PBT on NYSE

Permian Basin Royalty Trust

United States oil and natural gas royalty trust

The Permian Basin Royalty Trust (NYSE: PBT) is a United States oil and natural gas royalty trust based in Dallas, Texas. With a market capitalization of US $790,000,000, and an average daily trading volume of about 186,000 shares at the end of 2007, it was one of the largest royalty trusts in the United States. Its source of revenue is oil and gas pumped from the geologic formation for which it is named, the Permian Basin in west Texas, as well as a few locations in other parts of the state.3 Wikipedia text CC BY-SA 4.0

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Last updated Oct 20, 2026.

Overview

1980Founded1

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  • TickerPBT on NYSE1
  • Industrypetroleum industry1
  • HeadquartersDallas, Texas1
  • Founded inFort Worth1
  • Websitewww.pbt-permianbasintrust.com
  • Incorporated inTX4
  • Business addressC/O Argent Trust Company, 3838 Oak Lawn Ave., Suite 1720, Dallas, Tx 75219-45184

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Permian Basin Royalty Trust image from its website
Image: pbt-permianbasintrust.com5

The Permian Basin Royalty Trust (NYSE: PBT) is a United States oil and natural gas royalty trust based in Dallas, Texas. With a market capitalization of US $790,000,000, and an average daily trading volume of about 186,000 shares at the end of 2007, it was one of the largest royalty trusts in the United States. Its source of revenue is oil and gas pumped from the geologic formation for which it is named, the Permian Basin in west Texas, as well as a few locations in other parts of the state.3

Corporate structure

Permian Basin Royalty Trust sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Permian Basin Royalty Trust

  • SoftVest Advisors, LLC Filed SCHEDULE 13D/A on Permian Basin Royalty Trust, latest Jul 29, 2026 (11 filings since Feb 14, 2022)
  • HORIZON KINETICS ASSET MANAGEMENT LLC Filed SCHEDULE 13G/A on Permian Basin Royalty Trust, latest Apr 29, 2026 (4 filings since Apr 6, 2023)
  • Permian Basin Royalty Trust Dallas, Texas

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Permian Basin Royalty Trust reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Properties, in its own words

The Royalties include: (1) a 75% net overriding royalty carved out of Southland Royalty’s fee mineral interests in the Waddell Ranch in Crane County, Texas (the “Waddell Ranch properties”); and (2) a 95% net overriding royalty carved out of Southland Royalty’s major producing royalty interests in Texas (the “Texas Royalty properties”). The interests out of which the Trust’s net overriding royalty interests were carved were in all cases less than 100%. The Trust’s net overriding royalty interests represent burdens against the properties in favor of the Trust without regard to ownership of the properties from which the overriding royalty interests were carved. The net overriding royalty for the Texas Royalty properties is subject to the provisions of the lease agreements under which such royalties were created. References below to “net” wells and acres are to the interests of the owner of the Underlying Properties (from which the Royalties were carved) in the “gross” wells and acres.

The following information under this Item 2 is based upon data and information, including computation statements, furnished to the Trustee by Blackbeard, the operator of the Waddell Ranch properties, and Riverhill Energy, the operator of the Texas Royalty properties.

The rest of Item 2

PRODUCING ACREAGE, WELLS AND DRILLING

Waddell Ranch Properties. The net profits/overriding royalty interest in the Waddell Ranch properties is the largest asset of the Trust. The mineral interests in the Waddell Ranch, from which such net royalty interests are carved, vary from 37.5% (Trust net interest) to 50% (Trust net interest) in 78,715 gross (34,205 net) producing acres as of December 31, 2023, the most recent date for which the Trustee has information. A majority of the proved reserves are attributable to two fields, the Sand Hills and Waddell. There are 12 producing zones in these fields, and horizontal wells have been drilled in 11 of these zones over the past four years.

Proved reserves and estimated future net revenues attributable to the properties are included in the reserve reports summarized below. The owner of the Underlying Properties for Waddell Ranch does not own the full working interest in any of the tracts constituting the Waddell Ranch properties and, therefore, implementation of any development programs will require approvals of other working interest holders as well as the owner of the Underlying Properties. In addition, implementation of any development programs will be dependent upon certain factors including, but not limited to, oil and gas prices currently being received and anticipated to be received in the future, along with the development plans of the operators and owners of the Underlying Properties.

Development information for the Waddell Ranch properties such as well completions, workovers, remedial activities, and plugging and abandonment, is not provided by Blackbeard.

Based on the quarterly reports provided by Blackbeard, the total amount of capital expenditures reported for the months of December 2024 through November of 2025 with regard to the Waddell Ranch properties totaled $228.7 million (gross). Capital

expenditures do not include the cost of remedial and maintenance activities. The amount spent on remedial and maintenance activities was approximately $21 million for the 12 months included in the 2025 quarterly reports.

The Trustee has been advised that, effective November 1, 2019, BROG sold its interests in the Waddell Ranch properties to Blackbeard. In conjunction with the transfer and assignment of the Waddell Ranch properties, BROG also assigned to Blackbeard all of its rights, title and interest in and to the Net Overriding Royalty Conveyance (Permian Basin Royalty Trust - Waddell Ranch) dated November 1, 1980. BROG handled all operations and accounting on behalf of Blackbeard until March 31, 2020.

Texas Royalty Properties. The Texas Royalty properties consist of royalty interests in mature producing oil fields, such as Yates, Wasson, Sand Hills, East Texas, Kelly-Snyder, Panhandle Regular, N. Cowden, Todd, Keystone, Kermit, McElroy, Howard-Glasscock, Seminole and others located in 33 counties across Texas. The Texas Royalty properties consist of approximately 125 separate royalty interests containing approximately 303,000 gross (approximately 51,000 net) producing acres. Approximately 35% of the future net revenues discounted at 10% attributable to Texas Royalty properties are located in the Wasson and Yates fields. Detailed information concerning the number of wells on royalty properties is not generally available to the owners of royalty interests. Consequently, an accurate count of the number of wells located on the Texas Royalty properties cannot readily be obtained.

In February 1997, BROG sold its interests in the Texas Royalty properties that are subject to the Net Overriding Royalty Conveyance to the Trust dated effective November 1, 1980 (“Texas Royalty Conveyance”) to Riverhill Energy Corporation (“Riverhill Energy”), which was then a wholly-owned subsidiary of Riverhill Capital and an affiliate of Coastal Management Corporation (“CMC”). The Trustee was informed by BROG that, as required by the Texas Royalty Conveyance, Riverhill Energy succeeded to all of the requirements upon, and the responsibilities of BROG under, the Texas Royalty Conveyance with regard to the Texas Royalty properties. BROG and Riverhill Energy further advised the Trustee that all accounting operations pertaining to the Texas Royalty properties were being performed by Riverhill Energy.

Item 2 of the 10-K filed Mar 27, 2026.6

Products and brands

  • oil

Listed on Wikidata.1

Timeline

  1. Sep 18, 20268-K Results of operations7
  2. Aug 21, 20268-K Results of operations8
  3. Jul 29, 20268-K Regulation FD disclosure9
  4. Jul 21, 20268-K Results of operations10
  5. Jun 18, 20268-K Results of operations11
  6. May 19, 20268-K Regulation FD disclosure12
  7. May 18, 20268-K Results of operations13
  8. May 8, 20268-K Entered a material agreement; Change to shareholders' rights; Bylaws or fiscal year changed14
  9. May 6, 20268-K Other events15
  10. Apr 20, 20268-K Results of operations16
  11. Mar 20, 20268-K Results of operations17
  12. Feb 17, 20268-K Results of operations18
  13. 1980Founded Founded in Fort Worth1

Calendar

Coming up

  1. Nov 12, 2026Reports results for the quarter ending Sep/202619

When it reported results

  1. Sep 18, 2026Reported quarterly or annual results7
  2. Aug 21, 2026Reported quarterly or annual results8
  3. Jul 21, 2026Reported quarterly or annual results10
  4. Jun 18, 2026Reported quarterly or annual results11
  5. May 18, 2026Reported quarterly or annual results13
  6. Apr 20, 2026Reported quarterly or annual results16
  7. Mar 20, 2026Reported quarterly or annual results17
  8. Feb 17, 2026Reported quarterly or annual results18

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

132 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 76 major events, 4 insider forms, 15 large holders, 16 other. The latest 20:

  1. Sep 18, 20268-K EDGAR
  2. Aug 21, 20268-K EDGAR
  3. Aug 13, 202610-Q EDGAR
  4. Jul 30, 2026425 EDGAR
  5. Jul 30, 2026425 EDGAR
  6. Jul 29, 2026SCHEDULE 13D/A EDGAR
  7. Jul 29, 2026425 EDGAR
  8. Jul 29, 2026425 EDGAR
  9. Jul 29, 20268-K EDGAR
  10. Jul 21, 20268-K EDGAR
  11. Jul 14, 202610-K/A EDGAR
  12. Jun 18, 20268-K EDGAR
  13. May 19, 20268-K EDGAR
  14. May 19, 2026425 EDGAR
  15. May 18, 20268-K EDGAR
  16. May 18, 2026425 EDGAR
  17. May 18, 2026SCHEDULE 13D/A EDGAR
  18. May 14, 202610-Q EDGAR
  19. May 8, 20268-K EDGAR
  20. May 6, 20268-K EDGAR

The 132 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

14 open-market trades by officers, directors and large owners since October 2021: 14 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jul 3, 2025SoftVest GP I, LLC10% ownerBuy2,000$12.80$25.6KForm 4
Jul 2, 2025SoftVest GP I, LLC10% ownerBuy6,483$12.78$82.9KForm 4
Jul 1, 2025SoftVest GP I, LLC10% ownerBuy2,000$12.40$24.8KForm 4
Jun 30, 2025SoftVest GP I, LLC10% ownerBuy4,000$12.46$49.8KForm 4
Jun 27, 2025SoftVest GP I, LLC10% ownerBuy6,898$12.51$86.3KForm 4
Jun 26, 2025SoftVest GP I, LLC10% ownerBuy2,000$12.31$24.6KForm 4
Jun 25, 2025SoftVest GP I, LLC10% ownerBuy4,000$12.05$48.2KForm 4
Jun 24, 2025SoftVest GP I, LLC10% ownerBuy7,138$12.10$86.4KForm 4
Jun 23, 2025SoftVest GP I, LLC10% ownerBuy20,165$12.12$244.4KForm 4
Jun 20, 2025SoftVest GP I, LLC10% ownerBuy4,582$11.96$54.8KForm 4
Jun 18, 2025SoftVest GP I, LLC10% ownerBuy11,241$12.11$136.1KForm 4
Jun 17, 2025SoftVest GP I, LLC10% ownerBuy15,000$12.08$181.2KForm 4
Jun 12, 2025SoftVest GP I, LLC10% ownerBuy22,000$11.62$255.6KForm 4
Jun 11, 2025SoftVest GP I, LLC10% ownerBuy5,000$11.49$57.5KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Horizon Kinetics Asset Management LLC6,729,289$168.5M1.9%+349,597
SoftVest Advisors, LLC6,217,107$155.7M24.8%No change
Mad River Investors1,005,152$25.2M9.4%+2,012
Schwartz Investment Counsel Inc933,719$23.4M0.8%No change
Foundation Resource Management Inc626,331$15.7M1.8%−3,876
Moors & Cabot, Inc.570,161$14.3M0.6%−18,481
Commonwealth Equity Services, LLC424,229$10.6M0.0%+155,244
Advisory Services Network, LLC249,595$6.2M0.1%−1,841
Wells Fargo & Company/mn219,718$5.5M0.0%−11,004
Beacon Pointe Advisors, LLC213,303$5.3M0.0%+55,470
Sei Investments Co211,000$5.3M0.0%−211,000
Morgan Stanley206,151$5.2M0.0%−94,753
SteelPeak Wealth, LLC199,449$5.0M0.1%+8,346
LPL Financial LLC197,716$5.0M0.0%−13,524
Lido Advisors, LLC117,842$3.0M0.0%−4,195
Jpmorgan Chase & Co109,412$2.7M0.0%−17,200
BWM Planning, LLC104,397$2.6M0.6%No change
Raymond James Financial Inc95,270$2.4M0.0%+11,086
Atlas Wealth Partners, LLC82,241$2.1M2.3%+1,097
Jane Street Group, LLC74,235$1.9M0.0%+51,995
HighTower Advisors, LLC70,760$1.8M0.0%−828
Promethium Advisors,llc68,298$1.7M0.8%No change
Bank Of America Corp /de/64,182$1.6M0.0%+12,795
Pathstone Holdings, LLC62,940$1.6M0.0%+4
Essex Financial Services, Inc.56,866$1.4M0.1%−611

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Permian Basin Royalty Trust is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARPERMIAN BASIN ROYALTY TRUST2
  • CIK0000319654
  • Employer ID (EIN)75-62805322
  • Incorporated inTexas2
  • Fiscal year endsDecember 312
  • Industry code (SIC)6792 Oil Royalty Traders2
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance2
  • Business addressC/O Argent Trust Company, 3838 Oak Lawn Ave., Suite 1720, Dallas, TX 75219-45182
  • Phone97291913602
  • On EDGAR sinceMay 15, 19952
  • Filings526 in all: 8-K (316), 10-Q (95), 10-K (24), DEFA14A (10), SC 13D/A (9), 10-K405 (7), 425 (6), 4 (5)2
    All 32 form types

    SCHEDULE 13D/A (5), SCHEDULE 13G/A (5), 10-K/A (4), SC 13G (4), SC 13G/A (4), UPLOAD (4), 424B3 (3), CORRESP (3), 10-Q/A (2), 424B5 (2), DEF 14A (2), DFAN14A (2), PRE 14A (2), S-3 (2), 10-K405/A (1), 3 (1), 424B1 (1), 424B4 (1), DEFN14A (1), EFFECT (1), NT 10-K (1), PREN14A (1), SC 13D (1), SCHEDULE 13D (1)

  • Latest filingsAnnual report (10-K) Mar 27, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Feb 9, 2022
    Latest 8-K (8-K) Sep 18, 2026

Risk factors and legal proceedings

The risks Permian Basin Royalty Trust names in Item 1A of its 10-K filed Mar 27, 2026: 24 risks under these headings, as written.6

  • Crude oil and natural gas prices are volatile and fluctuate in response to a number of factors; Lower prices could reduce the net proceeds payable to the Trust and Trust distributions.
  • Increased production and development costs attributable to the Royalties will result in decreased Trust distributions unless revenues also increase.
  • Proposed actions by certain Unit holders may have the effect of converting the Trust into a different type of investment, terminating the Trust, and/or permitting other changes to the Trust to occur that may not be acceptable to all Unit holders.
  • Trust reserve estimates depend on many assumptions that may prove to be inaccurate, which could cause both estimated reserves and estimated future net revenues to be too high, leading to write-downs of estimated reserves.
  • The assets of the Trust are depleting assets and, if the operators developing the Underlying Properties do not perform additional development projects, the assets may deplete faster than expected. Eventually, the assets of the Trust will cease to produce in commercial quantities and the Trust will cease to receive proceeds from such assets. In addition, a reduction in depletion tax benefits may reduce the market value of the Units.
  • Government action, policies or regulations designed to discourage production of, reduce demand for, or promote alternatives to oil and natural gas could impact the price of oil and natural gas produced on the Underlying Properties, directly as intended or through unintended consequences.
  • The Trustee may be subject to attempted cybersecurity disruptions from a variety of sources including state-sponsored actors.
  • Future royalty income may be subject to risks relating to the creditworthiness of third parties.
  • The market price for the Units may not reflect the value of the royalty interests held by the Trust.
  • Operational risks and hazards associated with the development of the Underlying Properties may decrease Trust distributions.
  • Increased concerns about climate change and environmental sustainability could have an impact on development of the Underlying Properties.
  • Terrorism, continued hostilities in Eastern Europe, the Middle East, and South America or other military campaigns could decrease Trust distributions or the market price of the Units.
The other 12 risks
  • Unit holders and the Trustee have no influence over the operations on, or future development of, the Underlying Properties.
  • The Units may lose value and cash available for distribution may be reduced as a result of title deficiencies with respect to the Royalty Properties.
  • Changes in the information historically made available to the Trustee by Blackbeard has delayed and will continue to delay Trust distributions
  • The operators developing the Texas Royalty properties have no duty to protect the interests of the Unit holders and do not have sole discretion regarding development activities on the Underlying Properties.
  • The operator developing any Underlying Property may transfer its interest in the property without the consent of the Trust or the Unit holders.
  • The operator developing any Underlying Property may abandon the property, thereby terminating the Royalties payable to the Trust.
  • The Royalties can be sold and the Trust would be terminated.
  • Unit holders have limited voting rights and have limited ability to enforce the Trust’s rights against the current or future operators developing the Underlying Properties.
  • Financial information of the Trust is not prepared in accordance with GAAP.
  • The limited liability of the Unit holders is uncertain.
  • The tax treatment of an investment in Trust Units could be affected by recent and potential legislative changes, possibly on a retroactive basis.
  • Pandemics or other public health concerns, such as COVID-19, or the novel coronavirus, and any measures taken to mitigate such health concerns, could adversely affect the business and operations of the operators of the Waddell Ranch properties and the Texas Royalty properties, which in turn could have an adverse effect on Trust distributions.

Legal proceedings

SoftVest Petition

On December 26, 2025, SoftVest, L.P. (“SoftVest”), a Unit holder of the Trust, filed an Original Petition for Modification of Trust (the “Petition”) in the District Court of Tarrant County, Texas (Cause No. 96-373245-25) seeking judicial modification of the Trust’s Indenture. In the Petition, SoftVest seeks to (1) amend Section 8.03 of the Indenture to eliminate the requirement that certain amendments require approval by 75% of the outstanding Units of the Trust, and (2) delete Section 10.01 of the Indenture that sets forth certain prohibited amendments and replace Article X of the Indenture with a provision permitting amendment of any provision of the Indenture by a vote of Unit holders in accordance with Article VIII (which, as amended, would permit amendment by a majority in interest of Unit holders constituting a quorum at a meeting of Unit holders where a quorum is present). A hearing on the Petition is scheduled for Friday, May 8, 2026 at 10:30 a.m.

Blackbeard Settlement

On August 19, 2025, the Trustee entered into a settlement agreement and release (the “Settlement Agreement”) in connection with its lawsuit against Blackbeard, as operator of the properties in the Waddell Ranch, in Crane County, Texas, in which the Trust holds a 75% net overriding royalty. Pursuant to the lawsuit, the Trustee had sought to recover more than $9 million in damages it alleged resulted from Blackbeard’s failure to properly calculate and pay royalties due and owing to the Trust.

The opening of Item 3, Legal Proceedings.6

Sources

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