PermRock Royalty Trust (PRT) Q3 2024 earnings summary

Executive summary

• Q3 distributable income was $1.34 million, or $0.110208 per unit, down from $1.47 million a year earlier; lower production and gas prices weighed on net profits income.

• Nine-month distributable income declined to $3.81 million from $4.91 million; net profits income fell while higher oil prices and lower production costs provided partial offsets.

Financial highlights

• Q3 net profits income was $1.55 million vs. $1.69 million YoY; total revenue was $1.56 million vs. $1.71 million, including $15,485 of interest income.

• 9M net profits income was $4.50 million vs. $5.63 million YoY; total revenue was $4.55 million vs. $5.68 million, including $45,056 of interest income.

• Q3 general and administrative expenditures were $223,556 vs. $240,461; 9M expenditures were $735,415 vs. $769,027, with lower legal costs and payment timing contributing to the decline.

Outlook and guidance

• Boaz Energy’s 2024 capital budget for the underlying properties is $4.5 million; approximately $2.6 million had been spent by September 30, subject to commodity prices, project mix, capital needs and regulatory approvals.

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