Permian Basin Royalty Trust Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 08, 2023 at 09:28 pm
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Permian Basin Royalty Trust reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported revenue was USD 3.34 million compared to USD 27.34 million a year ago. Net income was USD 3.2 million compared to USD 27.2 million a year ago. Basic earnings per share from continuing operations was USD 0.07 compared to USD 0.58 a year ago.
For the nine months, revenue was USD 14.66 million compared to USD 39.05 million a year ago. Net income was USD 13.7 million compared to USD 38.29 million a year ago. Basic earnings per share from continuing operations was USD 0.29 compared to USD 0.82 a year ago.
Permian Basin Royalty Trust is an express trust. Its Waddell Ranch Properties has mineral interests in the Waddell Ranch. Its Waddell Ranch Properties have proved reserves in six fields: Dune, Sand Hills (Judkins), Sand Hills (McKnight), Sand Hills (Tubb), University-Waddell (Devonian) and Waddell. The Waddell Ranch properties contain approximately 1,067 gross (499 net) productive oil wells and 108 gross (51 net) productive gas wells. The Blackbeard Operating, LLC is an operator of record of the Waddell Ranch properties. In the six fields, there are 12 producing zones ranging in depth from 2,800 to 10,600 feet. The prolific of these zones are the Grayburg and San Andres, which produce from depths between 2,800 and 3,400 feet. Also productive from San Andres are the Sand Hills gas field and the Sand Hills oil field, the Dune (Grayburg/San Andres) oil field, and the Waddell oil field. The Dune and Waddell oil fields are productive from both the Grayburg and San Andres formations.