Wed, Nov 13, 4:33 PM (20 days ago)
For the quarter ending September 30, 2024, PermRock Royalty Trust (PRT) reported a decrease in net profits income to $1,548,855 from $1,691,590 in the same period of 2023, primarily due to lower oil and gas production and decreased natural gas prices, despite higher oil prices. Distributable income dropped to $1,340,784 ($0.110208 per unit) from $1,466,168 ($0.120516 per unit) year-over-year. For the nine months ended September 30, 2024, net profits income was $4,503,683, down from $5,632,011 in 2023, leading to a distributable income of $3,813,324 ($0.313443 per unit) compared to $4,906,523 ($0.403307 per unit) previously. Total assets decreased to $74,538,966, with cash reserves maintained at $1,000,000. The Trust's operational costs fluctuated, with general and administrative expenses slightly reduced. Future operations are influenced by Boaz Energy's capital budget of $4.5 million for 2024, with $2.6 million spent thus far. The Trust continues to face uncertainties related to commodity price volatility and operational costs, impacting future distributions.