Permianville Royalty Trust Announces Monthly Cash Distribution
17 Juni 2022 - 10:15PM
Business Wire
Permianville Royalty Trust (NYSE: PVL, the “Trust”) today
announced a cash distribution to the holders of its units of
beneficial interest of $0.045000 per unit, payable on July 15, 2022
to unitholders of record on June 30, 2022. The net profits interest
calculation represents reported oil production for the month of
March 2022 and reported natural gas production during February
2022. The calculation includes accrued costs incurred in April
2022.
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
40,102
1,294
380,958
13,606
$
98.77
$
4.84
Prior Month
40,553
1,448
331,076
10,680
$
86.55
$
5.00
Recorded oil cash receipts from the oil and gas properties
underlying the Trust (the “Underlying Properties”) totaled $4.0
million for the current month on realized wellhead prices of
$98.77/Bbl, up $0.5 million from the prior month’s oil cash
receipts.
Recorded natural gas cash receipts from the Underlying
Properties totaled $1.8 million for the current month on realized
wellhead prices of $4.84/Mcf, up $0.1 million from the prior
month.
Total accrued operating expenses for the period were $2.3
million, a decrease of $0.5 million from the prior period. Capital
expenditures increased $0.7 million from the prior period to $1.0
million primarily due to the drilling of four new, non-operated
drilling projects by a private operator in the North Louisiana
area.
Given the increase in rig count and operator activity on the
Underlying Properties, COERT Holdings 1 LLC (the “Sponsor”), is
withholding $0.35 million from the current month’s net profits to
be added to the cash reserve for approved, future development
expenses this year. To date, the Sponsor has established a total
reserve of approximately $1.5 million for approved development
expenses this year. This reserve is intended to fund an expected
increase in development expenses; however, 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.
Forward-Looking Statements and Cautionary Statements
This press release contains statements that are “forward-looking
statements” within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. All statements contained in this
press release, other than statements of historical facts, are
“forward-looking statements” for purposes of these provisions.
These forward-looking statements include the amount and date of any
anticipated distribution to unitholders. The anticipated
distribution is based, in large part, on the amount of cash
received or expected to be received by the Trust from the Sponsor
with respect to the relevant period. The amount of such cash
received or expected to be received by the Trust (and its ability
to pay distributions) has been and will continue to be directly
affected by the volatility in commodity prices, which have
experienced significant fluctuation since the beginning of 2020 as
a result of a variety of factors that are beyond the control of the
Trust and the Sponsor. Low oil and natural gas prices will reduce
profits to which the Trust is entitled, which will reduce the
amount of cash available for distribution to unitholders and in
certain periods could result in no distributions to unitholders.
Other important factors that could cause actual results to differ
materially include expenses of the Trust, reserves for anticipated
future expenses and the effect, impact, potential duration or other
implications of the COVID-19 pandemic. In addition, future monthly
capital expenditures may exceed the average levels experienced in
2021 and prior periods. Statements made in this press release are
qualified by the cautionary statements made in this press release.
Neither the Sponsor nor the Trustee intends, and neither assumes
any obligation, to update any of the statements included in this
press release. An investment in units issued by the Trust is
subject to the risks described in the Trust’s filings with the SEC,
including the risks described in the Trust’s Annual Report on Form
10-K for the year ended December 31, 2021, filed with the SEC on
March 25, 2022. The Trust’s quarterly and other filed reports are
or will be available over the Internet at the SEC’s website at
http://www.sec.gov.
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version on businesswire.com: https://www.businesswire.com/news/home/20220617005487/en/
Permianville Royalty Trust The Bank of New York Mellon Trust
Company, N.A., as Trustee Sarah Newell 1 (512) 236-6555
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