Permian Basin Royalty Trust declares $0.018841/unit May distribution; no Waddell Ranch proceeds due to excess costs

PERMIAN BASIN ROYALTY TRUST

Distribution of $0.018841/unit payable June 13, 2025 to holders of record May 30, 2025, down from prior month due to lower Texas Royalty oil volumes and pricing.
Waddell Ranch properties in excess cost position again in April; operator Blackbeard refused to provide monthly NPI data, switching to quarterly reporting.
Trust litigation seeking >$25M in damages against Blackbeard for improper overhead charges; trial set for Nov 17, 2025 in Tarrant County.
Texas Royalty properties contributed $976,194 to distribution; oil averaged $68.39/bbl, gas $9.42/Mcf for allocated volumes of 13,619 bbls and 9,894 Mcf.
All excess costs must be recouped before any future Waddell Ranch proceeds flow to Trust; operator dispute continues.

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