PermRock Royalty Trust (PRT) Q1 2025 earnings summary

Executive summary

• Q1 distributable income rose to $1.466 million, or $0.120517 per unit, from $1.123 million, or $0.092268 per unit, YoY; higher net profits income outweighed increased administrative expenses.

• The passive 80% Net Profits Interest covers oil and natural gas production from Permian Basin properties; cash distributions depend on production, prices, costs, and Trust expenses.

Financial highlights

• Total revenue was $1.723 million versus $1.311 million YoY; net profits income was $1.711 million versus $1.296 million.

• General and administrative expenditures increased $68,240 YoY to $257,108, primarily due to payment timing; interest income declined $2,422 to $12,540 as interest rates fell.

• Trust corpus ended Q1 at $71.287 million versus $72.380 million at year-end 2024, including $1.093 million of Net Profits Interest amortization charged to corpus.

Outlook and guidance

• T2S budgeted $4.0 million for 2025 capital and workover projects, with approximately $0.1 million spent through March 31; the estimate may change with prices, costs, approvals, and project mix.

• Planned activity includes two Crane County wells, participation in a non-operated well planned for Q2, workovers, waterflood improvements, and returning shut-in wells to production.