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Permian Basin Royalty Trust (NYSE: PBT ) announced yesterday its June monthly distribution of $0.078498 per unit, based principally upon production during the month of April 2013 for oil and the month of March 2013 for gas.
The board of directors said the dividend is payable on July 15 to holders of record at the close of business on June 28. The month's distribution decreased from the previous month's $0.088488 due to an increase of the capital expenditures from the previous month as well as annual reporting costs, which reduced the distribution by approximately $0.01 per unit. Gas production to the trust continues to be affected by "prior period adjustments being processed," even though the production of the underlying properties is relatively flat month to month.
Properties combined for oil and gas respectively was 40,280 barrels and 77,385 Mcf. The average price for oil was $88.98 per bbl and for gas was $5.21 per Mcf.
While there has been minimal effect on the distributions paid by Permian, the trust continues to evaluate a $4.5 million overpayment claim that was recouped by ConocoPhillips back in September and October 2011 and are being processed through the monthly distribution.
The latest payment would equate to a $0.94-per-unit annual dividend, yielding 7.2% based on the closing price today of Permian Basin Royalty Trust's stock.