Permian Basin Royalty Trust Declares June Distribution of $0.024673; Waddell Ranch Properties Remain in Excess Cost Position
Summary
Permian Basin Royalty Trust declared a June cash distribution of $0.024673 per unit, an increase from the prior month's $0.020355. This positive change is primarily due to higher oil volumes and pricing from Texas Royalty Properties. However, the Waddell Ranch properties remain in an excess cost position, meaning no proceeds from these properties will be included in this distribution, a continuation of an issue first reported in April. The Trust also reiterated the previously disclosed SoftVest activist proposal from May 18-19. The ongoing Waddell Ranch issue is a persistent drag on distributable income, and the operator's quarterly reporting delays transparency.
At the time of this announcement, PBT was trading at $27.00 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $1.2B. The 52-week trading range was $11.78 to $32.25. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: PR Newswire.