PermRock Royalty Trust declared a monthly cash distribution to record holders of its trust units representing beneficial interests in the Trust ("Trust Units") as of January 31, 2024, and payable on February 14, 2024, in the amount of $420,393.59 ($0.034555 per Trust Unit), based principally upon production during the month of November 2023.
Oil cash receipts for the properties underlying the Trust totaled $1.97 million for the current month, a decrease of $0.21 million from the prior month's distribution period. This decrease was primarily due to a decrease in oil sales prices.
Natural gas cash receipts for the properties underlying the Trust totaled $0.08 million for the current month, a decrease of $0.02 million from the prior month's distribution period. This decrease was due to a decrease in natural gas prices and sales volumes.
Total direct operating expenses, including marketing, lease operating expenses, and workover expenses, were $0.81 million, an increase of $0.04 million from the prior month's distribution period. Severance and ad valorem taxes were $0.05 million, a decrease of $0.12 million from the prior month's distribution. Boaz Energy reports the decrease was related to a refund of over-accrued 2023 ad valorem taxes.
Capital expenses this month were $0.28 million, a decrease of $0.24 million from the prior month's distribution period. Boaz Energy reports the decrease in capital expenses this month was primarily related to the conclusion of a well stimulation project in the Permian Shelf.
Boaz Energy informed the Trust that this month's net profits calculation included $240,000 net to the Trust of funds reserved by Boaz Energy to cover future capital obligations and expenses.
