Highlights

  • The trust declared a distribution of $0.045191 per unit, payable on November 16, 2026, to holders as of October 30.
  • The distribution excludes Waddell Ranch proceeds, as production costs were greater than September gross proceeds, a continuing excess cost position.
  • Texas Royalty Properties revenues were $1,295,650, and the net contribution to the October distribution was $1,094,925.
  • SoftVest and Blackbeard Holdings signed a Combination Agreement on July 28, 2026 to create PBT Land and Minerals, Inc.

Permian Basin Royalty Trust (NYSE:PBT) units were trading at USD 33.10 on October 28, 2026, up 0.06%, with a relative volume at time of 5.22. The royalty trust announced its October cash distribution and a continuing excess cost position on the Waddell Ranch properties on October 20, 2026, and described a SoftVest combination proposal.

Permian Basin Royalty Trust is a Texas trust whose units of beneficial interest are listed on the New York Stock Exchange. Argent Trust Company serves as trustee, with an address at 3838 Oak Lawn Ave., Suite 1720, Dallas, Texas. The trust holds a net profits interest in the Waddell Ranch properties, operated by Blackbeard Operating, LLC, and a net profits interest of 95% in the underlying Texas Royalty Properties. Its annual report covers the year ended December 31, 2025. The distribution was calculated on 46,608,796 units outstanding.

October Cash Distribution

On October 20, 2026, Argent Trust Company, as trustee, declared a cash distribution of $0.045191 per unit, payable on November 16, 2026, to unit holders as of October 30, 2026. General and Administrative Expenses deducted for the month, net of interest earned, were $113,595. The resulting distribution was $2,106,330.04.

The trustee said the distribution increased compared with the previous month due primarily to the final settlement payment received from Blackbeard Operating. It said higher natural gas volumes and pricing for the Texas Royalty Properties also contributed, partially offset by lower oil pricing.

Texas Royalty Properties and Waddell Ranch

Production for the underlying Texas Royalty Properties was 15,064 barrels of oil and 6,301 Mcf of gas. The trust's allocated portion was 13,459 barrels of oil and 5,632 Mcf of gas. The average oil price was $79.67 per bbl, and the average gas price was $15.15 per Mcf, which includes NGL pricing. For the prior month, the average prices were $83.20 per bbl and $13.49 per Mcf.

Revenues for the Texas Royalty Properties were $1,295,650. Taxes and expenses of $143,097 were deducted, leaving a net profit of $1,152,553 for October. With the trust's 95% net profits interest, the net contribution was $1,094,925.

The trustee said the distribution does not include proceeds from the Waddell Ranch properties. Total production costs were greater than gross proceeds for September, and no proceeds were received by the trustee in September 2026. All excess costs, including any accrued interest, will need to be recovered by future Waddell Ranch proceeds before any proceeds are distributed to the trust. Blackbeard provides production, pricing and cost information quarterly, and the trustee said it will disclose that information in Form 10-Q and Form 10-K reports for the foreseeable future, to the extent timely received.

SoftVest Proposal

The trustee was notified by SoftVest, L.P., a unitholder, that on July 28, 2026 SoftVest and certain affiliates entered into a definitive Combination Agreement with Blackbeard Holdings, LLC and certain affiliates. The proposal would combine the trust's assets with certain oil and natural gas mineral interest and land operations of Blackbeard Holdings to create a new publicly traded corporation, PBT Land and Minerals, Inc. Completion is subject to a vote of trust unitholders.

SoftVest and other unitholders holding in excess of 15% of the trust units have requested a special meeting to consider amendments to the Trust Indenture. New PBT has filed a registration statement on Form S-4 and a Form S-1 for a rights offering to unitholders. Neither the trust nor the trustee is a party to the Combination Agreement, and the trustee is making no recommendation on the vote. Unitholders will be notified of the meeting date later.

Outlook

The trustee said worldwide market conditions continue to affect the pricing for domestic production. It said it is difficult to predict what effect these conditions will have on future distributions.