---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-25-007022"
form_type: "8-K"
ticker: "PBT"
cik: "0000319654"
company_name: "PERMIAN BASIN ROYALTY TRUST"
filed_at: "2025-01-21T23:59:59+00:00"
generated_at: "2026-05-27T22:37:03.585730+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Permian Basin Trust distributes $0.02051/unit for Dec; Waddell excess costs continue; litigation seeks >$25M

## Summary
- Distribution of $0.02051/unit payable Feb 14, 2025 to holders of record Jan 31, 2025, down slightly from prior month due to lower oil volumes and prices.
- No proceeds from Waddell Ranch properties in December; excess cost position of $4.99M (net $3.74M) as of October must be recovered before future distributions.
- Trustee's litigation against operator Blackbeard seeks >$25M damages; trial set Nov 17, 2025; discovery ongoing.
- Texas Royalty Properties net profit $1.09M; Trust's 95% NPI contributed $1.03M to distribution; oil $67.69/bbl, gas $9.56/Mcf.

## SEC filing metadata
- accession: 0000950170-25-007022
- form_type: 8-K
- ticker: PBT
- cik: 0000319654
- company_name: PERMIAN BASIN ROYALTY TRUST
- filed_at: 2025-01-21T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/319654/000095017025007022/0000950170-25-007022-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/319654/000095017025007022/2025-01_permian_basin_8-.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-25-007022
- JSON: https://secwatch.observer/filing/0000950170-25-007022.json
- Plain text: https://secwatch.observer/filing/0000950170-25-007022.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.