Permianville sets $0.015000 monthly distribution, 6.25% below September

Permianville Royalty Trust will pay unitholders $0.015000 per unit on November 13, 2026, a distribution 6.25% smaller than the $0.016000 declared in September, according to the Trust's Form 8-K Exhibit 99.1 filed October 19. The filing is a monthly distribution notice, not a third-quarter earnings report: it carries no quarterly revenue, net income, or distributable cash statement for the three months ended September 30, 2026.

Royalty trusts pass through what the underlying properties earn after costs, so the per-unit payment is a residual rather than a fixed coupon. This notice pairs that residual with the production months behind it and with the two commodity streams that set it.

A distribution notice, not a third-quarter report

The exhibit exists to set one month's payment, and its arithmetic runs on a production lag. The net profits interest calculation represents reported oil production for July 2026 and reported natural gas production for June 2026, with accrued costs incurred in August 2026. The prior notice, filed September 18, 2026, ran the same machinery one month earlier on June oil and May gas. The Trust owns a net profits interest entitling it to 80% of net profits from predominantly non-operated properties in Texas, Louisiana and New Mexico, so the payment moves with operator volumes, wellhead prices and capital spending rather than with a corporate income statement.

Oil receipts fall as volumes and prices both decline

Reported oil sales volumes attributable to the current calculation were 38,067 barrels, or 1,228 barrels a day, against 42,472 barrels, or 1,416 barrels a day, in the prior month's calculation, a 10.37% decline. Realized wellhead prices averaged $81.06 per barrel versus $92.96, down 12.8%. Recorded oil cash receipts totaled $3.1 million, which the Trust put $800,000 below the prior month.

Haynesville wells lift gas, and the reserve takes $300,000

Natural gas volumes reached 783,863 Mcf, or 26,129 Mcf a day, up 41.38% from 554,438 Mcf, or 17,885 Mcf a day. The Trust credited "the first month of associated production and revenues received from three newly drilled wells in the Haynesville region" for part of the increase. Realized gas prices averaged $3.05 per Mcf against $2.21, up 38.01%, and gas receipts reached $2.4 million, up $1.2 million.

Costs moved the other way: total accrued operating expenses fell $300 billion to $0, and capital expenditures fell $100 billion to $0. The reserve moved the opposite way. COERT Holdings 1 LLC, the Sponsor, withheld an additional $300,000 from the month's net profits for approved future development expenses, and the notice states that "To date, the Sponsor has established a total reserve of $2.0 million for approved, future development expenses." The September notice had gone the other direction, releasing $300,000 of a previously disclosed $2.0 million reserve and stating that the Sponsor would "continue to hold the remaining cash reserve" of $1.8 million. That makes the two months' reserve treatment a $600,000 swing. The disclosed balances also fail to add: $1.8 million left in September plus the $300,000 withheld in October is $2.1 million, not the $2.0 million total the October notice reports. The notice adds that "amounts reserved but unspent will be released as an incremental cash distribution in a future period" if spending is delayed or the outlook changes.

An acreage sale adds cash to the November distribution

In September 2026 the Sponsor closed a partial sale of non-producing acreage for $300,000, free and clear of the Trust's net profits interest, with a capital expenditure carry from the buyer. The exhibit says proceeds attributable to the Trust's net profits interest, net of customary transaction and legal expenses, "will be included in the November 2026 monthly distribution to unitholders." The notice does not quantify those net proceeds, and it does not specify whether the payment it names is the November 13 distribution declared in the same document.

Record date, payment date, and the next calculation

Unitholders of record on October 30, 2026 receive the November 13 payment. The next data point is the Trust's November notice, which on the same one-month lag would report August 2026 oil production and July 2026 gas production, together with whatever the Sponsor does with the reserve. The standing risk is unchanged and stated in the exhibit: low oil and gas prices reduce the profits to which the Trust is entitled and in certain periods "could result in no distributions to unitholders."