Permianville Royalty Trust (PVL) Q1 2026 earnings summary

Executive summary

• Q1 2026 distributable income was $1.419 million, or $0.043 per unit; no income was distributable in Q1 2025 after operating and development costs created a carried-forward shortfall.

• Net profits attributable to the underlying properties were $1.3 million versus a $3.0 million deficit a year earlier, supported by lower development costs and stronger natural gas sales.

Financial highlights

• Gross oil and gas profits totaled $11.0 million, up 4% YoY; oil sales fell 27% to $6.2 million while natural gas sales rose 137% to $4.8 million.

• Direct operating and development costs declined 28% to $9.7 million, including a 68% reduction in development expenses to $2.3 million.

• Cash and cash equivalents were $3.2 million at March 31, 2026, up from $2.7 million at December 31, 2025; net profits interest carrying value was $34.9 million.

Outlook and guidance

• 2026 capital spending outlook reaffirmed at $9.0–$15.0 million gross, or $7.2–$12.0 million net to the net profits interest; spending is expected toward the high end.

• Most remaining 2026 capital spending is expected in Haynesville; current projects are expected to be completed and begin production in H2 2026.

• Development activity fell more than 50% YoY in Q1, but unbilled drilling in progress and operator indications suggest improving activity; the outlook remains subject to operator revisions and macro volatility.