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Permian Basin Royalty Trust (PBT) investor relations material
Permian Basin Royalty Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Royalty income for Q3 2025 was $7.26M, down from $8.37M in Q3 2024, mainly due to a deficit in the Waddell Ranch properties, partially offset by a $4.5M settlement payment from Blackbeard.
Distributable income for Q3 2025 was $6.86M ($0.15/unit), compared to $8.05M ($0.17/unit) in Q3 2024.
For the nine months ended September 30, 2025, royalty income was $13.4M, down from $23.2M in the same period of 2024.
A $9M settlement with Blackbeard was reached, with $4.5M paid in September and the remainder to be paid in four quarterly installments in 2026.
Financial highlights
Q3 2025 distributable income per unit: $0.15; Q3 2024: $0.17.
Nine months ended September 30, 2025 distributable income per unit: $0.25; 2024: $0.47.
Cash and short-term investments at September 30, 2025: $6.49M, up from $2.12M at December 31, 2024.
General and administrative expenses increased to $411.6K in Q3 2025 from $367.6K in Q3 2024, mainly due to legal costs.
Outlook and guidance
Distributions are expected to remain affected by the deficit position of the Waddell Ranch properties and ongoing recovery of excess costs.
Future royalty income will include remaining Blackbeard settlement payments in 2026.
Waddell Ranch excess cost recovery outlook?
How do Blackbeard settlement terms affect future royalties?
What is the rationale for amending Trust Indenture?
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Next Permian Basin Royalty Trust earnings date
Q4 202513 Mar, 2026
Next Permian Basin Royalty Trust earnings date
Q4 202513 Mar, 2026
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Frequently asked questions
Permian Basin Royalty Trust (PBT) is an oil and gas royalty trust that holds overriding royalty interests in properties located in Texas. These include a 75% net overriding royalty interest in the Waddell Ranch properties, which consist of a combination of productive oil and gas wells, and a 95% net overriding royalty interest in the Texas Royalty properties, which also include several oil wells. The Trust's primary function is to distribute the royalties it receives from these assets, net of administrative costs, to its unit holders. PBT has no operations or capital expenditures, functioning purely as a pass-through entity for royalty income. The company is headquartered in Dallas, Texas, and its shares are listed on the NYSE.
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