PBT

Permian Basin Royalty Trust is an express trust that holds overriding royalty interests in oil and natural gas properties located in the Permian Basin region of Texas. The trust receives revenues from the sale of oil, natural gas, and NGLs produced from these properties and distributes substantially all net proceeds to unitholders as monthly cash distributions. The trust does not engage in any active business operations and has no employees. Revenue and distributions fluctuate based on commodity prices and production volumes from the underlying properties.