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Permianville Royalty Trust Trust Units (PVL-4.49%) has filed its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing total income from the net profits interest of $4,259,281, compared to $10,347,619 in the previous year. The decrease is attributed to lower net profits attributable to the underlying properties.
The Trust reported oil sales of $50,291,248 and natural gas sales of $11,341,855. Total direct operating expenses were $26,801,000, and development expenses were $20,345,000.
The Trust's distributable income for 2024 was $2,821,500, down from $14,113,110 in 2023. Distributions to unitholders were $0.0855 per unit, compared to $0.42767 per unit in the previous year.
The Trust's net profits interest in oil and natural gas properties was valued at $41,892,402 as of December 31, 2024, with accumulated amortization of $311,034,905.
The Trust's cash reserves for future expenses totaled $1,241,386 as of December 31, 2024, with a plan to build a cash reserve of approximately $2.3 million.
The Trust's operations are dependent on the financial condition of the operators of the underlying properties, with COERT Holdings 1 LLC as the current sponsor.
The filing outlines risks related to fluctuations in oil and natural gas prices, potential increases in operating costs, and regulatory changes that could impact the Trust's financial performance.
The Trust's financial statements are prepared on a modified cash basis, which differs from GAAP, and the Trust is not subject to federal income taxes at the trust level.
The Trust's reserves are estimated by independent petroleum engineers, and the standardized measure of discounted future net cash flows was $91,362,000 as of December 31, 2024.
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 annual 10-K report dated March 19, 2025. To report an error, please email earnings@qz.com.