Permianville Royalty Trust announced a cash distribution to the holders of its units of beneficial interest of $0.015000 per unit, payable on November 15, 2024 to unitholders of record on October 31, 2024. The net profits interest calculation represents reported oil production for the month of July 2024 and reported natural gas production during June 2024. The calculation includes accrued costs incurred in August 2024.
The following table displays reported underlying oil and natural gas sales volumes and average received wellhead prices attributable to the current and prior month recorded net profits interest calculations.
Recorded oil cash receipts from the oil and gas properties underlying the Trust (the “Underlying Properties”) totaled $4.2 million for the current month on realized wellhead prices of $79.43/Bbl, up $1.2 million from the prior month’s oil cash receipts.
Recorded natural gas cash receipts from the Underlying Properties totaled $2.7 million for the current month on realized wellhead prices of $2.44/Mcf, up $2.1 million from the prior month.
The increase in reported oil and gas production and revenues for the current month was due in part to the receipt of first revenues for five new Permian wells operated by a super-major energy company and two new Haynesville wells operated by another super-major energy company.
Total accrued operating expenses for the period were $3.5 million, a $1.0 million increase month-over-month. Capital expenditures increased $1.6 million from the prior period to $1.9 million. The increase in capital expenditures in the current month was due in part to drilling of two new Permian wells by the operator referenced above.
In light of an increase in expected capital expenditures on the Underlying Properties over the next twelve months, COERT Holdings 1 LLC (the “Sponsor”) has withheld $0.5 million from the current month’s net profits to establish a cash reserve for approved, future development expenses expected to be incurred in the near-term. If those expenses are ultimately delayed or are less than expected, or if the outlook changes, amounts reserved but unspent will be released as an incremental cash distribution in a future period.
