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PermRock Royalty Trust Trust Units (PRT-3.28%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the Trust's operations, which are primarily focused on the Net Profits Interest from oil and natural gas production in the Permian Basin. The Trust receives 80% of the net profits from these operations.
During 2024, the Trust reported net profits income of $5,959,482, a decrease from $7,127,379 in 2023. This decline was attributed to decreased oil and natural gas sales volumes and prices.
The Trust's distributable income for 2024 was $5,161,498, resulting in a distribution of $0.424259 per unit for the year.
Boaz Energy, the operator of the Underlying Properties, announced a pending sale of its interests to T2S Permian Acquisition II LLC. This transaction is expected to close by the end of March 2025, subject to customary conditions.
The Trust's reserves as of December 31, 2024, were estimated at 1,563 MBbls of oil and 1,553 MMcf of natural gas, with a PV-10 value of $64,445,500.
The Trust does not have a board of directors or officers, and its affairs are managed by Argent Trust Company as the Trustee.
The filing also outlines various risks, including fluctuations in oil and gas prices, regulatory changes, and potential impacts of environmental laws.
The Trust's financial statements were audited by Weaver and Tidwell, L.L.P., which reported no critical audit matters.
The Trust has no employees, and its administrative expenses are managed by the Trustee, with an annual fee subject to escalation.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PermRock Royalty Trust Trust Units annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.