PermRock Royalty Trust (PRT) Q2 2024 earnings summary

Executive summary

• Q2 distributable income rose to $1.35 million, or $0.110969 per unit, from $1.24 million; higher oil and gas prices and lower development expenses drove the increase in net profits income.

• H1 distributable income declined to $2.47 million, or $0.203235 per unit, from $3.44 million, reflecting lower oil and gas prices and higher production costs.

Financial highlights

• Q2 total revenue was $1.67 million versus $1.59 million YoY; net profits income was $1.66 million versus $1.57 million.

• H1 total revenue was $2.98 million versus $3.97 million YoY; net profits income was $2.95 million versus $3.94 million.

• Q2 G&A expenditures fell to $322,992 from $351,427; H1 G&A fell to $511,860 from $528,545.

• June 30 assets totaled $75.60 million, including a $74.12 million net profits interest; trust corpus was $74.12 million.

Outlook and guidance

• 2024 capital budget for the underlying properties is $4.5 million; approximately $1.5 million had been spent by June 30, subject to commodity prices, capital needs, regulatory timing and project mix.

• Planned work includes non-operated drilling in Crane and Glasscock Counties, waterflood work in Crane and Terry Counties, and one new operated Crane County well in 2024.