Tue, May 14, 7:56 PM (73 days ago)
PermRock Royalty Trust's 10-Q for the quarter ended March 31, 2024, reports a decrease in net profits income to $1,296,408 from $2,366,677 year-over-year, primarily due to lower oil and gas prices and sales volumes. Distributable income for the quarter was $1,122,502, or $0.092268 per unit, compared to $2,203,286, or $0.181106 per unit, in the prior year. The Trust maintained cash reserves at $1,000,000. Boaz Energy's 2024 capital budget is estimated at $4.5 million, with $0.9 million expended as of March 31, 2024. Oil sales volumes decreased by 13.3%, and natural gas sales volumes by 19.5%, reflecting natural production declines and reduced demand. The Trust declared a cash distribution of $0.030674 per unit on April 19, 2024. The Trust's financial health remains stable with no significant changes in liabilities or legal proceedings. Future performance will depend on commodity prices, production volumes, and operational costs.