---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-25-074006"
form_type: "8-K"
ticker: "PBT"
cik: "0000319654"
company_name: "PERMIAN BASIN ROYALTY TRUST"
filed_at: "2025-05-19T23:59:59+00:00"
generated_at: "2026-05-21T02:18:55.197896+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-25-074006
- form_type: 8-K
- ticker: PBT
- cik: 0000319654
- company_name: PERMIAN BASIN ROYALTY TRUST
- filed_at: 2025-05-19T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/319654/000095017025074006/0000950170-25-074006-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/319654/000095017025074006/2025-05_permian_basin_8-.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-25-074006
- JSON: https://secwatch.observer/filing/0000950170-25-074006.json
- Plain text: https://secwatch.observer/filing/0000950170-25-074006.txt

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