Permian Basin Royalty Trust Reports Earnings and Production Results for the Month of January 2018
January 22, 2018 at 06:53 pm
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Permian Basin Royalty Trust reported earnings and production results for the month of January 2018. For the month, the company reported production for the underlying properties at the Waddell Ranch was 55,470 barrels of oil and 313,618 Mcf of gas. The production for the Trust's allocated portion of the Waddell Ranch was 24,872 barrels of oil and 141,504 Mcf of gas. The average price for oil was $53.55 per bbl and for gas was $3.80 per Mcf. This would primarily reflect production and pricing for the month of November for oil and the month of October for gas. These Allocated volumes were significantly impacted by the pricing of both oil and gas. Production for the underlying properties at the Texas Royalties was 22,661 barrels of oil and 23,957 Mcf of gas. The production for the Trust's allocated portion of the Texas Royalties was 21,528 barrels of oil and 22,759 Mcf of gas.
This production and pricing for the Underlying Properties resulted in revenues for the Waddell Ranch Properties of $4,163,678. Deducted from these would be the Lease Operating Expense (LOE) of $1,357,615, taxes of $269,512, and Capital Expenditures (CAPEX) of $146,820 totaling $1,773,947 resulting in a Net Profit of $2,389,731 for the month of December. With the Trust's Net Profit Interest (NPI) of 75% of the underlying properties, this would result in a net contribution by the Waddell Ranch Properties of $1,792,298 to this month's distribution. Production for the underlying properties at the Texas Royalties was 22,661 barrels of oil and 23,957 Mcf of gas. The production for the Trust's allocated portion of the Texas Royalties was 21,528 barrels of oil and 22,759 Mcf of gas. The average price for oil was $52.05 per bbl and for gas was $7.87 per Mcf. This would primarily reflect production and pricing for the month of November for oil and the month of October for gas. These allocated volumes were impacted by the pricing of both oil and gas.
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.
PERMIAN BASIN ROYALTY TRUST 
