The Waddell Ranch excess cost position persists with no near-term recovery visible, capping distribution upside. The SoftVest/Blackbeard Business Combination is the primary catalyst — watch for the special meeting record date and proxy vote. Distribution trajectory depends on oil prices and expense management.
Price Chart
Executive Summary
Permian Basin Royalty Trust announced a September cash distribution of $0.019593 per unit, up from $0.018701 in August, driven by lower trust expenses. The Waddell Ranch properties remain in an excess cost position for the third consecutive month, with no NPI proceeds received. The ongoing Business Combination with Blackbeard Holdings, proposed by activist SoftVest, continues to progress with S-4 and S-1 filings, though the trustee takes no position on the deal.
Key Financial Metrics
Key Facts
- September cash distribution of $0.019593 per unit, payable October 15, 2026
- Distribution increased from $0.018701 in August due to lower trust expenses
- Waddell Ranch properties remain in excess cost position for third consecutive month
- Texas Royalty Properties contributed $1,130,007 to distribution, down from $1,325,455 in August
- Texas Royalty oil volumes fell to 13,460 bbls (from 14,405) and gas to 4,868 Mcf (from 5,581)
- Average oil price declined to $83.20/bbl from $93.10; gas price rose to $13.49/Mcf from $9.55
- General and administrative expenses net of interest were $216,779, down from $453,792 in August
- SoftVest-led Business Combination with Blackbeard Holdings to create New PBT continues; S-4 and S-1 filed
- Activist SC 13D/A filed July 30, 2026, within 90 days of this earnings release
Financial Impact
Monthly distribution of ~$913K, up ~5% from prior month but down ~15% from Texas Royalty contribution vs prior month
Risk Factors
- Waddell Ranch properties may remain in excess cost position for multiple months, limiting total distributions
- Business Combination vote outcome uncertain; trustee is not recommending a position
- Declining oil volumes and prices on Texas Royalty Properties pressure core revenue stream
- Quarterly reporting lag on Waddell Ranch data reduces visibility into property performance
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-395269 |
| Document: 2026-09_permian_basin_8-.htm | 0001193125-26-395269 |
| Document: 0001193125-26-395269-index-headers.html | 0001193125-26-395269 |
| Document: 0001193125-26-395269-index.html | 0001193125-26-395269 |
| Document: 0001193125-26-395269.txt | 0001193125-26-395269 |
| 8-K Data (Synthetic) | 0001193125-26-395269 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 2d ago | 8-K / DEFA14A | $33.68 | awaiting T+60 | — | $33.68 (+0.00%) |
Oct 20, 2026 5d ago | 8-K | $33.92 | awaiting T+60 | — | $33.68 (−0.71%) |
Sep 18, 2026 5w ago | 8-K | $35.28 | awaiting T+60 | — | $33.68 (−4.53%) |
Aug 21, 2026 9w ago | 8-K | $34.27 | awaiting T+60 | — | $33.68 (−1.72%) |
Jul 29, 2026 12w ago | 8-K | $29.14 $33.27 | ▲ +14.17% | ▲ +9.44% | $33.68 (+15.58%) |
Jul 21, 2026 13w ago | 8-K | $28.75 $35.39 | ▲ +23.10% | ▲ +19.12% | $33.68 (+17.15%) |
Jun 18, 2026 18w ago | 8-K | $24.97 $35.58 | ▲ +42.49% | ▲ +40.60% | $33.68 (+34.88%) |
May 19, 2026 22w ago | 8-K | $30.80 $33.50 | ▲ +8.77% | ▲ +2.48% | $33.68 (+9.35%) |
May 18, 2026 22w ago | 8-K | $29.69 $33.41 | ▲ +12.53% | ▲ +7.68% | $33.68 (+13.44%) |
May 8, 2026 24w ago | 8-K | $25.24 $34.53 | ▲ +36.81% | ▲ +32.41% | $33.68 (+33.44%) |
US Market Status
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