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Permian Basin Royalty Trust (PBT-1.94%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in royalty income to $8,366,375 from $3,317,431 in the same quarter the previous year. This increase is attributed to the absence of a deficit position that affected the Waddell Ranch properties in the previous year.
Interest income for the quarter was $54,534, compared to $24,119 in the same quarter of the previous year. The increase is due to higher amounts of funds available for investment.
Total expenses for the quarter increased to $367,625 from $139,520, primarily due to higher professional service expenses.
Distributable income for the quarter was $8,053,284, or $0.17 per Unit, compared to $3,202,030, or $0.07 per Unit, in the previous year.
Blackbeard Operating, LLC, the operator of the Waddell Ranch properties, has not provided the Trustee with necessary information for timely distribution calculations since May 2024, resulting in delays.
For the nine months ended September 30, 2024, royalty income was $23,175,406, compared to $14,598,202 in the same period of the previous year.
Interest income for the nine-month period was $122,688, up from $61,191 in the previous year, due to increased funds held for investment.
Total expenses for the nine months were $1,315,916, compared to $955,607, attributed to increased professional services and printing costs.
Distributable income for the nine months was $21,982,178, or $0.47 per Unit, compared to $13,703,786, or $0.29 per Unit, in the previous year.
The filing also notes a legal proceeding against Blackbeard Operating, LLC, seeking recovery of damages related to overhead costs and other expenses deducted from royalty payments.
The Trust is a passive entity and does not engage in borrowing or foreign currency transactions, minimizing market risk exposure.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Permian Basin Royalty Trust quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.