Core Viewpoint - Hilcorp Energy Company has announced its 2026 capital project plan for the San Juan Basin Royalty Trust, estimating capital expenditures of approximately $14.0 million for the year [1]. Group 1: 2026 Capital Expenditure Plan - The 2026 Plan includes 32 projects, with approximately $11.5 million allocated to nine new vertical drill projects and six new horizontal drill projects [1]. - The remaining budget includes approximately $2.0 million for 17 recompletions and workovers, and about $0.5 million for facilities projects related to natural gas compression [1]. Group 2: Historical Expenditures - For 2025, Hilcorp projected capital expenditures of approximately $9.0 million, with actual expenditures totaling around $8.3 million [1]. - The breakdown of 2025 expenditures includes approximately $4.0 million on seven drilling projects and about $4.3 million on 23 recompletions and workovers [1].

Core Viewpoint - Argent Trust Company, as Trustee of the Sabine Royalty Trust, announced a cash distribution of $0.283370 per unit, payable on February 27, 2026, to unit holders of record on February 17, 2026 [1] Distribution Details - The distribution is based on oil production for November 2025 and gas production for October 2025, with preliminary production volumes of approximately 45,316 barrels of oil and 1,026,714 Mcf of gas [2] - The average prices for this month's distribution are approximately $59.01 per barrel of oil and $2.27 per Mcf of gas [2] - This month's distribution is lower than the previous month due to decreased oil and natural gas production and lower pricing [2] Production and Pricing Comparison - Current month production and pricing compared to the prior month: - Oil: 45,316 barrels (down from 56,504 barrels) - Gas: 1,026,714 Mcf (down from 1,314,850 Mcf) - Oil price: $59.01 per barrel (down from $61.05) - Gas price: $2.27 per Mcf (down from $2.31) [3] Revenue Posting - Approximately $166,000 of revenue received in January will be posted in February, in addition to normal cash receipts for February [4] - Since the end of January, approximately $476,000 in revenue has been received [4] Tax Deductions - Approximately $17,000 for 2025 Ad Valorem taxes were deducted from this month's distribution, compared to $115,000 during the same period last year [5]

Core Viewpoint - Argent Trust Company, as Trustee of the Permian Basin Royalty Trust, declared a cash distribution of $0.115493 per unit, payable on October 15, 2025, which includes a settlement payment from Blackbeard Operating, LLC, but excludes proceeds from the Waddell Ranch properties due to excess production costs [1][2][10]. Distribution Details - The cash distribution increased from the previous month primarily due to the first settlement payment from Blackbeard Operating LLC, alongside higher natural gas volumes and oil prices from Texas Royalty Properties, despite lower oil volumes and natural gas pricing [2][8]. - The total distribution amount is $5,383,005, distributed among 46,608,796 units outstanding [8]. Waddell Ranch Properties - No proceeds were received from the Waddell Ranch properties for August 2025, leading to a continuing excess cost position that must be recovered before any future distributions can occur [4][10]. - Blackbeard provides production, pricing, and cost information quarterly, which will be disclosed in the Trust's quarterly and annual reports [4][7]. Texas Royalty Properties - Production for Texas Royalty Properties was 15,856 barrels of oil and 12,275 Mcf of gas, with the Trust's allocated portion being 13,944 barrels of oil and 10,800 Mcf of gas [5][6]. - The average price for oil was $65.76 per barrel and for gas was $6.65 per Mcf, resulting in revenues of $1,124,318 after deducting taxes and expenses [5][6]. Settlement with Blackbeard - The settlement agreement with Blackbeard includes a total payment of $9 million, with $4.5 million already paid and the remainder to be paid in quarterly installments of $1,125,000 during 2026 [11][12]. - The agreement also establishes overhead rates and allows Blackbeard to pass through certain charges, while the Trust retains the option for annual site audits [12]. Market Conditions - Worldwide market conditions continue to impact pricing for domestic production, making it challenging to predict future distributions [9].

Core Viewpoint - Argent Trust Company, as Trustee of the Permian Basin Royalty Trust, has reached a settlement with Blackbeard Operating, LLC regarding a lawsuit over royalty payments, resulting in a total payment of $9 million to the Trust [1][2]. Group 1: Settlement Details - Blackbeard will pay the Trust $9 million, with $4.5 million due within 30 days and the remaining $4.5 million paid in four quarterly installments of $1.125 million throughout 2026 [2]. - The settlement establishes an overhead rate for charges to the Trust and allows Blackbeard to pass through certain third-party charges, including salt water disposal and technical labor costs [3]. Group 2: Future Implications - The agreement prevents the Trust from making future claims for lost volumes due to ordinary line loss and allows for annual site audits at the Trust's expense [3]. - Blackbeard is required to provide agreed reporting to the Trustee moving forward, which aims to enhance predictability in future royalty payments [4].

Core Viewpoint - Argent Trust Company declared a cash distribution of $0.016418 per unit for the Permian Basin Royalty Trust, with the distribution date set for September 15, 2025, and record date on August 29, 2025. The distribution does not include proceeds from the Waddell Ranch properties due to production costs exceeding gross proceeds for July 2025 [1][4]. Distribution Summary - The current month's distribution increased compared to the previous month, primarily due to higher natural oil volumes from Texas Royalty Properties, although this was partially offset by lower natural gas volumes and decreased oil and gas pricing [2]. - The total production for Texas Royalty Properties was 16,672 barrels of oil and 9,952 Mcf of gas, with the Trust's allocated portion being 14,645 barrels of oil and 8,742 Mcf of gas. The average prices were $62.02 per barrel for oil and $7.53 per Mcf for gas, leading to revenues of $1,109,052 after deducting taxes and expenses [5][6]. Waddell Ranch Properties - Blackbeard Operating, LLC has not provided necessary information for calculating net profits interest (NPI) proceeds for August 2025, which affects the distribution. If NPI proceeds are received by the record date, they will be included in the September distribution [3][4]. - All excess costs from the Waddell Ranch properties must be recovered through future proceeds before any distributions can be made to the Trust. Blackbeard is now providing production, pricing, and cost information quarterly instead of monthly [4][8]. Legal Matters - The Trustee has filed a lawsuit against Blackbeard for over $9 million in damages, alleging improper calculations and deductions related to royalties owed to the Trust. The trial is scheduled for November 17, 2025 [10][11].

Distribution Announcement - Argent Trust Company declared a cash distribution of $0.744730 per unit for the Sabine Royalty Trust, payable on August 29, 2025, to unit holders of record on August 15, 2025 [1] Production and Revenue Details - The distribution reflects oil production for May 2025 and gas production for April 2025, with preliminary production volumes of approximately 121,894 barrels of oil and 1,280,573 Mcf of gas [2] - Preliminary prices for the current month are approximately $69.53 per barrel of oil and $2.77 per Mcf of gas, showing an increase in both production and pricing compared to the previous month [2][3] - The current month's oil production increased significantly from 42,748 barrels in the prior month, while gas production also rose from 940,600 Mcf [3] Revenue Posting and Timing - Revenues are distributed only after being received, verified, and posted, with most energy companies issuing royalty payments around the 25th of each month [4] - Approximately $4,782,450 of revenue received in July will be posted in August, in addition to normal cash receipts for that month [5]

Core Points - Argent Trust Company declared a cash distribution of $0.015311 per unit for the Permian Basin Royalty Trust, payable on August 14, 2025, to unit holders of record on July 31, 2025 [1] - The distribution increased from the previous month due to higher natural gas volumes and improved oil and natural gas pricing, despite lower oil volumes reported [2] - The Waddell Ranch properties did not contribute to this month's distribution due to production costs exceeding gross proceeds, and the operator, Blackbeard Operating, LLC, has not provided necessary information for calculating net profits interest [3][4] Texas Royalty Properties - Production from Texas Royalty Properties was 13,896 barrels of oil and 11,503 Mcf of gas, with the Trust's allocated portion being 12,190 barrels of oil and 10,109 Mcf of gas [5] - The average price for oil was $68.37 per barrel and for gas was $11.75 per Mcf, leading to revenues of $1,085,196 after deducting taxes and expenses of $136,087, resulting in a net profit of $949,109 for July [5][6] - The Trust's net profit interest of 95% from the Texas Royalty Properties contributed $901,654 to this month's distribution [5] Waddell Ranch Issues - The Trustee has filed a lawsuit against Blackbeard for over $9 million in damages due to alleged improper calculations and deductions related to royalties owed to the Trust [10][11] - Blackbeard has been providing production, pricing, and cost information quarterly instead of monthly, affecting the Trust's ability to report timely [4][8] - The trial date for the lawsuit is set for November 17, 2025, with ongoing discovery [10] Financial Summary - General and administrative expenses for the month were $188,020, resulting in a total distribution of $713,634 to 46,608,796 units outstanding [9] - The current market conditions continue to impact pricing for domestic production, making future distributions difficult to predict [9]

Core Viewpoint - Argent Trust Company declared a cash distribution of $0.012976 per unit for the Permian Basin Royalty Trust, with the distribution affected by production costs exceeding gross proceeds from the Waddell Ranch properties [1][2]. Distribution Summary - The cash distribution decreased compared to the previous month due to lower natural gas volumes and oil pricing, although higher oil volumes and natural gas pricing partially offset these declines [2]. - The total distribution amount is $604,826, distributed among 46,608,796 units outstanding, resulting in a per-unit distribution of $0.012976 [9]. Waddell Ranch Properties - The Trustee has not received necessary information from Blackbeard Operating, LLC to calculate net profits interest (NPI) proceeds for June 2025, which affects the distribution [3][4]. - No proceeds were received from the Waddell Ranch properties in May 2025, and all excess costs must be recovered from future proceeds before any distribution can occur [4]. - Blackbeard is now providing production, pricing, and cost information quarterly instead of monthly, impacting the reporting schedule for the Trust [4][8]. Texas Royalty Properties - Production from Texas Royalty Properties was 16,367 barrels of oil and 9,392 Mcf of gas, with the Trust's allocated portion being 14,430 barrels of oil and 8,278 Mcf of gas [5]. - The average price for oil was $65.46 per barrel and for gas was $9.48 per Mcf, leading to revenues of $1,160,353 after deducting taxes and expenses [5][6]. Legal Matters - The Trustee filed a Second Amended Petition against Blackbeard in connection with a lawsuit regarding alleged improper calculations and payments of royalties, seeking over $9 million in damages [10][11]. - The trial date is set for November 17, 2025, with ongoing discovery related to the case [10].

Core Viewpoint - Argent Trust Company, as Trustee of the Permian Basin Royalty Trust, has filed a Second Amended Petition against Blackbeard Operating, LLC, seeking over $9 million in damages due to alleged improper royalty calculations and payments [1][2]. Group 1: Legal Action Details - The lawsuit pertains to Blackbeard's alleged failure to accurately calculate and pay royalties owed to the Trust, including improper deductions for overhead costs, labor expenses, and saltwater disposal fees [2]. - The claims cover production months from April 2020 to December 2023, with an ongoing audit for the 2024 production months that may reveal additional claims [2][3]. - A trial date has been set for November 17, 2025, with ongoing discovery processes including audits and expert witness analyses [3].

Core Points - Argent Trust Company declared a cash distribution of $0.018841 per unit for the Permian Basin Royalty Trust, payable on June 13, 2025, to unit holders of record on May 30, 2025 [1] - The distribution decreased from the previous month due to lower oil volumes and pricing from Texas Royalty Properties, despite slightly higher natural gas volumes [2] - No proceeds were received from the Waddell Ranch properties for April 2025, leading to a continuing excess cost position [4] Waddell Ranch Properties - Blackbeard, the operator of the Waddell Ranch properties, has not provided necessary information for calculating net profits interest (NPI) proceeds for May 2025, which affects the distribution [3] - The Trustee will include any NPI proceeds received from Waddell Ranch properties in the June distribution if received by the record date [3] - Blackbeard is now providing production, pricing, and cost information quarterly instead of monthly, impacting the reporting schedule [4][7] Texas Royalty Properties - Production for Texas Royalty Properties was 15,442 barrels of oil and 11,198 Mcf of gas, with the Trust's allocated portion being 13,619 barrels of oil and 9,894 Mcf of gas [5] - The average price for oil was $68.39 per barrel and for gas was $9.42 per Mcf, leading to revenues of $1,161,479 after deducting taxes and expenses [5] - The net profit for May from Texas Royalty Properties was $1,027,573, contributing $976,194 to this month's distribution [5] Financial Summary - General and administrative expenses for the month were $98,012, resulting in a total distribution of $878,182 to 46,608,796 units outstanding [8] - The ongoing global market conditions continue to affect pricing for domestic production, making future distributions difficult to predict [8] Legal Matters - The Trustee has initiated a lawsuit against Blackbeard for over $15 million in damages due to alleged improper deductions from royalty payments [9][10] - The trial date is set for November 17, 2025, with ongoing discovery and audits related to the Waddell Ranch properties [9]