Permian Basin Royalty Trust (NYSE: PBT) declares October payout, Waddell remains in excess cost

What happened

Permian Basin Royalty Trust (NYSE: PBT) declared a monthly cash distribution of $0.045191 per unit on October 20, 2026. It is payable on November 16, 2026, to holders of record on October 30, 2026.

The trust said the distribution totaled $2.11 million to 46,608,796 units outstanding. The distribution does not include proceeds from the Waddell Ranch properties because September production costs exceeded gross proceeds, leaving a continuing excess cost position.

The trust said the payout increased from the prior month mainly because of the final settlement payment from Blackbeard Operating. Higher natural gas volumes and pricing at the Texas Royalty Properties also contributed, while lower oil pricing partly offset the increase.

SoftVest and certain affiliates entered a definitive Combination Agreement with Blackbeard Holdings, LLC to create PBT Land and Minerals, Inc., subject to a vote of Trust unitholders.

Key numbers

Metric	Latest	Change	Source
Cash distribution per unit	$0.045191 per unit		SEC exhibit 99.1
Total distribution	$2.11 million		SEC exhibit 99.1
Texas Royalty Properties revenue	$1.30 million		SEC exhibit 99.1
Texas Royalty Properties net profit	$1.15 million		SEC exhibit 99.1
Texas Royalty Properties net contribution	$1.09 million		SEC exhibit 99.1

Read more: Permian Basin Royalty Trust (PBT) stock analysis and investment case

Why it matters

Texas Royalty Properties produced 15,064 barrels of oil and 6,301 Mcf of gas, and the Trust's allocated share was 13,459 barrels of oil and 5,632 Mcf of gas. Average prices were $79.67 per bbl for oil and $15.15 per Mcf for gas, including significant NGL pricing.

Those volumes and prices produced $1.3 million of revenue, $143,097 of taxes and expenses, and $1.15 million of net profit for October. At the Trust's 95% NPI, Texas Royalty Properties contributed $1.09 million to this month's distribution.

Texas Royalty Properties gas output rose 862 Mcf from September 2026, which is the filing's clearest month-to-month comparison. That gives investors a fresh baseline for monthly cash generation at the underlying properties.

The combination agreement sets a second baseline because it points to a possible structural change in the trust's assets. Waddell Ranch still must recover excess costs, including accrued interest, before any proceeds can be paid.

Worldwide market conditions continue to affect domestic pricing, and the filing says future distributions are difficult to predict.

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What's next

The next dated event is the November 16, 2026 distribution payment to holders of record on October 30, 2026.

The trust said unitholders will be notified of the special meeting record date and meeting date later.

Completion of the business combination depends on a vote of Trust unitholders. Approval would move the assets into PBT Land and Minerals, Inc., while rejection would leave the proposal unresolved.

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