Dallas – September 19, 2026 -- Argent Trust Company, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT), declared a cash distribution of $0.019593 per unit, payable October 15, 2026, to unitholders of record September 30, 2026. The payout excludes any proceeds from the Waddell Ranch properties after production costs exceeded gross proceeds in August, extending a continuing excess cost position on those assets.
August Distribution Rises on Lower Trust Expenses
This month's per-unit distribution increased from the prior month primarily due to a decrease in Trust expenses. That gain was partially offset by lower oil and natural gas volumes and weaker oil pricing at the Texas Royalty Properties, even as natural gas pricing improved.
Waddell Ranch Remains in Excess Cost Position
Blackbeard Operating, LLC, operator of the Waddell Ranch properties, supplies the data needed to calculate net profits interest proceeds after each month's distribution announcement, delaying inclusion by one cycle under the Trust indenture. No proceeds were received by the Trustee in August 2026 for inclusion in the September distribution, and all excess costs, including accrued interest, must be recovered from future Waddell Ranch proceeds before any funds flow to the Trust. Because Blackbeard now reports production, pricing and cost data quarterly rather than monthly, the Trustee will disclose that information in its Form 10-Q and 10-K filings going forward.
Texas Royalty Properties Generate $1.13 Million Net Contribution
The underlying Texas Royalty Properties produced 15,042 barrels of oil and 5,439 Mcf of gas in the period, with the Trust's allocated share at 13,460 barrels and 4,868 Mcf. Average pricing was $83.20 per barrel for oil and $13.49 per Mcf for gas, the latter reflecting significant NGL content. These volumes and prices, mainly reflecting June oil and May gas activity, produced revenues of $1,324,846, against taxes and expenses of $135,365, for a net profit of $1,189,481. Applying the Trust's 95% net profits interest, the Texas Royalty Properties contributed $1,130,007 to this month's distribution.
G&A Expenses Cut Distribution to $913,228
General and administrative expenses, net of interest earned, totaled $216,779 for the month, reducing the net distributable amount to $913,228.22 across 46,608,796 units outstanding, equal to $0.019593 per unit.
SoftVest-Blackbeard Combination Heads to Unitholder Vote
SoftVest, L.P., a Trust unitholder, and its affiliates entered a definitive Combination Agreement on July 28, 2026, with Blackbeard Holdings, LLC and its affiliates to merge the Trust's assets with Blackbeard Holdings' oil and gas mineral and land operations into a new publicly traded entity, PBT Land and Minerals, Inc. SoftVest and other unitholders holding more than 15% of Trust units have requested the Trustee call a special meeting to vote on indenture amendments enabling the combination. New PBT has filed a Form S-4 registration statement containing a proxy statement and prospectus, along with a Form S-1 for a rights offering to Trust unitholders. Neither the Trust nor the Trustee is a party to the Combination Agreement or is soliciting proxies, and the Trustee is making no voting recommendation on the proposal.