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):
December 16, 2024
Permianville Royalty Trust
(Exact name of registrant as specified in its charter)
Delaware |
|
001-35333 |
|
45-6259461 |
(State or other jurisdiction of incorporation) |
|
(Commission File Number) |
|
(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):
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-(b)) |
¨ |
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 December 16, 2024, Permianville Royalty
Trust (the “Trust”) issued a press release announcing the Trust’s monthly net profits interest calculation. 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.
| Permianville Royalty Trust |
| | |
| By: | The Bank of New York Mellon Trust
Company, N.A., as Trustee |
| | |
Date: December 16, 2024 | | By: |
/s/ Sarah Newell |
| | |
Sarah Newell |
| | |
Vice President |
Exhibit 99.1
Permianville Royalty Trust Announces Monthly
Operational Update
HOUSTON, Texas—(BUSINESS WIRE)—December 16,
2024
Permianville Royalty Trust (NYSE: PVL, the “Trust”)
today announced the net profits interest calculation for December 2024. The net profits interest calculation represents reported
oil production for the month of September 2024 and reported natural gas production during August 2024. The calculation includes
accrued costs incurred in October 2024.
As a result of the elevated capital expenditures
recorded this month as described below, for which timing is not always ratable month-to-month, direct operating and development expenses
exceeded cash receipts, leading to a shortfall of approximately $1.9 million this month. COERT Holdings 1 LLC (the “Sponsor”)
is releasing this month the full $1.0 million cash reserve previously established for expected capital expenditures, which will reduce
the shortfall to approximately $0.9 million. As a result, no monthly distribution will be paid in January 2025 to the Trust’s
unitholders of record on December 31, 2024.
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 | |
| 37,649 | | |
| 1,255 | | |
| 412,711 | | |
| 13,313 | | |
$ | 70.14 | | |
$ | 1.60 | |
Prior Month | |
| 40,886 | | |
| 1,319 | | |
| 384,143 | | |
| 12,392 | | |
$ | 75.88 | | |
$ | 1.78 | |
Recorded oil cash receipts from the oil and gas
properties underlying the Trust (the “Underlying Properties”) totaled $2.6 million for the current month on realized wellhead
prices of $70.14/Bbl, down $0.5 million from the prior month’s oil cash receipts.
Recorded natural gas cash receipts from the Underlying
Properties totaled $0.7 million for the current month on realized wellhead prices of $1.60/Mcf, consistent with the prior month.
Total accrued operating expenses remained consistent
with the prior period at $2.3 million. Capital expenditures increased $3.2 million from the prior period to $3.4 million. The increase
in capital expenditures was driven by the non-operated spending for two Permian wells drilled by a public, super major oil company, three
Haynesville wells drilled by a public, super major oil company, and six Haynesville wells drilled by a large private oil and gas exploration
and production company.
The cumulative shortfall in net profits for the
current month will be deducted from any net profits in next month’s net profits interest calculation. The Trust will not receive
proceeds pursuant to its net profits interest until the cumulative net profits shortfall is eliminated. In addition, if the Trust’s
cash on hand is not sufficient to pay ordinary course administrative expenses and the Trust borrows funds or draws on the letter of credit
that has been provided to the Trust, or if the Sponsor advances funds to the Trust to pay such expenses, no further distributions will
be made to Trust unitholders until such amounts borrowed or drawn, or advanced to the Trust, are repaid. At this time based on current
commodity prices, the Sponsor anticipates that the Underlying Properties will return to generating positive net profits in 2025.
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
and expectations regarding the future generation of net profits from the Underlying Properties. 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
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