Permian Basin Royalty Trust (PBT) Q1 2026 earnings summary

Executive summary

• Royalty income for Q1 2026 was $3.55 million, up from $3.05 million in Q1 2025, mainly due to a $1.125 million partial settlement payment from Blackbeard.

• Distributable income for Q1 2026 was $3.03 million ($0.06 per unit), compared to $2.60 million ($0.06 per unit) in Q1 2025.

• The Trust declared distributions of $0.040056, $0.014221, and $0.010662 per unit for January, February, and March 2026, respectively.

Financial highlights

• Interest income for Q1 2026 was $16,876, slightly up from $16,523 in Q1 2025.

• General and administrative expenses increased to $541,157 in Q1 2026 from $475,008 in Q1 2025.

• Cash and short-term investments as of March 31, 2026, were $1.60 million, down from $1.72 million at year-end 2025.

Outlook and guidance

• Oil prices spiked in March and April 2026 due to the war in Iran, reaching $114.58 per barrel, but future commodity prices remain volatile and unpredictable.

• The Trust expects continued volatility in oil and gas prices due to geopolitical and market factors.