PERMIAN BASIN ROYALTY TRUST ANNOUNCES JUNE CASH DISTRIBUTION, EXCESS COST POSITION ON WADDELL RANCH PROPERTIES, AND SOFTVEST PROPOSAL

DALLAS , June 18, 2026 /PRNewswire/ -- Argent Trust Company, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT ) ("Permian" or the "Trust") today declared a cash distribution to the holders of its units of beneficial interest of $0.024673 per unit, payable on July 15, 2026, to unit holders of record on June 30, 2026. The distribution does not include proceeds from the Waddell Ranch properties, as total production costs ("Production Costs") exceeded gross proceeds ("Gross Proceeds") for the month of May, resulting in a continuing excess cost position for the Waddell Ranch properties. More information regarding the Waddell Ranch properties is described below. This month's distribution increased compared to the previous month due primarily to Texas Royalty Properties having higher oil volumes, along with higher oil and natural gas pricing, partially offset by lower natural gas volumes for the reporting period. WADDELL RANCH Information from Blackbeard Operating, LLC ("Blackbeard"), the operator of the Waddell Ranch properties, necessary to calculate the net profits interest ("NPI") proceeds for a given month is received after the announcement date for the month's distribution. As a result, in accordance with the Trust indenture, if NPI proceeds are received from the Waddell Ranch properties on or prior to the record date, they will be included in the following month's distribution. As noted above, no proceeds were received by the Trustee in May 2026 to be included in the June distribution. All excess costs, including any accrued interest, will need to be recovered by future proceeds from the Waddell Ranch properties before any proceeds are distributed to the Trust. Due to the fact that Blackbeard provides production, pricing and cost information quarterly instead of monthly, the Trustee will be disclosing that information in the quarterly reports on Form 10-Q and annual reports on Form 10-K for the foreseeable future (to the extent timely received from Blackbeard). TEXAS ROYALTY PROPERTIES Production for the underlying Texas Royalty Properties was 16,174 barrels of oil and 7,743 Mcf of gas. The production for the Trust's allocated portion of the Texas Royalty Properties was 14,577 barrels of oil and 6,972 Mcf of gas. The average price for oil was $88.42 per bbl and for gas was $9.50, which includes significant NGL pricing, per Mcf. This would mainly reflect production and pricing in March for oil and February for gas. These allocated volumes were impacted by the pricing of both oil and gas. This production and pricing for the underlying properties resulted in revenues for the Texas Royalty Properties of $1,503,687. Deducted from these revenues were taxes and expenses of $150,074 resulting in a Net Profit of $1,353,613 for May. With the Trust's NPI of 95% of the underlying properties, this would result in a net contribution by the Texas Royalty Properties of $1,285,932 to this month's distribution. Underlying Properties Net to Trust Sales Volumes Volumes Average Price Oil (bbls) Gas (Mcf) Oil (bbls) Gas (Mcf) (1) Oil (per bbl) Gas (per Mcf) (2) Current Month Full story available on Benzinga.com