0001193125-15-259730.txt : 20150722 0001193125-15-259730.hdr.sgml : 20150722 20150722151200 ACCESSION NUMBER: 0001193125-15-259730 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20150721 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150722 DATE AS OF CHANGE: 20150722 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: 15999889 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 d65482d8k.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): July 21, 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 July 21, 2015, the Registrant issued a press release announcing its monthly cash distribution to unitholders of record on July 31, 2015 and subsequently issued another press release announcing a correction to the net profits results for the Waddell Ranch Properties reported in the July cash distribution announcement. The press releases are attached hereto as Exhibits 99.1 and 99.2 and are 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 July 21, 2015.
99.2 Press Release dated July 21, 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: July 22, 2015

EXHIBIT INDEX

 

Exhibit
Number

   

Description

99.1    Press Release dated July 21, 2015.
99.2    Press Release dated July 21, 2015.
 EX-99.1 2 d65482dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

Permian Basin Royalty Trust

 

LOGO

PERMIAN BASIN ROYALTY TRUST

ANNOUNCES JULY CASH DISTRIBUTION

DALLAS, Texas, July 21, 2015 – Permian Basin Royalty Trust (NYSE: PBT) (“Permian”) today declared a cash distribution to the holders of its units of beneficial interest of $0.051674 per unit, payable on August 14, 2015, to unit holders of record on July 31, 2015.

This month’s distribution increased from the previous month due to increased production and pricing for both oil and gas on the Waddell Ranch properties.

WADDELL RANCH

Production for the underlying properties at the Waddell Ranch was 74,879 barrels of oil and 537,172 Mcf of gas. The production for the Trust’s allocated portion of the Waddell Ranch was 17,422 barrels of oil and 101,822 Mcf of gas. The average price for oil was $55.75 per bbl and for gas was $2.66 per Mcf. This would primarily reflect production and pricing for the month of May for oil and the month of April for gas. These allocated volumes were significantly impacted by the pricing of both oil and gas.

This production and pricing for the Underlying Properties resulted in revenues for the Waddell Ranch Properties of $5,363,517. Deducted from these would be the Lease Operating Expense (LOE) $1,781,882, taxes of $440,150 and Capital Expenditures (CAPEX) of $1,561,004 resulting in a Net Profit of $3,783,036 for the month of June. With the Trust’s Net Profit Interest (NPI) of 75% of the underlying properties, this would result in net contribution by the Waddell Ranch Properties of $1,185,361 to this month’s distribution. There is no amount of negative NPI deficit to carryover from previous periods for this month.

During May 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.

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.

 

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

Current Month

                  

Waddell Ranch

      74,879         537,172         17,422         101,822       $ 55.75       $ 2.66 ** 

Texas Royalty Prop

      28,298         34,976         26,884         33,227       $ 55.22       $ 4.46 ** 

Prior Month

                  

Waddell Ranch

      72,877         533,957         6,379         77,585       $ 50.24       $ 2.13 ** 

Texas Royalty Prop

      30,170         37,971         28,662         36,075       $ 50.24       $ 5.33 ** 

 

* 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.

TEXAS ROYALTY PROPERTIES

Production for the underlying properties at the Texas Royalties was 28,298 barrels of oil and 34,976 Mcf of gas. The production for the Trust’s allocated portion of the Texas Royalties was 26,884 barrels of oil and 33,227 Mcf of gas. The average price for oil was $55.22 per bbl and for gas was $4.46 per Mcf. This would primarily reflect production and pricing for the month of May for oil and the month of April for gas. These allocated volumes were impacted by the pricing of both oil and gas.

This production and pricing for the underlying properties resulted in revenues for the Texas Royalties of $1,718,505. Deducted from these would be taxes of $222,851 resulting in a Net Profit of $1,495,654 for the month of June. With the Trust’s Net Profit Interest (NPI) of 95% of the Underlying Properties, this would result in net contribution by the Texas Royalties of $1,420,871 to this month’s distribution.

General and Administrative Expenses deducted for the month were $197,746 resulting in a distribution of $2,408,489 to 46,608,796 units outstanding, or $.051674 per unit.

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.

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
 EX-99.2 3 d65482dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

Permian Basin Royalty Trust

 

LOGO

PERMIAN BASIN ROYALTY TRUST

ANNOUNCES REVISED NET PROFITS STATEMENT FOR WADDELL RANCH FOR JUNE

DALLAS, Texas, July 21, 2015 – Permian Basin Royalty Trust (NYSE: PBT) (“Permian”) today announced a correction to the net profits results for the Waddell Ranch Properties reported in the July cash distribution announcement on July 21, 2015. The correct production and pricing for the Underlying Properties resulted in revenues for the Waddell Ranch Properties of $5,363,517. Deducted from these would be the Lease Operating Expense (LOE) $1,781,882, taxes of $440,150 and Capital Expenditures (CAPEX) of $1,561,004 totaling $3,783,036 resulting in a Net Profit of $1,580,481 for the month of June. With the Trust’s Net Profit Interest (NPI) of 75% of the underlying properties, this would result in net contribution by the Waddell Ranch Properties of $1,185,361 to this month’s distribution. There is no amount of negative NPI deficit to carryover from previous periods for this month.

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
 GRAPHIC 4 g65482bar.jpg GRAPHIC begin 644 g65482bar.jpg M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````/```_^X`#D%D M;V)E`&3``````?_;`(0`!@0$!`4$!@4%!@D&!08)"P@&!@@+#`H*"PH*#!`, M#`P,#`P0#`X/$`\.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-#`T8$!`8 M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\? M'Q\?'Q\?'Q\?_\``$0@`(`)T`P$1``(1`0,1`?_$`$L``0$````````````` M```````!`0$`````````````````````$`$`````````````````````$0$` M````````````````````_]H`#`,!``(1`Q$`/P"````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` L```````````````````````````````````````````````````````__]D_ ` end