What changed in this filing

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Item 1A. Risk Factors

2020-11-09 compared with 2020-08-10 · 33 added, 44 removed, 16 unchanged (83% of the section changed)

The recent spread of COVID-19, or the novel coronavirus, and the measures taken to mitigate the impact of the COVID-19 pandemic, are likely adversely affecting the business and operations of the operators of the Waddell Ranch properties and the Texas royalty properties, which in turn could have an adverse effect on trust

distributions.

The business of the operators of the Waddell Ranch properties and the Texas Royalty properties is likely being adversely affected by

the COVID-19 pandemic and measures being taken to mitigate its impact.

As the coronavirus pandemic and government responses are rapidly evolving, the extent of the impact on domestic sales of crude oil and

natural gas remains unknown and is constantly evolving.

We experienced a sharp and rapid decline in the demand for crude oil and natural gas as the U.S.

and global economy, and commodity prices, were negatively impacted as economic activity is

curtailed in response to the COVID-19 pandemic.

Prices have rebounded somewhat but continue to remain depressed.

Official restrictions

on non-essential activities, including shelter in place and stay at home orders, have been introduced and re-introduced throughout the

and the world, and the length of time for which they will remain continues to be unknown, which may impact our operators production activities, and the length of time such measures are in place may further adversely affect us.

businesses than normal are open and fewer people are going to work which has reduced the demand for oil and natural gas, plus our operators reliance on third-party suppliers, contractors, and service providers exposes them to possibility of

delay or interruption of operations.

At this time, the full extent to which COVID-19 will negatively impact the global economy and the oil and gas industry is uncertain, but pandemics or other significant

public health events will most likely have a material adverse effect on our operators business and financial condition which would likely have an adverse effect on trust distributions.

Risk factors relating to the Trust are contained in Item 1A of the Trusts Annual Report on Form 10-K for the

fiscal year ended December 31, 2019.

Other than the item listed above, no material change to such risk factors has occurred during the six months ended June 30, 2020.

fiscal year ended December 31, 2019 and the Trusts Quarterly Report on Form 10-Q/A for the fiscal quarter ended June 30, 2020.

Except as set forth in such filings, no material change to such

risk factors has occurred during the nine months ended September 30, 2020.

Items 2 through 5.

Not applicable.

Permian Basin Amended and Restated Royalty Trust Indenture dated June 20, 2014, between Southland Royalty Company (now Burlington Resources Oil

& Gas Company LP) and The First National Bank of Fort Worth (now Simmons Bank), as Trustee, heretofore filed as Exhibit 4.1 to the Trusts Quarterly Report on Form 10-Q to the Securities and Exchange Commission for the quarterly period

ended June 30, 2014, is incorporated herein by reference.

Net Overriding Royalty Conveyance (Permian Basin Royalty Trust) from Southland Royalty Company (now Burlington Resources Oil & Gas Company LP) to The First National Bank of Fort Worth (now Simmons Bank), as Trustee, dated

November 3, 1980 (without Schedules), heretofore filed as Exhibit (4)(b) to the Trusts Annual Report on Form 10-K to the Securities and Exchange Commission for the fiscal year ended December 31, 1980, is incorporated herein by reference.

Registration Rights Agreement dated as of July 21, 2004 by and between Burlington Resources, Inc.

and Bank of America, N.A., as trustee of Permian

Basin Royalty Trust, heretofore filed as Exhibit 10.1 to the Trusts Quarterly Report on Form 10-Q to the Securities and Exchange Commission for the quarterly period ended June 30, 2004 is incorporated herein by reference.

Underwriting Agreement dated December 15, 2005 among the Permian Basin Royalty Trust, Burlington Resources, Inc., Burlington Resources Oil &

Permian Basin Amended

and Restated Royalty Trust Indenture dated June 20, 2014, between Southland Royalty Company (now Burlington Resources Oil & Gas Company LP) and The First National Bank of Fort Worth (now Simmons Bank), as Trustee, heretofore filed as

Exhibit 4.1 to the Trusts Quarterly Report on Form 10-Q to the Securities and Exchange Commission for the quarterly period ended June 30, 2014, is incorporated herein by reference.*

Net Overriding Royalty Conveyance (Permian Basin Royalty Trust) from Southland Royalty Company (now Burlington

Resources Oil & Gas Company LP) to The First National Bank of Fort Worth (now Simmons Bank), as Trustee, dated November 3, 1980 (without Schedules), heretofore filed as Exhibit (4)(b) to the Trusts Annual Report on Form 10-K to the Securities and Exchange Commission for the fiscal year ended December 31, 1980, is incorporated herein by reference.

Net Overriding Royalty Conveyance (Permian Basin Royalty Trust) from Southland Royalty Company (now Burlington

Registration Rights Agreement

dated as of July 21, 2004 by and between Burlington Resources, Inc.

and Bank of America, N.A., as trustee of Permian Basin Royalty Trust, heretofore filed as Exhibit 10.1 to the Trusts Quarterly Report on Form 10-Q to the Securities and Exchange Commission for the quarterly period ended June 30, 2004 is incorporated herein by reference.

Underwriting Agreement

dated December 15, 2005 among the Permian Basin Royalty Trust, Burlington Resources, Inc., Burlington Resources Oil & Gas L.P.

and Lehman Brothers Inc.

and Wachovia Capital Markets, LLC as representatives of the several underwriters, heretofore filed as Exhibit 10.1 to the Trusts current report on Form 8-K to the Securities and Exchange Commission filed on

December 19, 2005, is incorporated herein by reference.

Underwriting Agreement dated August 2, 2005 among the Permian Basin Royalty Trust, Burlington Resources, Inc., Burlington Resources Oil &

and Wachovia Capital Markets, LLC as representatives of the several underwriters,

heretofore filed as Exhibit 10.1 to the Trusts current report on Form 8-K to the Securities and Exchange Commission filed on December 19, 2005, is incorporated herein by reference.

Underwriting Agreement

dated August 2, 2005 among the Permian Basin Royalty Trust, Burlington Resources, Inc., Burlington Resources Oil & Gas L.P.

and Goldman Sachs & Co.

and Lehman Brothers Inc.

as representatives of the several underwriters, heretofore filed as Exhibit 10.1 to the Trusts current report on Form 8-K to the Securities and Exchange Commission filed on August

8, 2005, is incorporated herein by reference.

Underwriting Agreement dated August 17, 2006, among Permian Basin Royalty Trust, ConocoPhillips, Burlington Resources Oil & Gas Company LP

and Lehman Brothers Inc.

and Wachovia Capital Markets, LLC as representatives of the several underwriters heretofore filed as Exhibit 10.1 to the Trusts current report on Form 8-K to the Securities and Exchange Commission filed on August 22,

2006, is incorporated herein by reference.

as representatives of the several underwriters,

heretofore filed as Exhibit 10.1 to the Trusts current report on Form 8-K to the Securities and Exchange Commission filed on August 8, 2005, is incorporated herein by reference.

Underwriting Agreement

dated August 17, 2006 among Permian Basin Royalty Trust, ConocoPhillips, Burlington Resources Oil & Gas Company LP and Lehman Brothers Inc.

and Wachovia Capital Markets, LLC as representatives of the several underwriters heretofore

filed as Exhibit 10.1 to the Trusts current report on Form 8-K to the Securities and Exchange Commission filed on August 22, 2006, is incorporated herein by reference.

Certification by Ron E.

Hooper, Senior Vice President Royalty Trust Management of Simmons Bank, Trustee of Permian Basin Royalty Trust, dated August 10, 2020 and submitted pursuant to Rule 13a-14(a)/15d-14(a)

and pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Certificate by Simmons Bank, Trustee of Permian Basin Royalty Trust, dated August 10, 2020 and submitted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C.

Hooper, Senior Vice President Royalty Trust Management of Simmons

Bank, Trustee of Permian Basin Royalty Trust, dated November 9, 2020 and submitted pursuant to Rule 13a-14(a)/15d-14(a) and pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002.

Certificate by Simmons Bank, Trustee of Permian Basin Royalty Trust, dated November 9,

2020 and submitted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C.

Section 1350).

1 unchanged sentence

request to the Trustee, Simmons Bank, 2911 Turtle Creek Boulevard, Suite 850, Dallas, Texas 75219.

(P) Paper exhibits.

Paper exhibits.

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned

1 unchanged sentence

SIMMONS BANK,

TRUSTEE FOR THE

PERMIAN BASIN ROYALTY TRUST

SVP Royalty Trust Management

August 10, 2020

November 9, 2020

(The Trust has no directors or executive officers.)

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1A. Risk Factors