Permianville Royalty Trust (PVL) Q2 2025 earnings summary

Executive summary

• Holds a passive 80% net profits interest in oil and gas production from properties in Texas, Louisiana and New Mexico; third-party operators control development and production.

• Q2 2025 property-level net profits improved to $1.9 million from a $4.9 million loss YoY, but outstanding Sponsor advances prevented distributions.

Financial highlights

• Q2 gross oil and gas sales were $11.2 million, down 39% YoY; total costs were $9.3 million, down 60%.

• H1 gross sales were $21.8 million, down 27% YoY; total costs fell 34% to $22.9 million, leaving property-level net profits at a $1.1 million loss versus a $4.7 million loss.

• H1 distributable income was $282,084, including the one-time escrow release distribution; distribution was $0.008548 per unit.

• June 30 cash and equivalents were $2.24 million versus $2.19 million at Dec. 31, 2024; net profits interest carrying value was $39.4 million versus $41.9 million.

Outlook and guidance

• Sponsor expects net profits interest payments to return to positive monthly levels in 2025 after initial revenues from three newly completed Haynesville wells were received after quarter-end.

• 2025 capital spending guidance is at the high end of $10 million–$15 million gross, or $8 million–$12 million net to the interest; most remaining spend is expected in Haynesville.

• Haynesville gas-directed spending is expected to remain stable or rise slightly; Permian oil-directed spending is expected to decline. A further three Haynesville wells have been proposed for 2026.

• Operators’ future capital budgets remain uncertain amid volatile commodity prices, capital markets and geopolitics; guidance remains subject to operator revisions.