Permian Basin Royalty Trust July Distribution Jumps to $0.043566 on Settlement Payment, Higher Oil Prices
PBT has more than doubled off its 52-week low of $12.45 on light trading volume (0.4× avg).
Summary
The Trust declared a July cash distribution of $0.043566 per unit, a sharp increase from the prior month's $0.024673. The boost stems from a $1.125 million settlement payment from Blackbeard Operating and higher realized oil prices ($99.90/bbl vs. $88.42 last month) on the Texas Royalty Properties. However, the Waddell Ranch properties remain in an excess cost position, contributing nothing for the second consecutive month. Lower oil and gas volumes and weaker gas pricing partially offset the gains. This follows the June distribution increase and the ongoing SoftVest activist proposal, adding to a complex payout picture. The distribution is payable August 14 to unitholders of record July 31.
At the time of this announcement, PBT was trading at $28.68 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $1.3B. The 52-week trading range was $12.45 to $32.25. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: PR Newswire.