What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2021-03-31 compared with 2020-03-16 · 29 added, 30 removed, 84 unchanged (41% of the section changed)

49 unchanged sentences

herein on page 10) that are subject to the Net Overriding Royalty Conveyance dated November 1, 1980 (the Texas Royalty Conveyance), were sold to Riverhill Energy Corporation (Riverhill Energy) of Midland, Texas.

March 31, 2006, ConocoPhillips acquired BRI pursuant to a merger between BRI and a wholly-owned subsidiary of ConocoPhillips.

Effective March 31, 2006, ConocoPhillips acquired BRI pursuant to a merger between BRI and a wholly-owned subsidiary of ConocoPhillips.

As a result of this acquisition, BRI and BROG are both wholly-owned subsidiaries of ConocoPhillips.

BROG notified the Trust, that on November 1, 2019, the Waddell Ranch properties (as defined herein on page 8) that are subject to the Net Overriding

Royalty Conveyance (Permian Basin Royalty Trust Waddell Ranch) dated November 1, 1980 (the Waddell Ranch Conveyance), were sold to Blackbeard Operating, LLC (Blackbeard) of Fort Worth, Texas.

Blackbeard will

become the operator effective as of April 1, 2020.

The term net proceeds is used in the above described conveyance and means the excess

of gross proceeds received by the owner of the Underlying Properties during a particular period over production costs for such period.

BROG notified the Trust, that on November 1, 2019, the Waddell Ranch properties (as defined herein on page 10) that are subject to the Net

Overriding Royalty Conveyance (Permian Basin Royalty Trust Waddell Ranch) dated November 1, 1980 (the Waddell Ranch Conveyance), were sold to Blackbeard Operating, LLC (Blackbeard) of Fort Worth, Texas.

became the operator effective as of April 1, 2020.

The term net proceeds is used in the above described conveyance and means the

excess of gross proceeds received by the owner of the Underlying Properties during a particular period over production costs for such period.

Gross proceeds means the amount received by the owner of the Underlying

11 unchanged sentences

The owner of the Underlying Properties, however, can sell its interests in the Underlying

Proceeds from production in the first month are generally received by BROG in the second month, the net proceeds attributable to the

Royalties are paid by BROG to the Trustee in the third month and distribution by the Trustee to the Unit holders is made in the fourth month.

The identity of Unit holders entitled to a distribution will generally be determined as of the last

business day of each calendar month (the monthly record date).

Proceeds from production in the first month are generally received by Blackbeard in the second month, the net proceeds attributable to

the Royalties are paid by Blackbeard to the Trustee in the third month and distribution by the Trustee to the Unit holders is made in the fourth month.

The identity of Unit holders entitled to a distribution will generally be determined as of the

last business day of each calendar month (the monthly record date).

The amount of each monthly distribution will generally be determined and announced ten days before the monthly record date.

Unit holders of record as of the monthly record

date will be entitled to receive the calculated monthly distribution amount for each month on or before ten business days after the monthly record date.

The aggregate monthly distribution amount is the excess of (i) net revenues from the Trust

properties, plus any decrease in cash reserves previously established for contingent liabilities and any other cash receipts of the Trust over (ii) the expenses and payments of liabilities of the Trust plus any net increase in cash reserves for

contingent liabilities.

Cash held by the Trustee as a reserve for liabilities or contingencies (which reserves may be established by the Trustee in

its discretion) or pending distribution is placed, at the Trustees discretion, in obligations issued by (or unconditionally guaranteed by) the United States or any agency thereof, repurchase agreements secured by obligations issued by the

United States or any agency thereof, certificates of deposit of banks having a capital surplus and undivided profits in excess of $50,000,000, or other interest bearing accounts in FDIC-insured state or national banks, including the Trustee, so long

as the entire amount in such account is at all times fully insured by the FDIC, subject, in each case, to certain other qualifying conditions.

income to the Trust attributable to the Royalties is not subject in material respects to seasonal factors nor in any manner related to or dependent upon patents, licenses, franchises or concessions.

Unit holders of record as of the monthly

record date will be entitled to receive the calculated monthly distribution amount for each month on or before ten business days after the monthly record date.

The aggregate monthly distribution amount is the excess of (i) net revenues from the

Trust properties, plus any decrease in cash reserves previously established for contingent liabilities and any other cash receipts of the Trust over (ii) the expenses and payments of liabilities of the Trust plus any net increase in cash

reserves for contingent liabilities.

Cash held by the Trustee as a reserve for liabilities or contingencies (which reserves may be established by

the Trustee in its discretion) or pending distribution is placed, at the Trustees discretion, in obligations issued by (or unconditionally guaranteed by) the United States or any agency thereof, repurchase agreements secured by obligations

issued by the United States or any agency thereof, certificates of deposit of banks having a capital surplus and undivided profits in excess of $50,000,000, or other interest bearing accounts in FDIC-insured state or national banks, including the

Trustee, so long as the entire amount in such account is at all times fully insured by the FDIC, subject, in each case, to certain other qualifying conditions.

The income to the Trust attributable to the Royalties is not subject in material respects to seasonal

factors nor in any manner related to or dependent upon patents, licenses, franchises or concessions.

The Trust conducts no research activities.

Trust has no employees since all administrative functions are performed by the Trustee.

BROG, as the current operator, has advised the Trustee that

it believes that comparable revenues could be obtained in the event of a change in purchasers of production.

The Trust has no employees since all administrative functions are performed by the Trustee.

Blackbeard, as the current operator, has advised the Trustee that it believes that comparable revenues could be obtained in the event of a change in

purchasers of production.

Website/SEC Filings

Our Internet address is www.pbt-permian.com .

You can review, free of charge, the filings the Trust

has made with respect to its annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and

amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended.

We shall post these reports to our Internet address as soon as reasonably practicable after we electronically

file them with, or furnish them to, the SEC.

Internet address is www.pbt-permian.com .

You can review, free of charge, the filings the Trust has made with respect to its annual reports on Form 10-K,

quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities

Exchange Act of 1934, as amended.

We shall post these reports to our Internet address as soon as reasonably practicable after we electronically file them with, or furnish them to, the SEC.

Widely Held Fixed Investment Trust Reporting Information

16 unchanged sentences

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-K

Item 1. Business