-----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, UCgg/9S2lJ6ldZBUhVHdKoW0eHbR1o3eU4/Tmc0Cs72cJWU7a97sXmDln+Fb8jrn IWSW05zGtSrk1ZcuyyPCNg== 0001025970-99-000002.txt : 19990514 0001025970-99-000002.hdr.sgml : 19990514 ACCESSION NUMBER: 0001025970-99-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990513 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: 99619467 BUSINESS ADDRESS: STREET 1: 1300 SUMMIT AVENUE 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 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, 1999 Commission File No. 1-8033 PERMIAN BASIN ROYALTY TRUST Texas I.R.S. No. 75-6280532 NationsBank, N.A., d/b/a Bank of America, 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 13, 1999: 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. d/b/a 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 March 31, 1999, and the distributable income and changes in trust corpus for the three-month periods ended March 31, 1999 and 1998 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, 1999, and for the three-month periods ended March 31, 1999 and 1998 included herein. -2- INDEPENDENT ACCOUNTANTS' REPORT NationsBank, N.A. d/b/a 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 March 31, 1999, and the related condensed statements of distributable income and changes in trust corpus for the three-month periods ended March 31, 1999 and 1998. 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, 1998, 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 8, 1999, 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, 1998, 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 DELOITTE & TOUCHE LLP April 26, 1999 -3-
PERMIAN BASIN ROYALTY TRUST CONDENSED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS - ------------------------------------------------------------------------------ March 31, December 31, ASSETS 1999 1998 (Unaudited) Cash and short-term investments $ 1,048,564 $ 525,193 Net overriding royalty interests in producing oil and gas properties (net of accumulated amortization of $7,693,615 and $7,638,633 at March 31, 1999 and December 31, 1998, respectively) 3,281,601 3,336,583 --------- --------- $ 4,330,165 $ 3,861,776 ========= ========= LIABILITIES AND TRUST CORPUS Distribution payable to Unit holders $ 1,048,564 $ 525,193 Trust corpus - 46,608,796 Units of beneficial interest authorized and outstanding 3,281,601 3,336,583 --------- --------- $ 4,330,165 $ 3,861,776 ========= ========= CONDENSED STATEMENTS OF DISTRIBUTABLE INCOME (UNAUDITED) - ------------------------------------------------------------------------------ Three Months Ended March 31, ----------------------------- 1999 1998 Royalty income $ 1,775,960 $ 5,252,967 Interest income 2,013 10,868 --------- --------- 1,777,973 5,263,835 General and administrative expenditures 143,663 124,429 --------- --------- Distributable income $ 1,634,310 $ 5,139,406 ========== ========== Distributable income per Unit (46,608,796 Units) $ .035064 $ .110267 ========= ========= 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, ------------------------------ 1999 1998 Trust corpus, beginning of period $ 3,336,583 $ 3,496,594 Amortization of net overriding royalty interests (54,982) (52,364) Distributable income 1,634,310 5,139,406 Distributions declared (1,634,310) (5,139,406) ---------- ---------- Trust corpus, end of period $ 3,281,601 $ 3,444,230 ========== ========== 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. d/b/a 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. - 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. - 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). -6- 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. 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. 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. 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 by $1,218,732. Such excess costs were recovered from the net proceeds of the underlying Waddell Ranch properties during the first quarter of 1999 and these properties are again contributing to the Trust royalty income. ****** -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. 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 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. As the Trust does not directly maintain any systems, the Trust will not incur any direct costs related to the Year 2000 issue. The Trustee has identified those vendors it believes could have an impact on its day-to-day operations if their operations were interrupted as a result of Year 2000 problems. The Trustee has made formal inquiries to these vendors requesting information on their state of readiness for the Year 2000. Through responses received and other literature reviewed by the Trustee with respect to its vendors, the Trustee believes that all significant vendors are currently addressing the Year 2000 issue and plan to be compliant prior to the Year 2000. The Trustee has no reason to believe that its vendors will not be Year 2000 compliant. In the event the Trustee learns that a vendor's system will not be Year 2000 compliant, the Trustee will assess the potential risk and develop contingency plans at that time. The Trust is a passive entity with no business operations and the information technology systems ("IT") employed by the Trustee in connection with its duties on behalf of the Trust are less extensive than the systems employed by many business entities. The Trust has no formal IT budget and the Trustee does not anticipate making any expenditures relating to the Trustee's IT systems used in connection with the Trust during 1999. -8- Because the royalty interests held by the Trust are fixed, the Trustee is dependent upon the third parties that hold operating interests with respect thereto for the receipt of royalty income. Thus, if any such third party failed to deliver royalty income, the Trustee would have no alternative source for such income. The Trustee believes that the worst case scenario would be the failure by one or more of the third parties who pay royalties to the Trust or who make distributions to Unit holders for the Trust to identify and remediate Year 2000 problems on a timely basis, which could cause the Trustee to be unable to make required distributions to Unit holders. With respect to a failure by a third party to deliver royalty income or make distributions to Unit holders on a timely basis, the Trustee believes that it would have no control over the efforts of such third party to correct the problems, and significant delays in the receipt of royalty income and distributions to Unit holders could result. There can be no guarantee that the Trustee will be able to identify all potential Year 2000 problems or fully remediate all Year 2000 problems identified on a timely basis. There can be no assurance that the systems of the Trustee or third party vendors on which the Trust relies will be timely remediated. The failure by the Trustee or any such third party to fully remediate its Year 2000 problems on a timely basis could have a material adverse affect on the Trustee's ability to receive revenue, account for and make timely distribution of the Trust's distributable income. Certain of the statements made above regarding the Trustee's Year 2000 program are forward looking statements, and there can be no assurance that the Trustee will be able to achieve Year 2000 compliance in the manner and by the dates indicated above. THREE MONTHS ENDED MARCH 31, 1999 AND 1998 For the quarter ended March 31, 1999 royalty income received by the Trust amounted to $1,775,960, compared to royalty income of $5,252,967 during the first quarter of 1998. The decrease in royalty income is primarily due to a decrease in oil and gas prices in the first quarter of 1999, compared to the first quarter of 1998. The decrease in royalty income was also caused by the recovery of excess costs in the amount of $1,218,732 during the first quarter of 1999 (See Note 3 for more information on these excess costs). 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, 1999, was $2,013, compared to $10,868 during the first quarter of 1998. The decrease in interest income is attributable primarily to a decrease in funds available for investment. General and administrative expenses during the first quarter of 1999 amounted to $143,663, compared to $124,429 during the first quarter of 1998. The increase in general and administrative expenses can be attributed primarily to timing differences in the receipt and payment of these expenses. These transactions resulted in distributable income for the quarter ended March 31, 1999, of $1,634,310 or $.035064 per Unit of beneficial interest. Distributions of $.006383, $.006184 and $.022497 per Unit were made to Unit holders of record as of January 29, February 26 and March 31, 1999, respectively. For the first quarter of 1998, distributable income was $5,139,406 or $.110267 per Unit. -9- 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 1998 through January 1999 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 ------------------------ 1999 1998 ROYALTIES: Oil sales (Bbls) 123,698 169,890 Gas sales (Mcf) 435,162 763,178 PROPERTIES FROM WHICH THE ROYALTIES WERE CARVED: Oil: Total oil sales (Bbls) 454,626 435,477 Average per day (Bbls) 4,942 4,733 Average price per Bbl $9.73 $16.07 Gas: Total gas sales (Mcf) 1,827,302 1,782,588 Average per day (Mcf) 19,862 19,376 Average price perMcf $1.81 $2.49
The posted price of oil decreased for the first quarter of 1999, compared to the first quarter of 1998, resulting in an average price per barrel of $9.73 compared to $16.07 in the first quarter of 1998. The Trust has been advised by BROG that for the period August 1, 1993, through June 30, 1999, the oil from the Waddell Ranch is being sold under a competitive bid to a third party. The decrease in the average price of gas from $2.49 in the first quarter of 1998 to $1.81 in the first quarter of 1999 is primarily the result of a decrease 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 costs (including capital expenditures), the production amounts in the Royalties Section of the above table do not provide a meaningful comparison. The oil sales from the properties from which the Royalties are carved were relatively unchanged for the first quarter of 1999 compared to the first quarter of 1998. The gas sales from the properties from which the Royalties were carved increased slightly in the first quarter of 1999 compared to the first quarter of 1998. Capital expenditures for drilling, remedial and maintenance activities on the Waddell Ranch properties during the first quarter of 1999 totaled approximately $460,000 as compared to approximately $3.0 million for the first quarter of 1998. BROG has informed the Trust that the 1999 capital expenditures budget is $6.1 million. The total amount of capital expenditures for 1998 was approximately $15.9 million. The Trust has been advised that there were 6 gross (2.63 net) wells completed during the three months ended March 31, 1999 and no wells were in progress at March 31, 1999. For the three months ended March 31, 1998, 16 gross (6.62 net) wells were completed and there were 30 gross (14.37 net) wells in progress. Lease operating expense and property taxes totaled $3.1 million in the first quarter of 1999 and $2.9 million in the first quarter of 1998. -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, 1999 and 1998, respectively, were computed as shown in the table below:
Three Months Ended March 31, ---------------------------------------------------------------- 1999 1998 ------------------------------ ------------------------------ 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 $ 3,501,709 $ 922,501 $ 5,391,392 $ 1,607,393 Gas proceeds 2,968,380 342,195 3,918,121 519,198 ---------- --------- --------- --------- Total 6,470,089 1,264,696 9,309,513 2,126,591 ---------- --------- --------- --------- Less: Severance tax: Oil 143,676 34,099 219,768 57,454 Gas 221,447 20,485 (1,204,110) 25,648 Lease operating expense and property tax: Oil and gas 2,916,540 195,000 2,664,211 205,064 Capital expenditures 459,899 2,954,359 Other 21,412 --------- --------- --------- --------- Total 3,762,974 249,584 4,634,228 288,166 --------- --------- --------- --------- Net profits 2,707,115 1,015,112 4,675,285 1,838,425 Net overriding royalty interests 75% 95% 75% 95% --------- --------- -------- --------- 2,030,336 964,356 3,506,464 1,746,503 Less: recovery of excess cost over revenues (a) 1,218,732 --------- --------- --------- --------- Royalty income $ 811,604 $ 964,356 $ 3,506,464 $ 1,746,503 ========== ========== ========== ==========
-11- (a) 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 Conveyance by $1,218,732. Such excess costs were recovered from the net proceeds of the underlying Waddell Ranch properties during the first quarter of 1999 and these properties are again contributing to the Trust royalty income. ITEM 3. QUALITATIVE AND QUANTITATIVE DISCLOSURES ABOUT MARKET RISK Not Applicable. -12- 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 NationsBank, N.A. d/b/a 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 NationsBank, N.A. d/b/a 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 NationsBank, N.A. d/b/a 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, NationsBank, N.A., d/b/a Bank of America, N.A.,P.O. Box 1317, Ft. Worth, Texas, 76101. ** Filed herewith. (b) Reports on Form 8-K During the quarter ended March 31, 1999, no reports on Form 8-K were filed by the Trust. -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. d/b/a BANK OF AMERICA, N.A., TRUSTEE FOR THE PERMIAN BASIN ROYALTY TRUST By: /s/ ERIC F. HYDEN ------------------------------------ Eric F. Hyden Vice President Date: May 13, 1999 (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 (now Burlington Resources Oil & Gas Company) and The First National Bank of Fort Worth (now NationsBank, N.A. d/b/a 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 NationsBank, N.A. d/b/a 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 NationsBank, N.A. d/b/a 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, NationsBank, N.A. d/b/a Bank of America, 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, 1999, AND THE RELATED CONDENSED STATEMENTS OF DISTRIBUTABLE INCOME AND CHANGES IN TRUST CORPUS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 1999. 3-MOS DEC-31-1999 MAR-31-1999 $1,048,564 0 0 0 0 $1,048,564 $10,975,216 $7,863,708 $4,160,072 $1,048,564 0 0 0 0 $3,111,508 $4,160,072 0 $1,777,973 0 0 $143,663 0 0 $1,634,310 0 $1,634,310 0 0 0 $1,634,310 0 0
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