Permian Basin Royalty Trust Declares June Distribution Amid SoftVest Bid

The increase in this month’s distribution stems primarily from higher oil volumes and elevated pricing across the Texas Royalty Properties. Production figures for the trust’s allocated portion reached 14,577 barrels of oil and 6,972 Mcf of gas. After accounting for $150,074 in taxes and expenses, the properties contributed $1,285,932 to the trust. General and administrative expenses, net of interest, totaled $133,368, leaving $1,149,997 for distribution across 46,608,796 outstanding units.

Waddell Ranch operations, managed by Blackbeard Operating, LLC, continue to face fiscal headwinds. Because production costs exceeded gross proceeds throughout May, the trust will see no income from these assets until the excess costs are fully recovered. The trustee noted that financial data for Waddell Ranch will now be disclosed on a quarterly basis in Form 10-Q and Form 10-K filings, rather than monthly, to align with the operator's reporting schedule.

Separately, the trust addressed a non-binding proposal from SoftVest, L.P., regarding a potential business combination. The plan, outlined in a Schedule 13D filing, suggests forming a new corporation to acquire the trust's assets alongside holdings from Blackbeard Holdings. The trustee clarified that it has not participated in negotiations and remains neutral, noting that any such merger would likely require approval from a majority of unitholders.