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):
September 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
September 16, 2024, Permianville Royalty Trust (the “Trust”) issued a press release announcing the Trust’s distribution
to be paid in October 2024. 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: September 16, 2024 |
|
By: |
/s/ Sarah Newell |
|
|
|
Sarah Newell |
|
|
|
Vice President |
Exhibit 99.1
Permianville
Royalty Trust Announces Monthly Cash Distribution
HOUSTON,
Texas—(BUSINESS WIRE)—September 16, 2024
Permianville
Royalty Trust (NYSE: PVL, the “Trust”) today announced a cash distribution to the holders of its units of beneficial interest
of $0.014000 per unit, payable on October 15, 2024 to unitholders of record on September 30, 2024. The net profits interest calculation
represents reported oil production for the month of June 2024 and reported natural gas production during May 2024. The calculation includes
accrued costs incurred in July 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 | | |
| 38,579 | | |
| 1,286 | | |
| 374,304 | | |
| 12,074 | | |
$ | 77.69 | | |
$ | 1.69 | |
Prior Month | | |
| 41,469 | | |
| 1,338 | | |
| 394,278 | | |
| 13,143 | | |
$ | 79.53 | | |
$ | 1.39 | |
Recorded
oil cash receipts from the oil and gas properties underlying the Trust (the “Underlying Properties”) totaled $3.0 million
for the current month on realized wellhead prices of $77.69/Bbl, down $0.3 million from the prior month’s oil cash receipts.
Recorded
natural gas cash receipts from the Underlying Properties totaled $0.6 million for the current month on realized wellhead prices of $1.69/Mcf,
up $0.1 million from the prior month.
Total
accrued operating expenses for the period were $2.5 million, a $0.6 million increase month-over-month. Capital expenditures decreased
$0.2 million from the prior period to $0.4 million.
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. 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
Permianville Royalty (NYSE:PVL)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024
Permianville Royalty (NYSE:PVL)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024