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Permianville Royalty Trust (PVL-0.36%) 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 oil sales to $14,577,415 from $11,501,341 in the same quarter the previous year, attributed to higher produced volumes and slightly higher realized prices.
Natural gas sales for the quarter were $2,950,780, up from $2,488,980, due to higher produced volumes, despite a decrease in realized prices.
Lease operating expenses decreased to $5,717,000 from $6,752,000, while development expenses decreased to $1,840,000 from $2,401,000.
Net profits allocable to the Net Profits Interest were $6,312,156, compared to $2,850,857 in the previous year, with the increase attributed to higher oil and natural gas sales.
Distributable income for the quarter was $1,518,000, down from $2,475,000 in the previous year, primarily due to the repayment of a $527,076 loan from COERT.
Cash reserves withheld for Trust expenses were $815,846, compared to $92,230 in the previous year.
The filing also details the Trust's financial condition, including a cash reserve of $1,091,386 as of September 30, 2024, intended to cover future liabilities.
The Trust anticipates continued elevated development activity on the Underlying Properties, with capital expenditures expected to be higher than industry levels.
The Trustee reports no changes in internal control over financial reporting that have materially affected the Trust's financial reporting.
The filing outlines potential risks, including geopolitical developments, economic conditions, and changes in commodity prices, which could impact future results.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Permianville Royalty Trust Trust Units quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.