-----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, LMm7Ay5oJBaBizOc4pB4prstHR9q+JMA9JObj4vlXMK51glOEvZfzqFds4vqMUqY A0vtkYsHqzH/XwaX49fv9Q== 0001025970-98-000003.txt : 19980518 0001025970-98-000003.hdr.sgml : 19980518 ACCESSION NUMBER: 0001025970-98-000003 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980515 SROS: NYSE 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: 10-Q SEC ACT: SEC FILE NUMBER: 001-08033 FILM NUMBER: 98621910 BUSINESS ADDRESS: STREET 1: P O BOX 1317 CITY: FT WORTH STATE: TX ZIP: 76101 BUSINESS PHONE: 8173906905 MAIL ADDRESS: STREET 1: P O BOX 1317 CITY: FORTH WORTH STATE: TX ZIP: 76101 10-Q 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 March 31, 1998 Commission File No. 1-8033 PERMIAN BASIN ROYALTY TRUST Texas I.R.S. No. 75-6280532 NationsBank, N.A., Trust Department P. O. Box 1317 Fort Worth, Texas 76101 Telephone Number 817/390-6905 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 outstanding at May 14, 1998: 46,608,796 - ---------- Page 1 of 14 PERMIAN BASIN ROYALTY TRUST PART I - FINANCIAL STATEMENTS Item 1. Financial Statements. The condensed financial statements included herein have been prepared by NationsBank, 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 March 31, 1998, and the distributable income and changes in trust corpus for the three-month periods ended March 31, 1998 and 1997 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 review of the condensed financial statements as of March 31, 1998, and for the three-month periods ended March 31, 1998 and 1997 included herein. -2- INDEPENDENT ACCOUNTANTS' REPORT NationsBank, 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 March 31, 1998, and the related condensed statements of distributable income and changes in trust corpus for the three-month periods ended March 31, 1998 and 1997. These financial statements are the responsibility of the Trustee. We conducted our review 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 generally accepted auditing standards, 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 generally accepted accounting principles. Based on our review, 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 generally accepted auditing standards, the statement of assets, liabilities and trust corpus of the Permian Basin Royalty Trust as of December 31, 1997, 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 20, 1998, 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, 1997, is fairly stated in all material respects in relation to the statement of assets, liabilities and trust corpus from which it has been derived. DELOITTE & TOUCHE LLP /s/ Deloitte & Touche LLP DELOITTE & TOUCHE LLP May 8, 1998 -3-
PERMIAN BASIN ROYALTY TRUST CONDENSED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS - ------------------------------------------------------------------------------------------------------- March 31, December 31, ASSETS 1998 1997 (Unaudited) Cash and short-term investments $ 1,778,358 $ 1,724,192 Net overriding royalty interests in producing oil and gas properties (net of accumulated amortization of $7,530,986 and $7,478,622 at March 31, 1998 and December 31, 1997, respectively) 3,444,230 3,496,594 --------- --------- $ 5,222,588 $ 5,220,786 ========= ========= LIABILITIES AND TRUST CORPUS Distribution payable to Unit holders $ 1,778,358 $ 1,724,192 Trust corpus - 46,608,796 Units of beneficial interest authorized and outstanding 3,444,230 3,496,594 --------- --------- $ 5,222,588 $ 5,220,786 ========= ========= CONDENSED STATEMENTS OF DISTRIBUTABLE INCOME (UNAUDITED) - -------------------------------------------------------------------------------------------------------- Three Months Ended March 31, ---------------------------- 1998 1997 Royalty income $ 5,252,967 $ 8,704,407 Interest income 10,868 11,321 --------- --------- 5,263,835 8,715,728 General and administrative expenditures 124,429 144,005 --------- --------- Distributable income $ 5,139,406 $ 8,571,723 ========== ========== Distributable income per Units (46,608,796 Units) $ .110267 $ .183907 ========= ========= The accompanying notes to condensed financial statements are an integral part of these statements.
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PERMIAN BASIN ROYALTY TRUST CONDENSED STATEMENTS OF CHANGES IN TRUST CORPUS (UNAUDITED) - ----------------------------------------------------------------------------------------------------------- Three Months Ended March 31, ---------------------------- 1998 1997 Trust corpus, beginning of period $ 3,496,594 $ 3,760,939 Amortization of net overriding royalty interests (52,364) (88,604) Distributable income 5,139,406 8,571,723 Distributions declared (5,139,406) (8,571,723) ----------- ---------- Trust corpus, end of period $ 3,444,230 $ 3,672,335 ========== ========== The accompanying notes to condensed financial statements are an integral part of this statement.
-5- 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: - - Royalty income recorded for a month is the amount computed and paid to NationsBank, 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") of Midland, Texas, 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. 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. - - Trust expenses recorded are based on liabilities paid and cash reserves established out of cash received or borrowed funds for liabilities and contingencies. - - Distributions to Unit holders are recorded when declared by the Trustee. - - The conveyance which transferred the overriding royalty interest to the Trust provides that any excess of production costs over gross proceeds must be recovered from future net profits. The financial statements of the Trust differ from financial statements prepared in accordance with generally accepted accounting principles ("GAAP") because revenues are not accrued in the month of production; certain cash reserves may be established for contingencies which would not be accrued in financial statements prepared in accordance with GAAP; and amortization of the Royalties calculated on a unit-of-production basis is charged directly to trust corpus. 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 rather than when distributed by the Trust. -6- The Royalties constitute "economic interests" in oil and gas properties for Federal income tax purposes. Unit holders must report their share of the revenues of the Trust 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. ****** -7- 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. 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 or at the Year 2000. The Year 2000 issue affects virtually all companies and organizations. If a company or organization does not successfully address its Year 2000 issues, it may face material adverse consequences. The Trust is reliant on the performance of BROG and third party vendors for the receipt of Royalty income, payment of expenses and disbursement of distributable income. The Trustee can provide no assistance as to whether BROG and third party vendors will successfully address the Year 2000 issue. Failing to successfully address the Year 2000 issue by BROG and third party vendors could have a material adverse impact on the Trust and its Unit holders. THREE MONTHS ENDED MARCH 31, 1998 AND 1997 For the quarter ended March 31, 1998 royalty income received by the Trust amounted to $5,252,967, compared to royalty income of $8,704,407 during the first quarter of 1997. The decrease in royalty income is primarily due to a decrease in oil and gas prices in the first quarter of 1998, compared to the first quarter of 1997, as well as an increase in allocated capital expenditures in the first quarter of 1998. Included in the distributable income for March 1998 was approximately $1.1 million which represented the Trust's portion of an approximate $1.5 million severance tax refund received from the State of Texas by BROG, operator of record of the Waddell Ranch properties in Crane County, Texas. Interest income for the quarter ended March 31, 1998, was $10,868, compared to $11,321 during the first quarter of 1997. General and administrative expenses during the first quarter of 1997 amounted to $124,429, compared to $144,005 during the first quarter of 1997. The decrease in general and administrative expenses can be attributed primarily to cost reduction efforts of the Trustee and timing differences in the receipt and payment of these expenses. These transactions resulted in distributable income for the quarter ended March 31, 1998, of $5,139,406 or $.110267 per Unit of beneficial interest. Distributions of $.046609, $.025503 and $.038155 per Unit were made to Unit holders of record as of January 30, February 27 and March 31, 1998, respectively. For the first quarter of 1997, distributable income was $8,571,723 or $.183907 per Unit. As has been previously reported, the Trust was notified in the third quarter of 1996 of the settlement of a class action lawsuit pending in the 270th District Court of Harris County, Texas styled Caroline Altheide and Langdon Harrison vs. Meridian Oil Inc., Meridian Oil Holding Inc., Meridian Oil Trading Inc., Meridian Oil Production Inc., Southland Royalty Company, El Paso Production Company, Meridian Oil Hydrocarbons Inc., Meridian Oil Gathering Inc., Meridian Oil Services Inc., and Edward Parker ("Class Action"). A -8- judgment has been signed by the Court approving the settlement. However, a Notice of Appeal was filed by San Juan 1990-A, L.P., K&W Gas Partners, L.P., MAP 1992-A Partners, L.P. and the Board of Trustees of Leland Stanford Junior University, Non-Profit Corporation ("Objectors") on February 7, 1997. Class Counsel (Susman Godfrey, L.L.P. and Dick Watt) notified the Trust that on July 24, 1997, the Court of Appeals issued its judgment dismissing such appeal on procedural grounds and that in early September 1997, the Court of Appeals denied a motion for rehearing filed in such proceeding. The Trustee has been further advised that a petition for review has been filed with the Texas Supreme Court by the Objectors and its currently pending. One of the conditions set forth in the settlement agreement for the distribution of the settlement proceeds related to the Class Action is that there will be no distribution of the settlement proceeds unless and until such judgment is no longer subject to further appeal and, if there is an appeal, not unless and until such judgment is affirmed or such appeal is dismissed and the time for any further proceedings in the appellate court of last resort has expired. As a result of such appeal, no distribution of settlement proceeds has been made to the Trust and the Trustee does not know if or when the Trust will receive proceeds of such settlement. As was previously reported, in February 1997, BROG sold its interest in the Texas Royalty properties that are subject to the Net Overriding Royalty Conveyance to the Trust dated effective November 1, 1980 ("Conveyance") to Riverhill Energy. The Trustee has been advised that Schlumberger Technology Corporation has acquired all of the shares of Riverhill Capital. CMC and Riverhill Energy were wholly owned subsidiaries of Riverhill Capital. The Trustee has further been advised that as part of the transaction, ownership of Riverhill Energy's interests in the Texas Royalty properties referenced above remain in Riverhill Energy which is now owned by the former shareholders of Riverhill Capital. Accounting operations pertaining to the Texas Royalty properties will be performed by CMC under the direction of Riverhill Energy. Royalty income for the Trust for the first quarter of the calendar year is associated with actual oil and gas production for the period November 1997 through January 1998 from the properties from which the Royalties were carved. Oil and gas sales attributable to the Royalties and the properties from which the Royalties were carved are as follows:
First Quarter --------------------- 1998 1997 ROYALTIES: Oil sales (Bbls) 169,890 258,217 Gas sales (Mcf) 763,178 919,075 PROPERTIES FROM WHICH THE ROYALTIES WERE CARVED: Oil: Total oil sales (Bbls) 435,477 439,226 Average per day (Bbls) 4,733 4,774 Average price/Bbl $16.07 $23.15 Gas: Total gas sales (Mcf) 1,782,588 1,771,281 Average per day (Mcf) 19,376 19,253 Average price/Mcf $2.49 $3.51
The posted price of oil decreased for the first quarter of 1998, compared to the first quarter of 1997, resulting in an average price per barrel of $16.07, compared to $23.15 in the first quarter of 1997. The Trust has been advised by BROG that for the period August 1, 1993, through June 30, 1998, the oil from the Waddell Ranch was being sold under a competitive bid to a third party. The decrease in the average price of gas from $3.51 in the first quarter of 1997 to $2.49 in the first quarter of 1998 is primarily the result of a decrease in the spot prices of natural gas. -9- 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), those production amounts do not provide a meaningful comparison. The decrease in oil sales from the properties from which the Royalties are carved is primarily a result of natural decline in the deliverability of the wells. The gas sales from the properties from which the Royalties were carved were relatively unchanged for the first quarter of 1998, compared to the first quarter of 1997. Capital expenditures for drilling, remedial and maintenance activities on the Waddell Ranch properties during the first quarter of 1998 totaled $3.0 million as compared to $1.2 million for the first quarter of 1997. BROG has informed the Trust that the 1998 capital expenditures budget is $17.6 million. The total amount of capital expenditures for 1997 was $11.8 million. The Trust has been advised that there were 16 gross (6.62 net) wells completed during the three months ended March 31, 1998, and there were 30 gross (14.37 net) wells in progress. For the three months ended March 31, 1997, no wells were completed and there were 10 gross (4.75 net) wells in progress. Lease operating expense and property taxes totaled $2.9 million for the first quarter of 1998, compared to $3.4 million in the first quarter of 1997. The Trustee was advised that this decrease is attributable to timing in the payment of certain expenses pertaining to the Waddell Ranch field operations. -10- 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 March 31, 1998 and 1997, respectively, were computed as shown in the table below:
Three Months Ended March 31, ------------------------------------------------------------ 1998 1997 ---------------------------- ----------------------------- 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 $ 5,391,392 $1,607,393 $ 7,854,807 $2,314,041 Gas proceeds 3,918,121 519,198 5,690,666 526,141 ---------- --------- --------- --------- Total 9,309,513 2,126,591 13,545,473 2,840,182 ---------- --------- --------- --------- Less: Severance tax: Oil 219,768 57,454 320,277 85,201 Gas (1,204,110) 25,648 425,222 31,950 Lease operating expense and property tax: Oil and gas 2,664,211 205,064 3,396,445 21,418 Capital expenditures 2,954,359 1,219,695 --------- ------- --------- ------- Total 4,634,228 288,166 5,361,639 138,569 --------- ------- --------- ------- Net profits 4,675,285 1,838,425 8,183,834 2,701,612 Net overriding royalty interests 75% 95% 75% 95% --------- --------- -------- --------- Royalty income $ 3,506,464 $1,746,503 $ 6,137,875 $2,566,532 =========== ========== ========== ==========
ITEM 3. QUALITATIVE AND QUANTITATIVE DISCLOSURES ABOUT MARKET RISK Not Applicable. -11- PART II - OTHER INFORMATION Items 1 through 4. Not applicable. Item 5. Other At the close of business on May 6, 1998, the Trustee merged with and into NationsBank, N.A. The Trustee is now NationsBank, N.A., successor by merger to NationsBank of Texas, N.A. as Trustee. 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 and The First National Bank of Fort Worth (now NationsBank, 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 to The First National Bank of Fort Worth (now NationsBank, 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 to The First National Bank of Fort Worth (now NationsBank, 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, NationsBank, N.A., P.O. Box 1317, Ft. Worth, Texas, 76101. ** Filed herewith. (b) Reports on Form 8-K During the three months ended March 31, 1998, one report on Form 8-K was filed by the Trust. Such Form 8-K was dated March 23, 1998, and reported that the Trustee had been advised that the Trust's distributable income for March 1998 included approximately $1.1 million which represented the Trust's portion of an approximate $1.5 million severance tax refund received from the State of Texas by Burlington Resources Oil and Gas Company ("BROG"), operator of record of the Waddell Ranch properties in Crane County, Texas in which Permian Basin Royalty Trust has a net overriding royalty interest. It further reported that the Trustee had been advised that, with regard to the source of such payment, BROG advised the Trustee that BROG, along with other working interest owners in the Waddell Ranch, engaged an independent serverance tax consultant to analyze severance taxes incurred on gas production for the period June 1991 to -12- March 1997. As a result of their analysis, a refund was requested as was subsequently received in March 1998 for approximately $1.3 million. Furthermore, the State of Texas refunded an additional approximate $200,000 to BROG for severance taxes related to gas production for the period April 1997 to November 1997, based on the results of the analysis for the period from June 1991 to March 1997. This resulted in a total refund of approximately $1.5 million to BROG, out of which the Trust received approximately $1.1 million as referenced above. -13- 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. NATIONSBANK, N.A. TRUSTEE FOR THE PERMIAN BASIN ROYALTY TRUST By: /s/ ERIC F. HYDEN ---------------------------------- Eric F. Hyden Vice President Date: May 14, 1998 (The Trust has no directors or executive officers.) -14- INDEX TO EXHIBITS Sequentially Exhibit Numbered Number Exhibit Page (4)(a) Permian Basin Royalty Trust Indenture dated November 3, 1980, between Southland Royalty Company and The First National Bank of Fort Worth (now NationsBank, 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 to The First National Bank of Fort Worth (now NationsBank, 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 to The First National Bank of Fort Worth (now NationsBank, 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, NationsBank, N.A., P. O. Box 1317, Fort Worth, Texas 76101. ** Filed herewith. EX-27 2
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 MARCH 31, 1998, AND THE RELATED CONDENSED STATEMENTS OF DISTRIBUTABLE INCOME AND CHANGES IN TRUST CORPUS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 1998. 3-MOS DEC-31-1998 MAR-31-1998 $1,778,358 0 0 0 0 $1,778,358 $10,975,216 $7,530,986 $5,222,588 $1,778,358 0 0 0 0 $3,444,230 $5,222,588 0 $5,263,835 0 0 $124,429 0 0 $5,139,406 0 $5,139,406 0 0 0 $5,139,406 0 0
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