0001193125-15-192930.txt : 20150519 0001193125-15-192930.hdr.sgml : 20150519 20150519101259 ACCESSION NUMBER: 0001193125-15-192930 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150518 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150519 DATE AS OF CHANGE: 20150519 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PERMIAN BASIN ROYALTY TRUST CENTRAL INDEX KEY: 0000319654 STANDARD INDUSTRIAL CLASSIFICATION: OIL ROYALTY TRADERS [6792] IRS NUMBER: 756280532 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08033 FILM NUMBER: 15875275 BUSINESS ADDRESS: STREET 1: BANK OF AMERICA N A TRUST DEPARTMENT STREET 2: P O BOX 1317 NK OF TEXAS NA TRUST DEPT CITY: FT WORTH STATE: TX ZIP: 76102 BUSINESS PHONE: 8173906905 MAIL ADDRESS: STREET 1: 1300 SUMMIT AVENUE SUITE 300 CITY: FORTH WORTH STATE: TX ZIP: 76102 8-K 1 d928534d8k.htm FORM 8-K Form 8-K

 

 

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): May 18, 2015

 

 

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.)

 

Royalty Trust Management

Southwest Bank

2911 Turtle Creek Boulevard

Suite 850

Dallas, Texas

  75219
(Address of principal executive offices)   (Zip Code)

Registrant’s Telephone Number, including area code: (855) 588-7839

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 May 18, 2015, the Registrant issued a press release announcing its monthly cash distribution to unitholders of record on May 29, 2015. 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 Press Release dated May 18, 2015.


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:

SOUTHWEST BANK, TRUSTEE FOR

PERMIAN BASIN ROYALTY TRUST

By:

/s/ RON HOOPER

Ron Hooper
Senior Vice President

Date: May 19, 2015


EXHIBIT INDEX

 

Exhibit
Number

  

Description

99.1    Press Release dated May 18, 2015.
EX-99.1 2 d928534dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

Permian Basin Royalty Trust

PERMIAN BASIN ROYALTY TRUST

ANNOUNCES MAY CASH DISTRIBUTION

DALLAS, Texas, May 18, 2015 – Permian Basin Royalty Trust (NYSE: PBT) (“Permian”) today declared a cash distribution to the holders of its units of beneficial interest of $0.015672 per unit, payable on June 12, 2015, to unit holders of record on May 29, 2015.

This month’s distribution decreased from the previous month due to continued declining pricing for both oil and gas and continued Net Profit Interest (NPI) deficit carried over from the previous months’ of payment of capital expenditures for the 2014 program on the Waddell Ranch.

Production for the Trust’s allocated portion of the Waddell Ranch was a negative (22,324) barrels of oil and a negative (77,129) Mcf of gas. These allocated volumes were significantly impacted by the reduced pricing of both oil and gas. Also, the Waddell Ranch Properties continue to carry forward a negative NPI deficit of about $1 million. This means that the Waddell Ranch Properties contributed nothing to this month’s distribution. The average price for oil was $43.69 per bbl and for gas was $1.88 per Mcf. For the Trust’s Texas Royalty Properties allocation, oil production was 26,537 barrels of oil and gas production was 31,693 Mcf. The average price for oil was $44.29 per bbl and for gas was $4.52 per Mcf.

This would primarily reflect production for the month of March for oil and the month of February 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.

 

     Underlying Properties      Net to Trust Sales               
     Volumes      Volumes     Average      Price  
     Oil (bbls)      Gas (Mcf)      Oil (bbls)     Gas (Mcf)     Oil (per bbl)      Gas (per Mcf)  

Current Month

               

Waddell Ranch

     80,318         469,526         (22,324     (77,129   $ 43.69       $ 1.88 ** 

Texas Royalty Prop

     27,934         33,361         26,537        31,693      $ 44.29       $ 4.52 ** 

Prior Month

               

Waddell Ranch

     70,659         423,108         (27,954     5,537      $ 45.23       $ 4.02 ** 

Texas Royalty Prop

     27,392         33,113         26,022        31,457      $ 46.09       $ 5.63 ** 

 

* These volumes are the net to the trust, after allocation of expenses to Trust’s net profit interest.
** This pricing includes sales of gas liquid products.

During March 2015, two of the 2015 workover wells were completed and producing. The drill wells for the 2015 program will not take place until approximately June 2015. Capital expenditures were approximately $1,270,767. The numbers provided reflect what was net to the Trust. Due to the allocation method of paying for capital expenditures and lease operating expenses, the Trust’s net volumes are adjusted in order to pay these expenditures.

ConocoPhillips has advised the Trustee of the 2015 capital expenditure budget which will total $48 million for the entire Waddell Ranch Project and $22.5 million net to the Trust. There will be 10 vertical wells, 2 horizontal wells, 10 recompletions, and various facilities projects. The workover/recompletions have started and will last through the year with the vertical/horizontal drilling beginning in June and the facilities work will occur throughout the year. The results of the 2013 and 2014 budget are discussed more fully in the Form 10-K filing.


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-permian.com/. The new toll free number customer service number for the trust is 1-855-588-7839.

.        .        .

 

Contact: Ron Hooper
Senior Vice President
Southwest Bank, Trustee
Toll Free – 1.855.588.7839