PBT declares $0.031031/unit distribution, down; sues Blackbeard for $15M+; warns of future risk

PERMIAN BASIN ROYALTY TRUST

Cash distribution of $0.031031/unit, payable Feb 14, 2024, down from prior month due to lower production/pricing and higher CAPEX.
Waddell Ranch contributed $308,458 net; Texas Royalties contributed $1,204,095 net.
Trustee filed lawsuit on Dec 18, 2023 against Blackbeard Operating seeking >$15M in damages for underpaid royalties.
Warning: if oil/gas pricing continues or declines, Waddell Ranch may not be able to contribute to future distributions.
Tax info packets expected early March 2024; 2023 tax booklet on website by Feb 29.

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