Permianville Royalty Trust Announces Monthly Cash Distribution
July 19 2019 - 3:15PM
Business Wire
Permianville Royalty Trust (NYSE: PVL) (the “Trust”) today
announced a cash distribution to the holders of its units of
beneficial interest of $0.021476 per unit, payable on August 14,
2019 to unitholders of record on July 31, 2019. The net profits
interest calculation represents reported oil production for the
month of April 2019 and reported natural gas production during
March 2019. The calculation includes accrued costs incurred in May
2019.
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
49,496
1,650
343,247
11,072
$
59.53
$
2.28
Prior Month
65,134
2,101
332,432
11,873
$
53.36
$
2.70
Recorded oil cash receipts from the oil and gas properties
underlying the Trust (the “Underlying Properties”) totaled $2.9
million for the current month on realized wellhead prices of
$59.53/bbl, a decrease of $0.5 million from the prior month
distribution period due to downtime associated with workover
activity and one less day of production for April compared to the
prior month, partially offset by an increase in realized
prices.
Recorded natural gas cash receipts from the Underlying
Properties totaled $0.8 million for the current month on realized
wellhead prices of $2.28/mcf. Gas cash receipts represented a $0.1
million decrease from the prior month, primarily on account of
lower realized wellhead prices.
Total accrued operating expenses for the period were $2.5
million, a $0.2 million increase month-over-month from April 2019,
primarily as a result of one-time expense accrual changes. Capital
expenditures were flat month-over-month, at $0.3 million in both
May and April 2019.
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 expected expenses,
including capital expenditures. The anticipated distribution is
based, in large part, on the amount of cash received or expected to
be received by the Trust from COERT Holdings 1 LLC (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 could decline
or remain low for an extended period of time. Other important
factors that could cause actual results to differ materially
include expenses of the Trust, reserves for anticipated future
expenses and the continuing transition process following the sale
of the Underlying Properties to the Sponsor. In addition, future
monthly capital expenditures may exceed the average levels
experienced in 2018 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, 2018, filed
with the SEC on March 18, 2019. 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/20190719005309/en/
Permianville Royalty Trust The Bank of New York Mellon Trust
Company, N.A., as Trustee Sarah Newell 1 (512) 236-6555
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