Permianville Royalty Trust (PVL) Q4 2025 earnings summary

Executive summary

• Passive interest receives 80% of net profits from production on underlying properties; operations and development are controlled by third-party operators.

• 2025 distributable income rose to $3.52M from $2.82M; property net profits fell to $6.15M from $6.72M as lower oil sales were partly offset by reduced costs and stronger gas sales.

Financial highlights

• Distributable income was $3.516M in 2025 vs. $2.822M in 2024; distributable income per unit was $0.106548 vs. $0.085500.

• Reported income from the net profits interest was $4.645M vs. $4.259M; the 2025 amount included a $282K release of escrow related to a prior property sale.

• Property net profits attributable to the interest were $6.155M vs. $6.721M; 2024 includes 13 months of results because a prior-period shortfall delayed distribution.

• Total assets were $38.97M at year-end 2025 vs. $44.09M a year earlier; net profits interest carrying value declined to $36.23M from $41.89M.

Outlook and guidance

• 2026 property capital expenditures are expected at $9M–$15M, or $7.2M–$12M net to the 80% interest; midpoint indicates a modest decline from 2025.

• Most planned 2026 spending is directed to Haynesville; elevated LNG export development and operator drilling activity are expected to support regional gas investment.

• Most projects still underway or awaiting first revenues are expected to begin production during 2026; development-to-cash-flow timing can span several months.

• Geopolitical uncertainty, operator ownership changes and possible property divestitures leave 2026 capital plans uncertain; oil-directed spending is expected to be more volatile.