PermRock Royalty Trust confirmed the payment of a monthly cash distribution of $539,693 ($0.044361 per unit) to holders of units as of June 30, 2025, payable on July 15, according to a statement published on June 20. This distribution is primarily based on April 2025 production and pertains to the Trust’s underlying oil and gas assets. It represents a decrease from the previous month, principally due to a drop in both volumes and average selling price of oil. However, natural gas results showed a slight improvement.
Decline in oil revenues
In April, oil sales volumes underlying the Trust stood at 21,171 barrels, or 706 barrels per day, compared to 22,232 barrels (717 barrels per day) in the previous month. The average received price for oil also declined, dropping from $66.92 per barrel to $61.82. Consequently, oil revenues totalled $1.31mn, reflecting a decrease of $180,000 compared to the prior period.
Natural gas showed a notable increase in sold volumes, reaching 35,024 thousand cubic feet (Mcf), equivalent to an average daily output of 1,167 Mcf. This marked a significant rise compared to the previously recorded 24,848 Mcf. Despite this increase in volume, the average natural gas price fell to $2.61 per Mcf, down from $3.19 the previous month.
Reduction in operating expenses
Total direct operating expenses, including marketing, lease operating expenses and workover expenses, amounted to $320,000, declining by $280,000 compared to the previous distribution period. Severance and ad valorem taxes included in the net profit calculations amounted to $130,000 for the current month.
Meanwhile, capital expenditures reached $20,000, marking a slight increase of $10,000 compared to the previous month. These changes in costs directly influenced net profit calculations and consequently the monthly distribution amount.
Overall impact on distributions
The combined decrease in oil prices and volumes remains the primary factor behind the reduction in investor distributions. Conversely, the rise in natural gas sales volume partially offsets the negative impacts on the Trust’s total revenues.
Investors will thus receive this adjusted distribution on July 15, serving as a relevant indicator of recent economic performance of PermRock Royalty Trust’s oil and gas assets.
