Company Overview

Permian Basin Royalty Trust (PBT) is a statutory trust formed to hold and administer royalty interests in oil and natural gas properties located in the Permian Basin of Texas. The trust does not operate oil and gas assets, employ personnel, or engage in exploration and production activities; instead, it exists solely to collect royalty income generated by third-party operators and distribute net proceeds to unitholders. PBT operates within the energy and oil and gas royalty segment of the broader hydrocarbons industry.

The trust’s primary revenue driver is the receipt of royalty income from production attributable to its underlying mineral interests. Its customer base is indirect, consisting of energy purchasers and midstream counterparties that buy oil and natural gas from the producing properties. PBT’s strategic positioning is defined by its passive structure, low overhead, and direct exposure to commodity prices without capital expenditure obligations. The trust was created in 1980 by Southland Royalty Company and has remained largely unchanged since inception, with a finite asset base and no growth mandate.

Business Operations

PBT’s operations consist entirely of owning and administering royalty interests in oil and gas properties across the Permian Basin. The trust generates revenue by receiving a percentage of production revenues from these properties, net of post-production costs and taxes, as reported by the field operators. PBT does not hedge production, reinvest cash flows, or acquire new assets, and all available net income is distributed to unitholders on a monthly basis.

The underlying properties are operated by third-party producers, primarily Blackbeard Operating, LLC, along with other independent operators. PBT has no domestic or international operating infrastructure, no proprietary technology, and no subsidiaries. Administrative functions are handled by the trustee, The Bank of New York Mellon Trust Company, N.A., in accordance with the trust agreement and disclosures in SEC filings.

Strategic Position & Investments

PBT has no active strategic growth initiatives, acquisitions, or capital investment programs. Its governing documents prohibit expansion beyond the original royalty interests, and the trust is structured to gradually deplete as reserves are produced. As a result, PBT is typically characterized as a yield-oriented investment vehicle rather than a growth platform.

The trust does not hold interests in emerging technologies, renewable energy, or adjacent sectors, nor does it maintain a portfolio of subsidiaries or joint ventures. Any changes in distributions are driven by commodity prices, production volumes, and operating costs reported by third-party operators, rather than strategic decisions by the trust itself.

Geographic Footprint

PBT’s asset base is concentrated exclusively in the Permian Basin of West Texas, one of the most established oil-producing regions in North America. The trust has no international exposure, overseas investments, or operations outside the United States.

The trustee’s administrative headquarters are located in the United States, but this presence does not constitute an operating footprint. PBT’s geographic influence is therefore limited to its royalty-bearing properties and their contribution to U.S. domestic energy production.

Leadership & Governance

PBT does not have a traditional corporate management team, board of directors, or executive officers. Governance and administration are provided by an independent trustee in accordance with the trust agreement and applicable securities regulations. The trust’s structure limits discretion over operations, investments, and strategy.

Key governance responsibility rests with the trustee:

• The Bank of New York Mellon Trust Company, N.A. – Trustee

Public sources do not consistently identify individual executives responsible solely for PBT administration. Data inconclusive based on available public sources regarding named executive officers dedicated to the trust.