What changed in this filing

/stocks — the workspaceLOADING

Item 9A. Controls and Procedures

2021-03-31 compared with 2020-03-16 · 14 added, 55 removed, 131 unchanged (35% of the section changed)

8 unchanged sentences

Changes in Internal Control over Financial Reporting

has not been any change in the Trusts internal control over financial reporting during the nine months ended December 31, 2019 that has materially affected, or is reasonably likely to materially affect, the Trusts internal control

has not been any change in the Trusts internal control over financial reporting during the twelve months ended December 31, 2020 that has materially affected, or is reasonably likely to materially affect, the Trusts internal control

over financial reporting.

7 unchanged sentences

concluded that the Trusts internal control over financial reporting are effective as of December 31, 2020.

The independent registered

public accounting firm of Weaver and Tidwell, L.L.P., as auditors of the statements of assets, liabilities, and trust corpus, and the related statements of distributable income and changes in trust corpus for the year ended December 31, 2019,

has issued an attestation report on the Trusts internal control over financial reporting as of December 31, 2019, which is included herein.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Unit Holders and Simmons Bank, Trustee of Permian Basin Royalty Trust

Opinion on Internal Control Over Financial Reporting

have audited Permian Basin Royalty Trust (the Trust)s internal control over financial reporting as of December 31, 2019 based on criteria established in Internal Control Integrated Framework 2013 issued by the Committee of

Sponsoring Organizations of the Treadway Commission (the COSO criteria).

In our opinion, the Trust maintained, in all material respects, effective internal control over financial reporting as of December 31, 2019, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the statements of

assets, liabilities, and trust corpus of Permian Basin Royalty Trust as of December 31, 2019 and 2018 and the related statements of distributable income and changes in trust corpus for each of the three years in the period ended

December 31, 2019 and our report dated March 16, 2020 expressed an unqualified opinion thereon.

Basis for Opinion

The Trustee is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal

control over financial reporting, included in the accompanying Trustees Report on Internal Control Over Financial Reporting.

Our responsibility is to express an opinion on the Trusts internal control over financial reporting based on our

We are a public accounting firm registered with the PCAOB and are required to be independent with respect to Permian Basin Royalty Trust in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the

Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB.

Those standards require

that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit of internal control over financial reporting included obtaining an

understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.

Our audit also included

performing such other procedures as we considered necessary in the circumstances.

We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

An entitys internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial

reporting and the preparation of financial statements for external purposes in accordance with the modified cash basis of accounting described in Note 2 to the financial statements.

An entitys internal control over financial reporting includes

those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the entity;

(2) provide reasonable assurance that

transactions are recorded as necessary to permit preparation of financial statements in accordance with the modified cash basis of accounting described in Note 2 to the financial statements, and that receipts and expenditures of the entity are being

made only in accordance with authorizations of the Trustee and directors of the entity;

and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the entitys assets

that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may

not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the

policies or procedures may deteriorate.

/s/ WEAVER AND TIDWELL, L.L.P.

Dallas, Texas

March 16, 2020

Other Information.

7 unchanged sentences

SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

Section 16(a) of the Securities Exchange At of 1934, as amended, requires the Trusts directors, officers or beneficial owners of more than

Section 16(a) of the Securities Exchange Act of 1934, as amended, requires the Trusts directors, officers or beneficial owners of more than

ten percent of a registered class of the Trusts equity securities to file reports of ownership and changes in ownership with the SEC and to furnish the Trust with copies of all such reports.

11 unchanged sentences

Simmons Bank, Trustee

Southwest Bank, Trustee

10 unchanged sentences

(a) Security Ownership of Certain Beneficial Owners .

Based solely on a review of statements filed with the SEC pursuant

to Section 13(d) or 13(g) of the Securities Exchange Act of 1934, as amended, the following table sets forth all persons who are known to the Trustee to own beneficially more than 5% of the outstanding Units of the Trust as of

December 31, 2019:

Based solely on a review of statements

filed with the SEC pursuant to Section 13(d) or 13(g) of the Securities Exchange Act of 1934, as amended, the following table sets forth all persons who are known to the Trustee to own beneficially more than 5% of the outstanding Units of the

Trust as of December 31, 2020:

Number of Units

5 unchanged sentences

group by Loyd Powell and Gideon Powell.

The address for each of Loyd Powell and Gideon Powell is 6688 North Central Expressway;

Suite 1610, Dallas, Texas 75206.

The address for each of Loyd Powell and Gideon Powell is P.O.

Box 12208, Suite 1610;

Dallas, Texas 75225.

(b) Security Ownership of Management .

20 unchanged sentences

of this Report:

Reports of Independent Registered Public Accounting Firm

Report of Independent Registered Public Accounting Firm

Statements of Assets, Liabilities and Trust Corpus at December 31, 2020 and

26 unchanged sentences

August 8, 2005, is incorporated herein by reference .*

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

Underwriting Agreement dated August

17, 2006, among Permian Basin Royalty Trust, ConocoPhillips, Burlington Resources Oil

& Gas Company LP and Lehman Brothers Inc.

3 unchanged sentences

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.*

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

Consent of Cawley, Gillespie & Associates, Inc., reservoir engineer.**

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 9A. Controls and Procedures