Permian Basin Royalty Trust

What Permian Basin Royalty Trust does

Permian Basin Royalty Trust is a publicly traded Delaware statutory grantor trust (NYSE: PBT) that holds two overriding royalty interests in producing oil and gas properties in Texas: a 75% net overriding royalty interest in the Waddell Ranch properties in Crane County, Texas, operated by Blackbeard Operating, LLC since April 2020, and a 95% net overriding royalty interest in the Texas Royalty properties. The Trust was established in November 1980 through Net Overriding Royalty Conveyances from Southland Royalty Company and has been listed on the NYSE since 2008. It is a passive entity with no employees, no capital reinvestment obligations, and no operating infrastructure; Argent Trust Company serves as Trustee, and Equiniti Trust Company handles unit transfers.

Revenue is generated entirely as royalty income from underlying oil and gas production, with cash flows directly tied to WTI crude oil and natural gas prices. Q1 2026 royalty income was $3,551,082, up from $3,054,697 in Q1 2025. Net income is distributed monthly to approximately 46,608,796 unitholders of beneficial interest, with June 2026's distribution at $0.024673 per unit ($1,149,997 total). The Trust serves retail and institutional investors seeking passive exposure to Permian Basin energy production without direct operational involvement.

Recent significant events include a $9,000,000 settlement in August 2025 with Blackbeard over disputed royalty calculations; a court-approved Indenture modification in May 2026 reducing the amendment approval threshold from 75% to a majority vote; and a May 2026 non-binding term sheet proposing a merger of the Trust with Blackbeard's US Land Guild subsidiary into a new NYSE-listed company, with PBT unitholders receiving approximately 58% of the combined entity. The Trust faces a single-counterparty concentration risk on its primary asset via Blackbeard and is structurally exposed to commodity price volatility and long-term production decline from mature fields.

Name

Permian Basin Royalty Trust

Legal name

Permian Basin Royalty Trust

Website

https://pbt-permian.com

Company type

Public

Founded year

1980

Operating status

Operating

Headcount range

51–100 employees

Short description

Permian Basin Royalty Trust (NYSE: PBT) is a passive Delaware statutory trust holding 75% and 95% net overriding royalty interests in West Texas oil and gas properties, distributing monthly royalty income to public unitholders with no employees or operating overhead.

Ownership category

akta.pro rank

Product category

Oil & Gas Royalty Trust

NAICS

Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) (533110), Trusts, Estates, and Agency Accounts (525920)

SIC

Oil Royalty Traders (6792), Mineral Royalty Traders (6795)

akta.pro primary industry

Real Assets — Oil & Gas / Energy Royalties (Mineral Rights, Midstream Royalties) (FSAHAIAL)

akta.pro secondary industries

Real Assets — Natural Resources & Minerals (Mining, Royalties/Streaming) (FSAHAIAK), Mineral Rights, Leasing & Land Management (EUALAAAB)

Keywords

• Oil gas royalties
• Royalty trust units
• Passive energy investment
• Permian basin exposure
• Monthly income distributions

Headquarters

HQ city

Dallas

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Others

Revenue model

1. Royalty Income from Oil and Gas Production: The Trust generates revenue through net overriding royalty interests in producing oil and gas properties. It receives proceeds from two primary asset groups: (1) a 75% net overriding royalty interest in the Waddell Ranch properties in Crane County, Texas operated by Blackbeard Operating LLC, and (2) a 95% net overriding royalty interest in Texas Royalty properties. Revenue is directly tied to WTI crude oil and natural gas prices, with distributions paid monthly to unitholders after deducting operating costs.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Permian Basin Royalty Trust is a passive Delaware statutory grantor trust that holds two net overriding royalty interests carved out of Southland Royalty Company's fee mineral properties: a 75% net overriding royalty interest in the Waddell Ranch properties in Crane County, Texas (operated by Blackbeard Operating LLC) and a 95% net overriding royalty interest in the Texas Royalty properties. The Trust has no employees, requires no capital reinvestment, and passes royalty income received from oil and gas production directly to unitholders as monthly cash distributions.

Product overview

Permian Basin Royalty Trust is a passive Delaware statutory grantor trust that does not operate as a traditional product company. Its assets consist of two overriding royalty interests: (1) a 75% net overriding royalty interest in the Waddell Ranch properties in Crane County, Texas, and (2) a 95% net overriding royalty interest in the Texas Royalty properties. The trust has no employees and requires no capital reinvestment, passing monthly cash distributions directly to unitholders based on oil and gas production revenues minus operational costs. The trust is traded on the NYSE under the symbol PBT and is administered by Argent Trust Company as trustee.

Differentiator

Problem solved

Functional benefit

Products and services

• Waddell Ranch Properties Net Overriding Royalty Interest A 75% net overriding royalty interest carved out of Southland Royalty Company's fee mineral interest in the Waddell Ranch properties in Crane County, Texas. The Trust receives royalty payments from oil and gas production on these properties, currently operated by Blackbeard Operating LLC effective April 1, 2020. The interest generates cash distributions for passive public unitholders based on production volumes and commodity prices.
• Texas Royalty Properties Net Overriding Royalty Interest A 95% net overriding royalty interest carved out of Southland Royalty Company's major producing royalty properties in Texas. The Trust receives royalty payments from production on these properties (sold to Riverhill Energy Corporation in February 1997), with income directly linked to WTI crude oil and natural gas prices and distributed monthly to unitholders.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered minor and core.

• US Land Guild, LLCminorOthers · 18 May 2026Wholly owned subsidiary of Blackbeard Holdings, LLC that owns approximately 66,500 acres of surface estate and a 15% royalty interest associated with certain acreage and mineral interests. Part of proposed business combination where USLG assets would be merged with Trust assets into a new publicly traded company.
• Blackbeard Operating, LLCcoreOthers · 19 August 2025Settled litigation where the Trust alleged Blackbeard failed to properly calculate and pay royalties due. Settlement provided for $9,000,000 payment to the Trust (including $4,500,000 upfront and $4,500,000 in four quarterly installments of $1,125,000 in 2026). Settlement also established overhead rates and reporting requirements going forward.
• Blackbeard Operating, LLCcoreOthers · 1 November 2019Blackbeard Operating LLC became the operator of the Waddell Ranch properties effective April 1, 2020, after acquiring the properties from Burlington Resources Oil & Gas Company. Blackbeard operates the wells, manages production, and calculates/pays the net overriding royalty to the Trust. The Trust holds a 75% net overriding royalty interest in these properties in Crane County, Texas.
• Argent Trust CompanycoreOthersServes as Trustee of Permian Basin Royalty Trust, managing the Trust's affairs, making distributions to unitholders, and overseeing Trust operations. Based in Dallas, Texas.
• Equiniti Trust Company, LLCminorOthersTransfer agent and registrar for the Trust, located at 48 Wall Street, Floor 23, New York, NY 10005. Handles unit registry and transfer services.
• Weaver and Tidwell, LLPminorOthersIndependent auditors for the Trust, based in Dallas, Texas.
• Holland & Knight, LLPminorOthersLegal counsel for the Trust.

Scale indicators9 records

Recent moves5 records

Expansion highlights3 records

Direct peers

• Sabine Royalty Trust: NYSE-listed (SBR) oil and gas royalty trust that holds overriding royalty interests in producing properties across multiple U.S. states. Directly comparable to Permian Basin Royalty Trust in passive trust structure, monthly distributions tied to commodity prices, and dependence on third-party operators.
• Kimbell Royalty Partners, LP: NYSE-listed (KRP) limited partnership that owns mineral and royalty interests across major U.S. basins. Directly comparable on asset class (mineral/royalty interests), passive income model, and concentration in Permian and other prolific basins.
• Sitio Royalties Corp. NYSE-listed (STR) mineral and royalty interest company with a Permian-weighted portfolio formed via the merger of Brigham Minerals and Sitio Royalties. Closely comparable on Permian Basin royalty exposure and pure-play mineral rights business model.
• Black Stone Minerals, L.P. NYSE-listed (BSM) master limited partnership focused on owning mineral and royalty interests across major U.S. basins including the Permian. Comparable business model of acquiring and managing mineral/royalty assets with passive cash distributions.
• Hugoton Royalty Trust: NYSE-listed (HGT) royalty trust holding net profits interests in natural gas properties in Kansas, Oklahoma, and Wyoming. Directly comparable as a passive, no-employee royalty trust with monthly distributions driven by commodity prices and a single major operator relationship.
• Mesa Royalty Trust: OTC-trust holding overriding royalty interests in oil and gas properties, primarily in the Hugoton gas field and the San Juan Basin. Directly comparable as a passive royalty trust with monthly distributions and no operational footprint.
• Dorchester Minerals, L.P. NASDAQ-listed (DMLP) master limited partnership that owns royalty interests and net profits interests in oil and gas properties primarily in the Permian Basin and other U.S. regions. Direct peer on royalty/working-interest exposure and Permian concentration.
• Viper Energy, Inc. NASDAQ-listed (VNOM) subsidiary of Diamondback Energy focused on owning mineral and royalty interests primarily in the Permian Basin. Direct comparable on Permian royalty focus, though structured as an operating subsidiary rather than a trust.
• Cross Timbers Royalty Trust: NYSE-listed (CRT) oil and gas royalty trust holding net profits interests in properties primarily in Texas and Oklahoma. Closely comparable to PBT in passive trust structure, Texas-weighted asset base, and monthly distributions driven by commodity prices and operator performance.

Broad incumbents

• Texas Pacific Land Corporation: NYSE-listed (TPL) large-cap land and royalty owner in West Texas including the Permian Basin. Comparable on Texas surface/mineral ownership and royalty income exposure, but significantly larger and broader in scope than PBT's narrow royalty interest base.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Permian Basin Royalty Trust