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): January 20, 2012
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 |
75202 | |||
| (Address of principal executive offices) | (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.):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition.
On January 20, 2012, the Registrant issued a press release announcing its monthly cash distribution to unitholders of record on January 31, 2012. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
This Report on Form 8-K is being furnished pursuant to Item 2.02, Results of Operations and Financial Condition. The information furnished is not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.
Item 9.01. Financial Statements and Exhibits.
| (d) | Exhibits | |
| 99.1 | PressRelease dated January 20, 2012. | |
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: January 23, 2012
EXHIBIT INDEX
| Exhibit |
Description | |
| 99.1 | Press Release dated January 20, 2012. | |
Exhibit 99.1
Permian Basin Royalty Trust
PERMIAN BASIN ROYALTY TRUST
ANNOUNCES JANUARY CASH DISTRIBUTION
DALLAS, Texas, January 20, 2012 – Permian Basin Royalty Trust (NYSE: PBT) (“Permian”) today declared a cash distribution to the holders of its units of beneficial interest of $.125910 per unit, payable on February 14, 2012, to unit holders of record on January 31, 2012. 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 slightly from the previous month as the result of increased production of both oil and gas and an increase in oil prices offset by a decline in gas pricing.
This would primarily reflect production for the month of November for oil and the month of October for gas. 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. 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 53,934 bbls and 175,284 Mcf. The average price for oil was $94.44 per bbl and for gas was $7.64 per Mcf. Capital expenditures were approximately $915,774. The numbers provided reflect what was net to the Trust.
| Net to Trust Sales Volumes |
Average Price | |||||||||||||||
| Oil (bbls)
|
Gas (Mcf)
|
Oil
|
Gas
|
|||||||||||||
| Current Month |
53,934 | 175,284 | $ | 94.44 | $ | 7.64 | ** | |||||||||
| Prior Month |
44,017 | 158,627 | $ | 83.60 | $ | 8.07 | ** | |||||||||
**This pricing includes sales of gas liquid products.
The 2011 tax information packets are expected to begin mailing directly to unitholders in early March 2012. A copy of Permian’s 2011 tax information booklet will be posted on Permian’s website by March 1, 2012. In addition to the tax booklet the Permian website will also offer two simple calculators for computing the income and expense amounts and the cost depletion. The calculators are expected to be updated with the 2011 tax information by February 1, 2012.
. . .
| Contact: | Ron E. Hooper |
Senior Vice President
U.S. Trust, Bank of America Private Wealth Management, Trustee
Toll Free – 1.877.228.5085