Permianville Royalty Trust Announces Monthly Operational Update
17 Novembro 2023 - 6:15PM
Business Wire
Permianville Royalty Trust (NYSE: PVL, the “Trust”) today
announced the net profits interest calculation for November 2023.
The net profits interest calculation represents reported oil
production for the month of August 2023 and reported natural gas
production during July 2023. The calculation includes accrued costs
incurred in September 2023.
As a result of the elevated capital expenditures recorded this
month as described below, for which timing is not always ratable
month-to-month, direct operating and development expenses exceeded
cash receipts, leading to a shortfall of approximately $1.2 million
this month. As a result, no monthly distribution will be paid in
December 2023 to the Trust’s unitholders of record on November 30,
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
36,086
1,164
227,059
7,324
$
78.95
$
2.33
Prior Month
33,461
1,079
222,906
7,430
$
73.07
$
2.02
Recorded oil cash receipts from the oil and gas properties
underlying the Trust (the “Underlying Properties”) totaled $2.8
million for the current month on realized wellhead prices of
$78.95/Bbl, up $0.4 million from the prior month’s oil cash
receipts.
Recorded natural gas cash receipts from the Underlying
Properties totaled $0.5 million for the current month on realized
wellhead prices of $2.33/Mcf, consistent with the prior month.
Total accrued operating expenses for the period were $2.8
million, a $0.3 million increase month-over-month. Capital
expenditures increased $1.9 million from the prior period, to $2.0
million. The increase in capital expenditures was predominately
related to several of the projects listed in the Trust’s Quarterly
Report on Form 10-Q filed on November 14, 2023 (pertaining to the
Large Cap E&P 1, Large Cap E&P 3, Large Cap E&P 5 and
PE-Backed Private 2 as listed in “Overview—Capital Drilling
Activity Update” in Part I, Item 2 of the report).
The cumulative shortfall in net profits for the current month
will be deducted from any net profits in next month’s net profits
interest calculation. The Trust will not receive proceeds pursuant
to its net profits interest until the cumulative net profits
shortfall is eliminated. In addition, if the Trust’s cash on hand
is not sufficient to pay ordinary course administrative expenses
and the Trust borrows funds or draws on the letter of credit that
has been provided to the Trust, or if COERT Holdings 1, LLC (the
“Sponsor”) advances funds to the Trust to pay such expenses, no
further distributions will be made to Trust unitholders until such
amounts borrowed or drawn, or advanced to the Trust, are repaid. At
this time based on current commodity prices, the Sponsor
anticipates that the Underlying Properties will return to
generating positive net profits by early 2024.
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 the amount and date of any
anticipated distribution to unitholders and expectations regarding
the future generation of net profits from the Underlying
Properties. 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, such as 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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Permianville Royalty Trust Sarah Newell 1 (512) 236-6555
Permianville Royalty (NYSE:PVL)
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