Permian Basin Royalty Trust Declares Reduced $0.02 Distribution, Special Meeting Called

PERMIAN BASIN ROYALTY TRUST (NYSE:PBT) announced a cash distribution of $0.020021 per unit for October, payable on November 17, 2025, to unitholders of record on October 31, 2025. This distribution represents a decrease from the previous month and coincides with the declaration of a special meeting for unitholders, requested by SoftVest Advisors, LLC.

The decrease in the monthly distribution was primarily due to the absence of a first settlement payment from Blackbeard Operating LLC, which had been included in the prior month's distribution. This reduction was partially offset by higher oil and natural gas volumes and natural gas prices from the Texas Royalty Properties, though lower oil prices for the reported month had an offsetting effect.

No proceeds were included from the Waddell Ranch properties for the October distribution, as total production costs exceeded gross proceeds for August, resulting in a continuing excess cost position. The Trust will only include Waddell Ranch proceeds in future distributions after all excess costs, including accrued interest, have been recovered. Due to quarterly reporting from Blackbeard, the Trust will disclose Waddell Ranch information in its quarterly and annual reports.

For the Texas Royalty Properties, production for the underlying properties included 16,239 barrels of oil and 13,282 Mcf of gas. The Trust's allocated portion amounted to 14,323 barrels of oil and 11,709 Mcf of gas, reflecting mainly July oil production and June gas production. Average prices were $65.08 per barrel for oil and $8.10 per Mcf for gas. These properties generated revenues of $1,164,303, with $140,125 deducted for taxes and expenses, resulting in a net profit of $1,024,178 for September. With the Trust's 95% net profits interest, the Texas Royalty Properties contributed $972,969 to this month's distribution. After deducting general and administrative expenses of $39,774, net of interest earned, the total distribution amounted to $933,195 to 46,608,796 units outstanding, or $0.020021 per unit.

The special meeting, requested by SoftVest and other unitholders owning more than 15% of outstanding units, is scheduled for December 16, 2025, with a record date of November 11, 2025. The purpose of the meeting is to vote on a proposal supporting the judicial reformation of the Trust Indenture, allowing a majority vote of units cast at a special meeting to approve any amendment to the Trust Indenture. The Trustee intends to call the meeting, with additional details to be provided in a later notice and expected in a definitive proxy statement filed by SoftVest.