Permian Basin Royalty Trust (NYSE: PBT) ("Permian") today declared a cash distribution to the holders of its units of beneficial interest of $0.057998 per unit, payable on April 12, 2013, to unit holders of record on March 28, 2013.
Dividends usually lag the current situation by 60-90 days, so we are only just getting into the winter payouts. Hopefully, things will start to improve. The last 9 months have been an abject disappointment.
Dividend has dropped due to them spending the money to drill more wells. When they stop spending the money the dividend will jump back up and grow from the increased production from the horizontal wells they drilled. Also oil prices have been higher than the past 2 months dividend so that should also raise the dividend. Does anybody know if they are done with all the cap ex spending yet? We will know more on Monday's release.
So it looks like they have 2 more horizontal wells to complete, which means next months dividend will be similar to this months. If they complete these 2 wells this month the May dividend will be around 10-11 cents with current prodution. If we get a bump in production from the 5 workover wells and 1 horizontal well complete this month then we might be looking at a little more than 11 cents which would be over a 10% dividend at current prices.