PermRock Royalty Trust (PRT) Q2 2025 earnings summary

Executive summary

• Q2 2025 distributable income fell YoY as lower oil prices and volumes reduced net profits income; H1 distributable income rose on higher gas prices and lower production and development costs.

• Operations of the underlying properties transferred to T2S on March 31, 2025, following its acquisition from Boaz Energy.

Financial highlights

• Q2 net profits income was $1.545 million vs. $1.658 million YoY; distributable income was $1.201 million vs. $1.350 million.

• H1 net profits income was $3.256 million vs. $2.955 million YoY; distributable income was $2.667 million vs. $2.473 million.

• Q2 G&A expenditures rose $34,092 YoY to $357,084; H1 expenditures rose $102,332 to $614,192, primarily due to payment timing.

Outlook and guidance

• T2S budgeted $4.0 million for 2025 capital and workovers, with ~$0.2 million spent through June 30; the estimate may change with commodity prices, project mix, approvals and capital needs.

• Plans include two Crane County wells, participation in a non-operated well targeted for Q3 completion, workovers, waterflood improvements and returning shut-in wells to production.