Permianville Royalty Trust announced a cash distribution to the holders of its units of beneficial interest of $0.011000 per unit, payable on August 14, 2024 to unitholders of record on July 31, 2024. The net profits interest calculation represents reported oil production for the month of April 2024 and reported natural gas production during March 2024. The calculation includes accrued costs incurred in May 2024.
This month, after recoupment of the existing cumulative net profits interest shortfall of approximately $3.3 million and repayment of prior administrative expense advances to the Trust of approximately $0.7 million, income from the net profits interest was approximately $0.4 million.
Recorded oil cash receipts from the oil and gas properties underlying the Trust (the “Underlying Properties”) totaled $7.9 million for the current month on realized wellhead prices of $80.84/Bbl, up $4.5 million from the prior month’s oil cash receipts. Oil production and oil cash receipts increased materially month-over-month largely because of the inclusion of 15 new Permian wells for which production and revenues attributable to prior periods were released by the operator of the corresponding Underlying Properties during the current month, following the completion of previously pending title work.
Recorded natural gas cash receipts from the Underlying Properties totaled $1.4 million for the current month on realized wellhead prices of $1.46/Mcf, up $0.4 million from the prior month. The increase in natural gas production and cash receipts month-over-month was due in part to the 15 new Permian wells discussed above that reflected production and revenues attributable to prior periods.
Total accrued operating expenses for the period were $3.2 million, a $0.4 million increase month-over-month. Capital expenditures decreased $0.5 million from the prior period to $0.4 million.
