OF DISTRIBUTABLE INCOME AND CHANGES IN TRUST CORPUS FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2000. 9-MOS DEC-31-2000 SEP-30-2000 3,194,201 0 0 0 0 3,194,201 10,975,216 8,301,631 5,876,786 3,194,201 0 0 0 0 2,673,585 5,867,786 24,897,284 24,953,760 0 0 329,646 0 0 24,624,114 0 24,612,114 0 0 0 24,624,114 0.53 0.53
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