PBT

Cash Distribution Declared: Argent Trust Company announced a cash distribution of $0.019233 per unit for the Permian Basin Royalty Trust, payable on December 12, 2025, with a record date of November 28, 2025. This distribution is lower than the previous month due to decreased natural gas volumes and lower oil and gas prices.

Waddell Ranch Properties Update: No proceeds were received from the Waddell Ranch properties for October 2025, leading to a continuing excess cost position. Future distributions will depend on recovering these excess costs from future proceeds.

Texas Royalty Properties Performance: The Texas Royalty Properties produced 16,337 barrels of oil and 10,723 Mcf of gas, generating revenues of $1,111,632 after deducting taxes and expenses, resulting in a net profit of $973,969 for October.

Special Meeting Announcement: A special meeting for unit holders is scheduled for December 16, 2025, at the request of SoftVest Advisors, LLC, to vote on a proposal for judicial reformation of the Trust's Indenture, allowing a majority vote to approve amendments.

Cash Distribution Declared: Argent Trust Company announced a cash distribution of $0.020021 per unit for the Permian Basin Royalty Trust, payable on November 17, 2025, with a record date of October 31, 2025. This distribution decreased from the previous month due to higher production costs at the Waddell Ranch properties.

Waddell Ranch Production Costs: The Waddell Ranch properties did not contribute to this month's distribution as production costs exceeded gross proceeds. Future distributions will depend on recovering these excess costs from future proceeds.

Texas Royalty Properties Performance: The Texas Royalty Properties reported production of 16,239 barrels of oil and 13,282 Mcf of gas, generating revenues of $1,164,303 after deducting taxes and expenses, resulting in a net profit of $1,024,178 for September.

Special Meeting Announcement: A special meeting for unit holders is scheduled for December 16, 2025, at the request of SoftVest Advisors, LLC, to vote on a proposal for amending the Trust's Indenture regarding the approval process for amendments.