Fri, Mar 28, 8:53 PM (23 days ago)
**PermRock Royalty Trust (PRT) 10-K Summary** **Financial Performance (2024):** - **Revenue:** $6,018,264 (down from $7,186,191 in 2023) - **Net Income:** $5,161,498 (down from $6,262,256 in 2023) - **Earnings per Share:** $0.424259 (down from $0.514745 in 2023) **Strategic Overview:** - **Trust Structure:** PermRock Royalty Trust is a Delaware statutory trust formed to acquire and hold a Net Profits Interest in oil and natural gas properties. - **Underlying Properties:** The trust holds interests in 31,354 gross (22,394 net) acres in the Permian Basin, with proved reserves of 4.2 MMBoe as of December 31, 2024. **Future Outlook:** - **2025 Plans:** Boaz Energy plans to drill new producing wells in the Permian Platform and invest in workovers, waterflood pattern conformance, and returning to production some wells that are currently shut in. - **Risk Factors:** The trust faces risks related to oil and natural gas prices, regulatory changes, environmental concerns, and operational challenges. **Risk Factors:** - **Market Risks:** Volatility in oil and natural gas prices, regulatory changes, and environmental concerns. - **Operational Risks:** Dependence on third-party operators, potential abandonment of properties, and high costs of developing and operating the underlying properties. - **Financial Risks:** Depleting assets, potential increases in the differential between realized prices and benchmark prices, and higher production and development costs. **Financial Condition:** - **Liquidity:** The trust's principal sources of liquidity are cash flow generated from the Net Profits Interest and borrowings to fund administrative expenses. - **Capital Resources:** The trust's primary uses of cash are distributions to trust unitholders, payment of trust administrative expenses, and other expenses incurred as a result of being a publicly traded entity. **Market Position Changes:** - **Listing:** The trust units are listed on the New York Stock Exchange under the symbol "PRT." - **Distributions:** The trust makes monthly cash distributions of all of its monthly cash receipts, after deduction of fees and expenses for the administration of the trust and any cash reserves, to holders of its trust units. **Amendment Notes (if applicable):** - **Changes:** No significant changes reported in this summary. **Note:** Amounts are usually in thousands, 000s.