Permianville Royalty Trust announced a cash distribution to the holders of its units of beneficial interest of $0.056000 per unit, payable on February 14, 2023 to unitholders of record on January 31, 2023. The net profits interest calculation represents reported oil production for the month of October 2022 and reported natural gas production during September 2022. The calculation includes accrued costs incurred in November 2022.
Recorded oil cash receipts from the oil and gas properties underlying the Trust (the “Underlying Properties”) totaled $3.1 million for the current month on realized wellhead prices of $85.39/Bbl, down $0.4 million from the prior month’s oil cash receipts.
Recorded natural gas cash receipts from the Underlying Properties totaled $1.5 million for the current month on realized wellhead prices of $6.89/Mcf, down $0.3 million from the prior month.
Total accrued operating expenses for the period were $2.0 million, a decrease of $0.3 million from the prior period. Capital expenditures decreased $0.3 million from the prior period to $0.2 million.
As previously disclosed, COERT Holdings 1 LLC (the “Sponsor”) has established a $1.0 million cash reserve for approved, future development expenses. As operators of the Underlying Properties are still finalizing their capital expenditure budgets for the upcoming fiscal year, and given current commodity price volatility, the Sponsor has informed the Trustee that it plans to continue to maintain the $1.0 million reserve to fund incremental future development expenses; however, 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.
