PERMIAN BASIN ROYALTY TRUST
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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Item 6. Selected Financial Data
****REMOVED AND RESERVED.
Computation of Royalty Income Received by the Trust
The Trust’s royalty income is computed as a percentage of the net profit from the operation of the properties in which the Trust owns net overriding royalty interests. The percentages of net profits are 75% and 95% in the cases of the Waddell Ranch properties and the Texas Royalty properties, respectively. Royalty income received by the Trust for the five years ended December 31, 2023, was computed as shown in the table on the next page.
| Year Ended December 31, | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2023 · 2022 · 2021 · 2020 · 2019 | ||||||||||
| Gross Proceeds of Sales From the Underlying Properties: | WaddellRanchProperties | TexasRoyaltyProperties | WaddellRanchProperties | TexasRoyaltyProperties | WaddellRanchProperties | TexasRoyaltyProperties | WaddellRanchProperties | TexasRoyaltiesProperties | WaddellRanchProperties | TexasRoyaltyProperties |
| Oil Proceeds | $213,356,229 | $16,423,167 | $195,554,348 | $20,665,465 | $66,328,817 | $12,799,649 | $22,745,332 | $10,093,604 | $31,769,427 | $13,325,221 |
| Gas Proceeds | 17,428,482 | 1,159,111 | 37,108,451 | 1,357,568 | 17,259,346 | 906,335 | 4,584,768 | 595,961 | 7,655,763 | 1,169,754 |
| Other | 20,293,769 | — | $31,318,921 | — | — | — | — | — | — | — |
| Adjustment(1) | — | — | (20,315,365) | — | 9,423,956 | — | 8,583,304 | — | — | — |
| Total | 251,078,480 | 17,582,278 | 243,566,355 | 22,023,033 | 93,012,119 | 13,705,984 | 35,913,404 | 10,689,565 | 39,425,195 | 14,494,975 |
| Less: | — | — | ||||||||
| Severance Tax | — | — | ||||||||
| Oil | 9,678,938 | 632,418 | 8,915,016 | 792,637 | 3,057,598 | 380,409 | 1,056,855 | 414,326 | 1,457,033 | 489,096 |
| Gas | 933,225 | 49,117 | 4,481,839 | 83,552 | 194,140 | 48,894 | 164,243 | 32,666 | 269,932 | 36,693 |
| Other | 21,715,807 | 134,222 | $15,427,633 | — | 173,640 | — | 726,596 | — | — | — |
| Lease Operating Expense and Property Tax Oil and Gas | 79,628,562 | 960,000 | 43,673,061 | 800,380 | 23,026,783 | 849,824 | 19,635,387 | 738,915 | 23,371,924 | 1,103,052 |
| Capital Expenditures | 120,462,603 | — | 124,283,888 | — | 66,559,957 | — | 10,314,532 | — | 3,306,832 | — |
| Total | 232,419,135 | 1,775,757 | $196,781,437 | $1,676,539 | $93,012,118 | $1,279,127 | $31,897,613 | $1,185,907 | $28,405,719 | $1,628,841 |
| Net Profits | 18,659,345 | 15,806,521 | $46,784,918 | $20,346,494 | $0 | $12,426,857 | $4,015,791 | $9,503,658 | $11,019,476 | $12,866,134 |
| Net Overriding Royalty Interest | 75% | 95% | 75% | 95% | 75% | 95% | 75% | 95% | 75% | 95% |
| Total Royalty Income for Distribution | $13,994,509 | $15,016,195 | $35,088,618 | $19,329,169 | $0 | $11,805,514 | $3,011,843 | $9,028,475 | $8,264,606 | $12,222,827 |
| (1) | Due to beginning NPI deficit at January 1, 2022, the Waddell Ranch properties did not contribute to Royalty income from January 1, 2022 through April 30, 2022. Beginning on May 1, 2022, the NPI deficit was fully recovered, therefore the Waddell Ranch properties began contributing to Royalty income from that time until March 2023 when it once again returned to a deficit position. Due to returning again to a deficit position in March, 2023, the Waddell Ranch properties did not contribute to royalty income for the period from March through April, 2023 and from July through September, 2023. As of December 31, 2023, the NPI deficit had been fully recovered. |
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