What changed in this filing

/stocks — the workspaceLOADING

Item 1A. Risk Factors

2021-05-17 compared with 2020-11-06 · 9 added, 99 removed, 22 unchanged (83% of the section changed)

Risk Factors.

Except as provided

below, there have been no material changes to the risk factors contained in Item 1A of the Trust’s 2019 Annual Report on

COVID-19 pandemic could materially adversely affect proceeds to the Trust and cash distributions to unitholders.

recent outbreak of the novel form of coronavirus known as COVID-19 and its development into a global pandemic has had,

and continues to have, a negative impact on worldwide economic and commercial activity and financial markets, as well as global

demand for crude oil and natural gas.

The West Texas Intermediate spot price of crude oil has dropped sharply from

$61.17 per barrel on January 2, 2020 to $35.79 per barrel on October 30, 2020, but in the interim ranged widely in response

to the economic effects of the COVID-19 pandemic and the dispute over production levels between Russia and the members of OPEC.

COVID-19 has resulted in widespread and localized health crises that adversely affect general commercial activity, the economies

and financial markets of many countries and localities, as well as global demand for oil and natural gas.

COVID-19 also has resulted

in significant business and operational disruptions, including business closures, disruptions to supply chains, travel restrictions

and limitations on the availability of workforces.

The full impact of COVID-19 is unknown and is rapidly evolving, and it is not

possible to reliably estimate the impact that these developments will have on future periods.

extent to which the COVID-19 pandemic negatively affects the operators of and production from the Underlying Properties

will depend on the severity, location and duration of the effects and spread of COVID-19, the actions undertaken by federal,

state and local governments and health officials to contain the virus or treat its effects, and how quickly and to what extent

economic conditions improve and normal business and operating conditions resume.

A prolonged period of low crude oil and

natural gas prices will adversely affect the operators of the Underlying Properties.

If commodity prices for crude oil and

natural gas remain volatile and below historical levels, monthly cash distributions to unitholders will be substantially lower

than historical distributions, and in certain periods there may be no distribution to unitholders.

low oil and natural gas prices may ultimately reduce the amount of oil and natural gas that is economically viable to produce from

the Underlying Properties.

As a result, the operators of the Underlying Properties could determine during periods of low commodity

prices to shut-in or curtail production from wells on the Underlying Properties, or even plug and abandon marginal wells that otherwise

may have been allowed to continue to produce for a longer period under conditions of higher prices.

Specifically, an operator may

abandon any well or property if it reasonably believes that the well or property can no longer produce oil or natural gas in commercially

paying quantities, which could result in termination of the Net Profits Interest relating to the abandoned well or property.

downward revisions in actual production volumes relative to current forecasts, higher than expected operating costs, or lower than

anticipated commodity prices could result in recognition of impairment in future periods.

the extent COVID-19 adversely affects production from the Underlying Properties or the business, results of operations and financial

condition of the operators of the Underlying Properties, it may also have the effect of heightening many of the other risks described

in the Trust’s 2019 Annual Report on Form 10-K.

or willingness of OPEC and other oil exporting nations to set and maintain production levels has a significant impact on oil and

natural gas commodity prices, which could reduce the amount of cash available for distribution to Trust unitholders.

is an intergovernmental organization that seeks to manage the price and supply of oil on the global energy market.

Actions taken

by OPEC members, including those taken alongside other oil exporting nations, have a significant impact on global oil supply and

For example, OPEC and certain other oil exporting nations have previously agreed to take measures, including production

cuts, to support crude oil prices.

In March 2020, members of OPEC and Russia considered extending and potentially increasing these

oil production cuts.

However, those negotiations were unsuccessful.

As a result, Saudi Arabia announced an immediate reduction

in export prices and Russia announced that all previously agreed upon oil production cuts would expire on April 1, 2020.

actions led to an immediate and steep decrease in oil prices, which briefly reached a closing NYMEX price low of negative $37.63

per Bbl of crude oil in April 2020.

Although OPEC has since agreed to certain production cuts, prices in the oil and gas market

have remained depressed, as the oversupply and lack of demand in the market persist.

There can be no assurance that OPEC members

and other oil exporting nations will agree to future production cuts or other actions to support and stabilize oil prices, nor

can there be any assurance that they will not further reduce oil prices or increase production.

Uncertainty regarding future actions

to be taken by OPEC members or other oil exporting countries could lead to increased volatility in the price of oil, which could

adversely affect the financial condition and economic performance of the operators of the underlying properties and may reduce

the net proceeds to which the Trust is entitled, which could materially reduce or completely eliminate the amount of cash available

for distribution to Trust unitholders.

cannot meet the New York Stock Exchange continued listing requirements, the NYSE may delist the Trust units.

Under the continued

listing requirements of the NYSE, a company will be considered to be out of compliance with the exchange’s minimum price

requirement if the company’s average closing price over a consecutive 30 trading day period (“Average Closing Price”)

is less than $1.00 (the “Minimum Price Requirement”).

Under NYSE rules, a company that is out of compliance with

the Minimum Price Requirement has a cure period of six months to regain compliance if it notifies the NYSE within 10 business days

of receiving a deficiency notice of its intention to cure the deficiency.

A company may regain compliance if on the last trading

day of any calendar month during the cure period the company has a closing share price of at least $1.00 and an average closing

share price of at least $1.00 over the 30-trading-day period ending on the last trading day of that month.

If at the expiration

of the cure period, both a $1.00 closing share price on the last trading day of the cure period and a $1.00 average closing share

price over the 30-trading-day period ending on the last trading day of the cure period are not attained, the NYSE will commence

suspension and delisting procedures.

If delisted by the NYSE, a company’s shares may be transferred to the over-the-counter

(“OTC”) market, a significantly more limited market than the NYSE, which could affect the market price, trading volume,

liquidity and resale price of such shares.

Securities that trade on the OTC markets also typically experience more volatility compared

to securities that trade on a national securities exchange.

During the cure period, the company’s shares would continue to

trade on the NYSE, subject to compliance with other continued listing requirements.

On September 25,

2020, the Trust received written notification from the NYSE that the Trust was not in compliance with the Minimum Price Requirement.

Neither the Trust nor the Trustee has any control over the trading price of the Trust units, nor does the Trust have the authority

to cause a reverse split of the units or to take similar action designed to affect the trading price of the units without a vote

from the Trust unitholders.

Even if the Trust does regain compliance, it might be unable to maintain compliance, and would again

become subject to the NYSE delisting procedures.

The exhibits listed

in the following index to exhibits are filed or furnished as part of this Form 10-Q.

There have been no material

changes to the risk factors contained in Item 1A of the Trust’s 2020 Annual Report on Form 10-K.

The exhibits listed in the

following index to exhibits are filed or furnished as part of this Form 10-Q.

INDEX TO EXHIBITS

13 unchanged sentences

** Furnished herewith.

Pursuant to the requirements of Section 13 or 15(d) of the Securities

Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly

Pursuant to the requirements of Section 13 or 15(d) of the

Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly

PERMIANVILLE ROYALTY TRUST

2 unchanged sentences

Vice President and Trust Officer

November 6, 2020

The Registrant, Permianville

Royalty Trust, has no principal executive officer, principal financial officer, board of directors or persons performing similar

Royalty Trust, has no principal executive officer, principal financial officer, board of directors or persons performing similar functions.

Accordingly, no additional signatures are available, and none have been provided.

In signing the report above, the Trustee

does not imply that it has performed any such function or that such function exists pursuant to the terms of the Trust.

In signing the report above, the Trustee does not imply

that it has performed any such function or that such function exists pursuant to the terms of the Trust.

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