What changed in this filing

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Item 1. Business

2022-03-30 compared with 2021-03-31 · 69 added, 57 removed, 56 unchanged (69% of the section changed)

19 unchanged sentences

prior to August 29, 2014, and shall refer to Southwest Bank for periods from August 29, 2014 through February 19, 2018 and shall refer to Simmons Bank for periods on and after February 20, 2018.

On November 4, 2021, Simmons Bank announced that it has entered into an agreement with Argent Trust Company, a Tennessee chartered trust company

(Argent), pursuant to which Simmons Bank will be resigning as trustee of the Trust and will nominate Argent as successor trustee of the Trust.

The Trustees resignation as trustee, and Argents appointment as successor trustee,

are subject to certain conditions set forth in the agreement, including approval by the Unit holders of the Trust and of certain other trusts of which Simmons Bank acts as trustee (or a court) of (i) Argents appointment as successor

trustee and (ii) any amendments to the indenture of the Trust and the trust agreements and indentures of the other trusts necessary to permit Argent to serve as successor trustee.

On October 23, 1980, the stockholders of Southland Royalty approved and authorized that companys conveyance of net overriding royalty

10 unchanged sentences

The Royalties constitute the principal asset of the Trust and the beneficial interests in the Royalties are divided into that number of Units of

Beneficial Interest (the Units) of the Trust equal to the number of shares of the common stock of Southland Royalty outstanding as of the close of business on November 3, 1980.

Each stockholder of Southland Royalty of record at the

close of business on November 3, 1980, received one Unit for each share of the common stock of Southland Royalty then held.

In 1985, Southland

Royalty became a wholly-owned subsidiary of Burlington Northern Inc.

Beneficial Interest (the Units) of the Trust equal to the number of shares of the

common stock of Southland Royalty outstanding as of the close of business on November 3, 1980.

Each stockholder of Southland Royalty of record at the close of business on November 3,

1980, received one Unit for each share of the common stock of Southland Royalty then held.

In 1985, Southland Royalty became a wholly-owned

subsidiary of Burlington Northern Inc.

In 1988, BNI transferred its natural resource operations to Burlington Resources Inc.

(BRI) as a result of which Southland Royalty became a

wholly-owned indirect subsidiary of BRI.

(BRI) as a result of which Southland Royalty became a wholly-owned indirect subsidiary of

As a result of this transfer, Meridian Oil Inc., a Delaware corporation (MOI), which was the parent company of Southland Royalty, became a wholly owned direct subsidiary of BRI.

January 1, 1996, Southland Royalty was merged with and into MOI.

As a result of this merger, the separate corporate existence of Southland Royalty ceased and MOI survived and succeeded to the ownership of all of the assets of Southland Royalty

and assumed all of its rights, powers, privileges, liabilities and obligations.

Effective July 11, 1996,

MOI changed its name to Burlington Resources Oil & Gas Company, now Burlington Oil & Gas Company LP (BROG).

Any reference to BROG hereafter for periods prior to the

occurrence of the aforementioned name change or merger should, as applicable, be construed to be a reference to MOI or Southland Royalty.

Further, BROG notified the Trust that, on February 14, 1997, the Texas Royalty properties (as defined

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.

Effective January 1, 1996, Southland Royalty was

merged with and into MOI.

As a result of this merger, the separate corporate existence of Southland Royalty ceased and MOI survived and succeeded to the ownership of all of the assets of Southland Royalty and assumed all of its rights, powers,

privileges, liabilities and obligations.

Effective July 11, 1996, MOI changed its name to Burlington Resources Oil & Gas Company, now Burlington Oil & Gas Company LP (BROG).

Any reference to BROG hereafter for

periods prior to the occurrence of the aforementioned name change or merger should, as applicable, be construed to be a reference to MOI or Southland Royalty.

Further, BROG notified the Trust that, on February 14, 1997, the Texas Royalty

properties (as defined 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.

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 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

Properties from the sale of the production attributable to the Underlying Properties, subject to certain adjustments.

Production costs means, generally, costs incurred on an accrual basis in operating the Underlying Properties, including

both capital and non-capital costs;

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 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.

Blackbeard 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 Properties from the sale of the production attributable to the Underlying Properties, subject to certain adjustments.

Production costs means, generally, costs incurred on an accrual basis in operating the

Underlying Properties, including both capital and non-capital costs;

for example, development drilling, production and processing costs, applicable taxes, and operating charges.

If production costs exceed gross proceeds in any month, the

excess is recovered out of future gross proceeds prior to the making of further payment to the Trust, but the Trust is not liable for any production costs or liabilities attributable to these properties and interests or the minerals produced

If at any time the Trust receives more than the amount due from the Royalties, it shall not be obligated to return such overpayment, but the amounts payable to it for any subsequent period shall be reduced by such overpaid amount, plus

interest, at a rate specified in the conveyance.

To the extent it has the legal right to do so, the owner of the Underlying Properties is

responsible for marketing the production from such properties and interests, either under existing sales contracts or under future arrangements at the best prices and on the best terms it shall deem reasonably obtainable in the circumstances.

owner of the Underlying Properties also has the obligation to maintain books and records sufficient to determine the amounts payable to the Trustee.

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 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).

If production costs exceed

gross proceeds in any month, the excess is recovered out of future gross proceeds prior to the making of further payment to the Trust, but the Trust is not liable for any production costs or liabilities attributable to these properties and interests

or the minerals produced therefrom.

overpaid amount, plus interest, at a rate specified in the conveyance.

To the extent it has the legal right to do so, the owner of the Underlying

Properties is responsible for marketing the production from such properties and interests, either under existing sales contracts or under future arrangements at the best prices and on the best terms it shall deem reasonably obtainable in the

circumstances.

The owner of the Underlying Properties also has the obligation to maintain books and records sufficient to determine the amounts payable to the Trustee.

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

Underlying Properties.

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.

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.

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.

The Trust conducts no research activities.

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.

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

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.

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.

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