Permian Basin Royalty Trust (NYSE: PBT) is a Texas-based express trust established in 1980 to hold and manage overriding royalty interests in oil and natural gas properties. The trust's portfolio is concentrated in the state of Texas and consists of two primary assets: a 75% net overriding royalty interest in the Waddell Ranch properties in Crane County, and a 95% net overriding royalty interest in the Texas Royalty properties, which encompass approximately 125 separate royalty interests across 33 counties. The trust operates as a passive vehicle; it does not engage in any exploration, drilling, or production activities, nor does it incur capital expenditures for these operations. Instead, third-party operators, such as Blackbeard Operating, LLC, manage the underlying properties. The trust generates 100% of its revenue from the sale of crude oil and natural gas produced from these assets. Its financial performance and monthly cash distributions to unitholders are directly tied to commodity prices, production volumes, and the operators' production costs. The trust is externally administered by Argent Trust Company, which serves as the trustee, and has no executive officers or directors of its own.
