Permianville Royalty Trust (NYSE: PVL, the “Trust”) today
announced a cash distribution to the holders of its units of
beneficial interest of $0.053500 per unit, payable on August 14,
2023 to unitholders of record on July 31, 2023. The net profits
interest calculation represents reported oil production for the
month of April 2023 and reported natural gas production during
March 2023. The calculation includes accrued costs incurred in May
2023.
The following table displays reported underlying oil and natural
gas sales volumes and average received wellhead prices attributable
to the current and prior month recorded net profits interest
calculations.
Underlying Sales
Volumes
Average Price
Oil
Natural Gas
Oil
Natural Gas
Bbls
Bbls/D
Mcf
Mcf/D
(per Bbl)
(per Mcf)
Current Month
64,721
2,088
604,148
21,577
$
86.52
$
2.75
Prior Month
38,120
1,230
195,616
6,986
$
71.94
$
2.85
Recorded oil cash receipts from the oil and gas properties
underlying the Trust (the “Underlying Properties”) totaled $5.6
million for the current month on realized wellhead prices of
$86.52/Bbl, up $2.9 million from the prior month’s oil cash
receipts.
Recorded natural gas cash receipts from the Underlying
Properties totaled $1.7 million for the current month on realized
wellhead prices of $2.75/Mcf, up $1.1 million from the prior
month.
Total accrued operating expenses for the period were $2.9
million, up $0.4 million from the prior period. Capital
expenditures increased $2.1 million from the prior period to $2.2
million.
Operational Update and Acreage Sale
As previously disclosed, COERT Holdings 1 LLC (the “Sponsor”)
informed the Trustee in May that three wells from one of the
larger, previously detailed drilling projects were finally
converted to first revenues after a delay associated with the
operator. These wells began generating revenues in 2022, but the
amounts were only finalized for non-operating partners in 2023. The
cash revenue catch-up totaled approximately $3.7 million, or
approximately $2.9 million net to the Trust’s interest, which is
included in the reported production and revenues for the current
month’s net profits interest calculation.
Consistent with the Trust’s recent quarterly reports on Form
10-Q, the Sponsor intends to provide a more detailed update
regarding the progress to date under the Sponsor’s capital
expenditure program and the second half 2023 capital activity
outlook for the Underlying Properties. The Sponsor has indicated
that the Underlying Properties are seeing continued success in
converting capital expenditures into operating revenues, as shown
in the increased production and cash flows reflected in the current
month’s net profits interest calculation.
As previously disclosed, in May, the Sponsor sold approximately
$0.3 million in non-producing, non-cash flowing acreage to a
private oil company, free and clear of the net profits interest
burdening the properties, as permitted under the Amended and
Restated Trust Agreement. The cash proceeds of this sale are
included in the current month’s net profits interest
calculation.
As previously disclosed, on May 3, 2023, the Sponsor entered
into a sale contract for certain oil and natural gas properties
(the “Divestiture Properties”) that constitute part of the
Underlying Properties, subject to approval by the unitholders. The
estimated net profits from the Divestiture Properties for the
current month’s calculation were again negative, consistent with
last month, given elevated operating expenses that do not exceed
current commodity prices and increased capital expenditures by the
operator of the Divestiture Properties.
Special Unitholder Meeting
As previously announced, the Trust will hold a special meeting
for its unitholders to approve the sale of the Divestiture
Properties and the release of the net profits interest with respect
to the Divestiture Properties, as well as two proposals to raise
certain threshold requirements for similar, future
transactions.
The special meeting will be held virtually on July 19, 2023 at
10:00 a.m., Central Daylight Time, by live webcast at
https://web.lumiagm.com/295009374, password “permianville2023”
(case‑sensitive).
Time is of the essence and Trust unitholders are urged to vote
online by following the instructions on their proxy card to ensure
votes are received in a timely manner.
The proxy statement filed with the Securities and Exchange
Commission provides Trust unitholders with detailed information
about the proposals and related matters. Trust unitholders are
encouraged to carefully read the entire proxy statement and other
relevant documents filed or to be filed by the Trust with the
Securities and Exchange Commission in their entirety.
About Permianville Royalty Trust
Permianville Royalty Trust is a Delaware statutory trust formed
to own a net profits interest representing the right to receive 80%
of the net profits from the sale of oil and natural gas production
from certain, predominantly non-operated, oil and gas properties in
the states of Texas, Louisiana and New Mexico. As described in the
Trust’s filings with the Securities and Exchange Commission (the
“SEC”), the amount of the periodic distributions is expected to
fluctuate, depending on the proceeds received by the Trust as a
result of actual production volumes, oil and gas prices, the amount
and timing of capital expenditures, and the Trust’s administrative
expenses, among other factors. Future distributions are expected to
be made on a monthly basis. For additional information on the
Trust, please visit www.permianvilleroyaltytrust.com.
Forward-Looking Statements and Cautionary Statements
This press release contains statements that are “forward-looking
statements” within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. All statements contained in this
press release, other than statements of historical facts, are
“forward-looking statements” for purposes of these provisions.
These forward-looking statements include expectations regarding
future operations and production from recently drilled wells,
estimates of future amounts to be distributed to unitholders
reflecting net proceeds from the sale of certain of the Underlying
Properties, the timing of such distributions, and the amount and
date of any anticipated distribution to unitholders. The
anticipated distribution is based, in large part, on the amount of
cash received or expected to be received by the Trust from the
Sponsor with respect to the relevant period. The amount of such
cash received or expected to be received by the Trust (and its
ability to pay distributions) has been and will continue to be
directly affected by the volatility in commodity prices, which have
experienced significant fluctuation since the beginning of 2020 as
a result of a variety of factors that are beyond the control of the
Trust and the Sponsor. Low oil and natural gas prices will reduce
profits to which the Trust is entitled, which will reduce the
amount of cash available for distribution to unitholders and in
certain periods could result in no distributions to unitholders.
Other important factors that could cause actual results to differ
materially include expenses of the Trust, reserves for anticipated
future expenses and public health concerns, including the COVID‑19
pandemic. In addition, future monthly capital expenditures may
exceed the average levels experienced in 2022 and prior periods.
Statements made in this press release are qualified by the
cautionary statements made in this press release. Neither the
Sponsor nor the Trustee intends, and neither assumes any
obligation, to update any of the statements included in this press
release. An investment in units issued by the Trust is subject to
the risks described in the Trust’s filings with the SEC, including
the risks described in the Trust’s Annual Report on Form 10-K for
the year ended December 31, 2022, filed with the SEC on March 23,
2023. The Trust’s quarterly and other filed reports are or will be
available over the Internet at the SEC’s website at
http://www.sec.gov.
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version on businesswire.com: https://www.businesswire.com/news/home/20230717637521/en/
Permianville Royalty Trust The Bank of New York Mellon Trust
Company, N.A., as Trustee Sarah Newell 1 (512) 236-6555
Permianville Royalty (NYSE:PVL)
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