UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
July 18, 2024
Permianville Royalty Trust
(Exact name of registrant as specified in its charter)
Delaware |
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001-35333 |
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45-6259461 |
(State or other jurisdiction of
incorporation) |
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(Commission
File Number) |
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(I.R.S. Employer
Identification No.) |
The Bank of New York Mellon Trust Company, N.A.,
Trustee
601 Travis Street
16th Floor
Houston, Texas |
77002 |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including
area code: (512) 236-6555
Not applicable
(Former name or former address,
if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading symbol |
Name of each exchange on which registered |
Units of Beneficial Interest |
PVL |
The New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ¨
Item 2.02 | Results of Operations and Financial Condition. |
On July 18, 2024, Permianville Royalty Trust
(the “Trust”) issued a press release announcing the Trust’s distribution to be paid in August 2024. A copy of the
press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.
Pursuant to General Instruction B.2 of Form 8-K
and Securities and Exchange Commission Release No. 33-8176, the press release attached as Exhibit 99.1 is not “filed”
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section
and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, but is instead furnished for purposes
of that instruction.
Item 9.01 | Financial Statements and Exhibits. |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Permianville Royalty Trust |
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By: The Bank of New York Mellon Trust
Company, N.A., as Trustee |
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Date: July 18, 2024 |
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By: |
/s/ Sarah Newell |
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Sarah Newell |
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Vice President |
Exhibit 99.1
Permianville
Royalty Trust Announces Monthly Cash Distribution
HOUSTON, Texas—(BUSINESS
WIRE)—July 18, 2024
Permianville Royalty
Trust (NYSE: PVL, the “Trust”) today announced a cash distribution to the holders of its units of beneficial interest of
$0.011000 per unit, payable on August 14, 2024 to unitholders of record on July 31, 2024. The net profits interest calculation
represents reported oil production for the month of April 2024 and reported natural gas production during March 2024. The calculation
includes accrued costs incurred in May 2024.
This month, after
recoupment of the existing cumulative net profits interest shortfall of approximately $3.3 million and repayment of prior administrative
expense advances to the Trust of approximately $0.7 million, income from the net profits interest was approximately $0.4 million.
The following table
displays reported underlying oil and natural gas sales volumes and average received wellhead prices attributable to the current and prior
month recorded net profits interest calculations.
| | |
Underlying Sales Volumes | | |
Average Price | |
| | |
Oil | | |
Natural Gas | | |
Oil | | |
Natural Gas | |
| | |
Bbls | | |
Bbls/D | | |
Mcf | | |
Mcf/D | | |
(per Bbl) | | |
(per Mcf) | |
Current Month | | |
| 97,721 | | |
| 3,257 | | |
| 961,635 | | |
| 31,020 | | |
$ | 80.84 | | |
$ | 1.46 | |
Prior Month | | |
| 43,568 | | |
| 1,405 | | |
| 599,059 | | |
| 20,657 | | |
$ | 77.57 | | |
$ | 1.66 | |
Recorded oil cash
receipts from the oil and gas properties underlying the Trust (the “Underlying Properties”) totaled $7.9 million for the
current month on realized wellhead prices of $80.84/Bbl, up $4.5 million from the prior month’s oil cash receipts. Oil production
and oil cash receipts increased materially month-over-month largely because of the inclusion of 15 new Permian wells for which production
and revenues attributable to prior periods were released by the operator of the corresponding Underlying Properties during the current
month, following the completion of previously pending title work.
Recorded natural
gas cash receipts from the Underlying Properties totaled $1.4 million for the current month on realized wellhead prices of $1.46/Mcf,
up $0.4 million from the prior month. The increase in natural gas production and cash receipts month-over-month was due in part to the
15 new Permian wells discussed above that reflected production and revenues attributable to prior periods.
Total accrued operating
expenses for the period were $3.2 million, a $0.4 million increase month-over-month. Capital expenditures decreased $0.5 million
from the prior period to $0.4 million.
About Permianville
Royalty Trust
Permianville Royalty
Trust is a Delaware statutory trust formed to own a net profits interest representing the right to receive 80% of the net profits from
the sale of oil and natural gas production from certain, predominantly non-operated, oil and gas properties in the states of Texas, Louisiana
and New Mexico. As described in the Trust’s filings with the Securities and Exchange Commission (the “SEC”), the amount
of the periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production
volumes, oil and gas prices, the amount and timing of capital expenditures, and the Trust’s administrative expenses, among other
factors. Future distributions are expected to be made on a monthly basis. For additional information on the Trust, please visit www.permianvilleroyaltytrust.com.
Forward-Looking
Statements and Cautionary Statements
This press release
contains statements that are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange
Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are “forward-looking
statements” for purposes of these provisions. These forward-looking statements include the amount and date of any anticipated distribution
to unitholders. The anticipated distribution is based, in large part, on the amount of cash received or expected to be received by the
Trust from the Sponsor with respect to the relevant period. The amount of such cash received or expected to be received by the Trust
(and its ability to pay distributions) has been and will continue to be directly affected by the volatility in commodity prices, which
can fluctuate significantly as a result of a variety of factors that are beyond the control of the Trust and the Sponsor. Low oil and
natural gas prices will reduce profits to which the Trust is entitled, which will reduce the amount of cash available for distribution
to unitholders and in certain periods could result in no distributions to unitholders. Other important factors that could cause actual
results to differ materially include expenses of the Trust, reserves for anticipated future expenses, and public health concerns, such
as the COVID-19 pandemic. In addition, future monthly capital expenditures may exceed the average levels experienced in 2023 and prior
periods, which could reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions
to unitholders. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither
the Sponsor nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release.
An investment in units issued by the Trust is subject to the risks described in the Trust’s filings with the SEC, including the
risks described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on
March 22, 2024. The Trust’s quarterly and other filed reports are or will be available over the Internet at the SEC’s
website at http://www.sec.gov.
Contact
Permianville
Royalty Trust
The Bank of
New York Mellon Trust Company, N.A., as Trustee
601 Travis
Street, 16th Floor
Houston, Texas
77002
Sarah Newell
1 (512) 236-6555
Permianville Royalty (NYSE:PVL)
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Permianville Royalty (NYSE:PVL)
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