Permian Basin Royalty Trust (NYSE: PBT) announced a monthly cash distribution of $0.045191 per unit on October 20, 2026. The payment of $2,106,330.04 will be made on November 16, 2026, to unitholders of record as of October 30, 2026.
The distribution for October 2026 reflects a slight increase compared to the previous month. The filing attributes this rise primarily to a final settlement payment received from Blackbeard Operating, as well as higher natural gas volumes and pricing for the Texas Royalty Properties. This increase was partially offset by lower oil pricing.
The distribution excludes proceeds from the Waddell Ranch properties. Total production costs for the month of September exceeded gross proceeds, resulting in a continuing excess cost position for those assets. According to the Trust indenture, any proceeds received from Waddell Ranch on or before the record date are deferred to the following month.
Regarding the Texas Royalty Properties, production volumes allocated to the Trust were 13,459 barrels of oil and 5,632 Mcf of gas. The average price realized was $79.67 per barrel for oil and $15.15 per Mcf for gas, which includes significant natural gas liquid pricing. After deducting taxes and expenses, the Net Profit for the month was $1,152,553, which contributed $1,094,925 to the distribution after accounting for the Trust's 95% net profit interest.
The filing also details a proposed business combination. SoftVest, L.P. and certain affiliates have entered into a definitive agreement with Blackbeard Holdings, LLC to combine the Trust's assets with Blackbeard's mineral interests to form a new publicly traded corporation, PBT Land and Minerals, Inc. The Trustee has been notified that unitholders representing over 15% of the Trust Units have requested a special meeting to vote on amendments to the Trust Indenture regarding this combination. New PBT has filed a registration statement on Form S-4 and a Form S-1 for a rights offering.
