PermRock Royalty Trust (NYSE: PRT) on Tuesday declared a monthly cash distribution. This distribution is to holders of its trust units as of March 29, 2019, and payable on April 12, 2019 in the amount of $0.041582 per Trust Unit, based principally upon production during the month of January 2019.
Oil cash receipts for the properties underlying the Trust totaled $2.11 million for the current month, up by $0.15 million from the prior month distribution period as a result of increased sales volumes. Permian Basin oil differentials significantly impacted the prices received for oil produced in January 2019. Trust parent Boaz Energy indicated it anticipates the differential to return to a more historic norm starting in the production month of March 2019.
Natural gas cash receipts for the properties underlying the Trust totaled $0.10 million for the current month, down by $0.08 million from the prior month distribution period due to a price cut for natural gas.
Total direct operating expenses, including lease operating expenses and workover expenses, were $0.64 million, which was $0.07 million lower than the prior month. Severance and ad valorem taxes were $0.25 million.
Capital expenditures were $0.49 million in the current month. Boaz Energy indicated that the capital was primarily spent for drilling and completions in Crane and Glasscock counties.