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HOUSTON, November 18, 2024--(BUSINESS WIRE)--Permianville Royalty Trust (NYSE: PVL, the "Trust") today announced a cash distribution to the holders of its units of beneficial interest of $0.010500 per unit, payable on December 13, 2024 to unitholders of record on November 29, 2024. The net profits interest calculation represents reported oil production for the month of August 2024 and reported natural gas production during July 2024. The calculation includes accrued costs incurred in September 2024.
The following table displays reported underlying oil and natural gas sales volumes and average received wellhead prices attributable to the current and prior month recorded net profits interest calculations.
| Underlying Sales Volumes | Average Price | |||||||||||||
| Oil | Natural Gas | Oil | Natural Gas | |||||||||||
| Bbls | Bbls/D | Mcf | Mcf/D | (per Bbl) | (per Mcf) | |||||||||
| Current Month | 40,886 | 1,319 | 384,143 | 12,392 | $ | 75.88 | $ | 1.78 | ||||||
| Prior Month | 52,287 | 1,687 | 1,105,204 | 36,840 | $ | 79.43 | $ | 2.44 | ||||||
Recorded oil cash receipts from the oil and gas properties underlying the Trust (the "Underlying Properties") totaled $3.1 million for the current month on realized wellhead prices of $75.88/Bbl, down $1.1 million from the prior month’s oil cash receipts.
Recorded natural gas cash receipts from the Underlying Properties totaled $0.7 million for the current month on realized wellhead prices of $1.78/Mcf, down $2.0 million from the prior month.
The decrease in reported oil and gas production and revenues for the current month was due in part to the comparison to the elevated production and revenues reflected in last month’s distribution calculation as a result of the receipt of first revenues from five new Permian wells and two new Haynesville wells, as disclosed in last month’s press release.
Total accrued operating expenses for the period were $2.3 million, a $1.2 million decrease month-over-month. Capital expenditures decreased $1.7 million from the prior period to $0.2 million.
In light of an increase in expected capital expenditures on the Underlying Properties over the next twelve months, COERT Holdings 1 LLC (the "Sponsor") has notified the Trustee that is it withholding $0.5 million from the current month’s net profits to be added to the Sponsor’s previously established cash reserve for approved, future development expenses. If those expenses are ultimately delayed or are less than expected, or if the outlook changes, amounts reserved but unspent will be released as an incremental cash distribution in a future period.
About Permianville Royalty Trust
Permianville Royalty Trust is a Delaware statutory trust formed to own a net profits interest representing the right to receive 80% of the net profits from the sale of oil and natural gas production from certain, predominantly non-operated, oil and gas properties in the states of Texas, Louisiana and New Mexico. As described in the Trust’s filings with the Securities and Exchange Commission (the "SEC"), the amount of the periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, the amount and timing of capital expenditures, and the Trust’s administrative expenses, among other factors. Future distributions are expected to be made on a monthly basis. For additional information on the Trust, please visit www.permianvilleroyaltytrust.com.