Permian Basin Royalty Trust
PBT
New York Stock Exchange- -
USD
- -
- -
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
FRC
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- CEO
- Ron E. Hooper
- Sector
- Energy
- Industry
- Oil & Gas Midstream
- Address
- 2911 Turtle Creek Boulevard Dallas TX United States of America 75219
- IPO Date
- Oct 24, 1980
- CIK
- 0000319654
- Website
- pbt-permian.com
- Similar Companies
- Business
- Permian Basin Royalty Trust (NYSE: PBT) is an express grantor trust that holds overriding royalty interests in oil and natural gas properties located exclusively in Texas. The Trust's principal assets consist of a 75% net overriding royalty interest in the Waddell Ranch properties, comprising the Dune, Sand Hills (Judkins), Sand Hills (McKnight), Sand Hills (Tubb), University-Waddell (Devonian), and Waddell fields in Crane County; and a 95% net overriding royalty interest in the Texas Royalty properties, encompassing approximately 125 separate royalty interests across fields such as Yates, Wasson, Sand Hills, East Texas, Kelly-Snyder, Panhandle Regular, N. Cowden, Todd, Keystone, Kermit, McElroy, Howard-Glasscock, Seminole, and others situated in 33 counties and covering about 51,000 net producing acres. The Trust collects net proceeds from these royalties, deducts administrative expenses, and distributes the remaining income monthly to holders of its units of beneficial interest, with no operational involvement in exploration, development, or production activities conducted by third-party operators. Founded in 1980 pursuant to conveyances from Southland Royalty Company and headquartered in Dallas, Texas, the Trust operates within the upstream oil and natural gas sector, targeting passive income generation for unitholders from mature producing properties in the prolific Permian Basin and other Texas regions. Operators of the Underlying Properties have changed over time, with Burlington Resources Oil & Gas Company LP (BROG), a ConocoPhillips subsidiary, managing the Texas Royalty properties; and Blackbeard Operating, LLC assuming operations of the Waddell Ranch properties effective April 1, 2020, following its acquisition from BROG in November 2019. Recent developments include ongoing litigation against Blackbeard Operating, with the Trust pursuing over $9 million in damages for alleged improper royalty calculations from April 2020 through December 2023; trial is scheduled for November 17, 2025, amid joint venture audits of 2024 production. In September 2025, the Trust received a $4.5 million partial settlement payment as the first installment of a $9 million lawsuit resolution with Blackbeard, contributing to the October 2025 cash distribution of $0.115493 per unit, though Waddell Ranch properties reported excess working interest costs leading to no royalty income in Q3 2025. Additionally, SoftVest Advisors, LLC, holding over 15% of units with aligned unitholders, requested a special meeting on December 16, 2025 (record date November 11, 2025) to vote on proposed Trust Indenture amendments, as announced in October 2025. Horizon Kinetics Asset Management LLC increased its stake by 41.25% in July 2025 through the acquisition of 1.7 million units.