1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the Quarterly Period Ended June 30, 2000
Commission File No. 1-8033
PERMIAN BASIN ROYALTY TRUST
Texas I.R.S. No. 75-6280532
Bank of America, N.A., Trust Department
P.O. Box 830650
Dallas, Texas 75283
Telephone Number 214.209.2400
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months and (2) has been subject to such filing requirements for
the past 90 days. Yes X No
--- ---
Number of Units of beneficial interest of the Trust outstanding at August 1,
2000: 46,608,796
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PERMIAN BASIN ROYALTY TRUST
PART I - FINANCIAL STATEMENTS
Item 1. Financial Statements
The condensed financial statements included herein have been prepared by Bank of
America, N.A. as Trustee for the Permian Basin Royalty Trust, without audit,
pursuant to the rules and regulations of the Securities and Exchange Commission.
Certain information and footnote disclosures normally included in annual
financial statements have been condensed or omitted pursuant to such rules and
regulations, although the Trustee believes that the disclosures are adequate to
make the information presented not misleading. It is suggested that these
condensed financial statements be read in conjunction with the financial
statements and the notes thereto included in the Trust's latest annual report on
Form 10-K. In the opinion of the Trustee, all adjustments, consisting only of
normal recurring adjustments, necessary to present fairly the assets,
liabilities and trust corpus of the Permian Basin Royalty Trust at March
31,2000, and the distributable income and changes in trust corpus for the
three-month and six-month periods ended June 30, 2000 and 1999 have been
included. The distributable income for such interim periods is not necessarily
indicative of the distributable income for the full year.
Deloitte & Touche LLP, independent certified public accountants, has made a
limited review of the condensed financial statements as of June 30, 2000 and for
the three-month and six-month periods ended June 30, 2000 and 1999 included
herein.
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BANK OF AMERICA, N.A. AS TRUSTEE
FOR THE PERMIAN BASIN ROYALTY TRUST:
We have reviewed the accompanying condensed statement of assets, liabilities and
trust corpus of the Permian Basin Royalty Trust as of June 30, 2000 and the
related condensed statements of distributable income and changes in trust corpus
for the three-month and six-month periods ended June 30, 2000 and 1999. These
financial statements are the responsibility of the Trustee.
We conducted our reviews in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures to
financial data and making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with auditing standards generally accepted in the United States of
America, the objective of which is the expression of an opinion regarding the
financial statements taken as a whole. Accordingly, we do not express such an
opinion.
The accompanying condensed financial statements are prepared on a modified cash
basis as described in Note 1, which is a comprehensive basis of accounting other
than accounting principles generally accepted in the United States of America.
Based on our reviews, we are not aware of any material modifications that should
be made to such condensed financial statements for them to be in conformity with
the basis of accounting described in Note 1.
We have previously audited, in accordance with auditing standards generally
accepted in the United States of America, the statement of assets, liabilities
and trust corpus of the Permian Basin Royalty Trust as of December 31, 1999, and
the related statements of distributable income and changes in trust corpus for
the year then ended (not presented herein); and in our report dated March 25,
2000, we expressed an unqualified opinion on those financial statements. In our
opinion, the information set forth in the accompanying condensed statement of
assets, liabilities and trust corpus as of December 31, 1999 is fairly stated,
in all material respects, in relation to the statement of assets, liabilities
and trust corpus from which it has been derived.
/s/ DELOITTE & TOUCHE LLP
Dallas, Texas
August 1, 2000
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PERMIAN BASIN ROYALTY TRUST
CONDENSED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS
- --------------------------------------------------------------------------------
June 30 December 31,
ASSETS 2000 1999
(Unaudited)
Cash and short-term investments $2,939,151 $ 2,415,245
Net overriding royalty interests in producing
oil and gas properties (net of accumulated
amortization of $8,232,065 and $8,085,238 at
June 30, 2000 and December 31, 1999, respectively) 2,743,151 2,889,978
---------- ------------
$5,682,302 $ 5,305,223
========== ============
LIABILITIES AND TRUST CORPUS
Distribution payable to Unit holders $2,939,151 $ 2,415,245
Commitments and contingencies
Trust corpus - 46,608,796 Units of beneficial
interest authorized and outstanding 2,743,151 2,889,978
---------- ------------
$5,682,302 $ 5,305,223
========== ============
CONDENSED STATEMENTS OF DISTRIBUTABLE INCOME (UNAUDITED)
Three Months Ended Six Months Ended
June 30 June 30
2000 1999 2000 1999
----------- ----------- ----------- -----------
Royalty income $ 9,037,360 $ 3,957,301 $15,410,417 $ 5,733,261
Interest income 16,475 4,988 33,304 7,001
----------- ----------- ----------- -----------
9,053,835 3,962,289 15,443,721 5,740,262
General and administrative
expenditures 158,847 116,677 282,668 260,340
----------- ----------- ----------- -----------
Distributable income $ 8,894,989 $ 3,845,612 $15,161,053 $ 5,479,922
=========== =========== =========== ===========
Distributable income per Unit
(46,608,796 Units) $ .190844 $ .082509 $ .325283 $ .117573
=========== =========== =========== ===========
The accompanying notes to condensed financial statements
are an integral part of these statements.
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PERMIAN BASIN ROYALTY TRUST
CONDENSED STATEMENTS OF CHANGES IN TRUST CORPUS (UNAUDITED)
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THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30 JUNE 30
-------------------------- ---------------------------
2000 1999 2000 1999
Trust corpus, beginning of period $ 2,811,453 $ 3,281,601 $ 2,889,978 $ 3,336,583
Amortization of net overriding
royalty interests (68,302) (143,686) (146,827) (198,668)
Distributable income 8,894,989 3,845,612 15,161,054 5,479,922
Distributions declared (8,894,989) (3,845,612) (15,161,054) (5,479,922)
----------- ----------- ------------ -----------
Total Trust Corpus $ 2,743,151 $ 3,137,915 $ 2,743,151 $ 3,137,915
=========== =========== ============ ===========
The accompanying notes to condensed financial statements
are an integral part of these statements.
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PERMIAN BASIN ROYALTY TRUST
NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
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1. BASIS OF ACCOUNTING
The Permian Basin Royalty Trust ("Trust") was established as of November
1, 1980. The net overriding royalties conveyed to the Trust include: (1) a
75% net overriding royalty carved out of Southland Royalty Company'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 Company's major producing royalty interests in
Texas (the "Texas Royalty properties"). The net overriding royalty for the
Texas Royalty properties is subject to the provisions of the lease
agreements under which such royalties were created. The financial
statements of the Trust are prepared on the following basis:
o Royalty income recorded for a month is the amount computed and paid to
Bank of America, N.A. ("Trustee") as Trustee for the Trust by the
interest owners: Burlington Resources Oil & Gas Company ("BROG") for
the Waddell Ranch properties and Riverhill Energy Corporation
("Riverhill Energy"), formerly a wholly owned subsidiary of Riverhill
Capital Corporation ("Riverhill Capital") and formerly an affiliate of
Coastal Management Corporation ("CMC"), for the Texas Royalty
properties. CMC currently conducts all field, technical and accounting
operations on behalf of BROG with regard to the Waddell Ranch
properties. CMC also conducts the accounting operations for the Texas
Royalty properties on behalf of Riverhill Energy. Royalty income
consists of the amounts received by the owners of the interest burdened
by the net overriding royalty interests ("Royalties") from the sale of
production less accrued production costs, development and drilling
costs, applicable taxes, operating charges, and other costs and
deductions multiplied by 75% in the case of the Waddell Ranch
properties and 95% in the case of the Texas Royalty properties.
As was previously reported, in February 1997, BROG sold its interest in
the Texas Royalty properties to Riverhill Energy.
The Trustee has been advised that in the first quarter of 1998,
Schlumberger Technology Corporation ("Schlumberger") acquired all of
the shares of stock of Riverhill Capital. Prior to such acquisition by
Schlumberger, CMC and Riverhill Energy were wholly owned subsidiaries
of Riverhill Capital. The Trustee has further been advised that in
connection with Schlumberger's acquisition of Riverhill Capital, the
shareholders of Riverhill Capital acquired ownership of all of the
shares of stock of Riverhill Energy. Thus, the ownership in the Texas
Royalty properties referenced above remained in Riverhill Energy, the
stock ownership of which was acquired by the former shareholders of
Riverhill Capital.
o Trust expenses recorded are based on liabilities paid and cash reserves
established out of cash received or borrowed funds for liabilities and
contingencies.
o Distributions to Unit holders are recorded when declared by the
Trustee.
o Royalty income is computed separately for each of the conveyances under
which the Royalties were conveyed to the Trust. If monthly costs exceed
revenues for any conveyance ("excess costs"), such excess cannot reduce
royalty income from other conveyances, but is carried forward with
accrued interest to be recovered from future net proceeds of that
conveyance (see Note 3).
The financial statements of the Trust differ from financial statements
prepared in accordance with accounting principles generally accepted in the
United States of America ("GAAP") because revenues are not accrued in the
month of production and certain cash reserves may be established for
contingencies which would not be accrued
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in financial statements. Amortization of the Royalties calculated on a
unit-of-production basis is charged directly to trust corpus.
On July 5, 1999, NationsBank, N.A., Trustee of the Permian Basin Royalty
Trust, legally changed its name to Bank of America, N.A. On July 23, 1999,
Bank of America, N.A. (formerly known as NationsBank, N.A.) was merged
with and into Bank of America NT&SA, with the resulting entity being
called Bank of America, N.A. As a result, immediately following the close
of business on July 23, 1999, the remaining legal entity was Bank of
America, N.A. As a result of such merger, the Trustee of the Trust is Bank
of America, N.A., successor by merger to NationsBank, N.A.
2. FEDERAL INCOME TAXES
For Federal income tax purposes, the Trust constitutes a fixed investment
trust which is taxed as a grantor trust. A grantor trust is not subject to
tax at the trust level. The Unit holders are considered to own the Trust's
income and principal as though no trust were in existence. The income of
the Trust is deemed to have been received or accrued by each Unit holder
at the time such income is received or accrued by the Trust and not when
distributed by the Trust.
The Royalties constitute "economic interests" in oil and gas properties
for Federal income tax purposes. Unit holders must report their share of
the revenues from the Royalties as ordinary income from oil and gas
royalties and are entitled to claim depletion with respect to such income.
The Trust has on file technical advice memoranda confirming the tax
treatment described above.
The classification of the Trust's income for purposes of the passive loss
rules may be important to a Unit holder. As a result of the Tax Reform Act
of 1986, royalty income will generally be treated as portfolio income and
will not offset passive losses.
3. EXCESS COSTS
In the calculation of royalty income for the months of June through
December 1998, costs exceeded revenues for the Waddell Ranch properties
underlying the Waddell Ranch Net Overriding Royalty Conveyance by
$1,218,732. Such excess costs were recovered from net proceeds of the
underlying Waddell Ranch properties during the first quarter of 1999 and
these properties are again contributing Trust royalty income.
******
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ITEM 2. TRUSTEE'S DISCUSSION AND ANALYSIS
FORWARD LOOKING INFORMATION
Certain information included in this report contains, and other materials filed
or to be filed by the Trust with the Securities and Exchange Commission (as well
as information included in oral statements or other written statements made or
to be made by the Trust) may contain or include, forward looking statements
within the meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and Section 27A of the Securities Act of 1933, as amended. Such forward
looking statements may be or may concern, among other things, capital
expenditures, drilling activity, development activities, production efforts and
volumes, hydrocarbon prices and the results thereof, and regulatory matters.
Although the Trustee believes that the expectations reflected in such
forward-looking statements are reasonable, such expectations are subject to
numerous risks and uncertainties and the Trustee can give no assurance that they
will prove correct. There are many factors, none of which is within the
Trustee's control, that may cause such expectations not to be realized,
including, among other things, factors such as actual oil and gas prices and the
recoverability of reserves, capital expenditures, general economic conditions,
actions and policies of petroleum-producing nations and other changes in the
domestic and international energy markets. Such forward looking statements
generally are accompanied by words such as "estimate," "expect," "predict,"
"anticipate," "goal," "should," "assume," "believe," or other words that convey
the uncertainty of future events or outcomes.
YEAR 2000 ISSUE
Many existing computer programs use only two digits to identify a year in the
date field. These programs were designed and developed without considering the
impact of the upcoming change in the century. If not corrected, many computer
applications could fail or create erroneous results by the Year 2000. The
Trustee has no reason to believe that there was any effect of the Year 2000
significant to the Trust or its vendors. In the event the Trustee learns that a
vendor's system was affected, the Trustee will assess the potential risk and
develop contingency plans at that time.
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THREE MONTHS ENDED JUNE 30, 2000 AND 1999
For the quarter ended June 30, 2000 royalty income received by the Trust
amounted to $9,037,360 compared to royalty income of $3,957,301 during the
second quarter of 1999. The increase in royalty income is primarily attributable
to an increase in average oil and gas prices and production offset by a
increase in allocated capital expenditures compared to the second quarter of
1999.
Interest income for the quarter ended June 30, 2000, was $16,475 compared to
$4,988 during the second quarter of 1999. The increase in interest income is
primarily attributable to an increase in funds available for investment. General
and administrative expenses during the second quarter of 2000 amounted to
$158,847 compared to $116,677 during the first quarter of 1999. The increase in
general and administrative expenses can be primarily attributed to timing
differences in the receipt and payment of these expenses.
These transactions resulted in distributable income for the quarter ended June
30, 2000 of $8,894,989 or $.190844 per Unit of beneficial interest.
Distributions of $.063643, $.064140 and $.063060 per Unit were made to Unit
holders of record as of April 28, May 31 and June 30, 2000, respectively. For
the second quarter of 1999, distributable income was $3,845,612 or $.082509 per
Unit of beneficial interest.
Royalty income for the Trust for the second quarter of the calendar year is
associated with actual oil and gas production for the period of February,
March and April 2000 from the properties from which the Trust's net
overriding royalty interests ("Royalties") were carved. Oil and gas sales
attributable to the Royalties and the properties from which the Royalties were
carved are as follows:
Second Quarter
-----------------------
2000 1999
ROYALTIES:
Oil sales (Bbls) 231,731 230,223
Gas sales (Mcf) 858,916 820,461
PROPERTIES FROM WHICH THE ROYALTIES WERE CARVED:
Oil:
Total oil sales (Bbls) 366,546 430,636
Average per day (Bbls) 4,073 4,839
Average price per Bbl $ 28.94 $ 11.88
Gas:
Total gas sales (Mcf) 1,481,134 1,706,705
Average per day (Mcf) 16,457 19,176
Average price per Mcf $ 3.31 $ 1.70
The posted price of oil increased to an average price per barrel of $28.94 in
the second quarter of 2000, compared to $11.88 in the second quarter of 1999.
The Trustee has been advised by BROG that for the period August 1, 1993, through
March 31, 2000, the oil from the Waddell Ranch properties was being sold under a
competitive bid to a third party. The increase in the average price of gas from
$1.70 in the second quarter of 1999 to $3.31 in the second quarter of 2000 is
primarily attributable to an increase in the spot prices of natural gas.
Since the oil and gas sales attributable to the Royalties are based on an
allocation formula that is dependent on such factors as price and cost
(including capital expenditures), the production amounts in the Royalties
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section of the above table do not provide a meaningful comparison. The oil and
gas sales from the properties from which the Royalties are carved decreased
for the applicable period in 2000 compared to 1999.
Capital expenditures for drilling, remedial and maintenance activities on the
Waddell Ranch properties during the second quarter of 2000 totaled $1,669,000 as
compared to $57,000 for the second quarter of 1999. BROG has informed the
Trustee that the 2000 capital expenditures budget has been revised to $14.2
million for the Waddell Ranch. The total amount of capital expenditures for 1999
was $1.1 million. Through the second quarter of 2000, capital expenditures of
$3.4 million have been expended.
The Trustee has been advised that there were no wells completed or in progress
during the three months ended June 30, 2000 on the Waddell Ranch properties.
For the three months ended June 30, 1999, there were no gross wells completed
and there were no wells in progress.
Lease operating expense and property taxes totaled $1.9 million for the second
quarter of 2000, compared to $2.6 million in the second quarter of 1999 on the
Waddell Ranch properties. This decrease is primarily attributable to more
efficient field operations on the Waddell Ranch properties.
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SIX MONTHS ENDED JUNE 30, 2000 AND 1999
For the six months ended June 30, 2000, royalty income received by the Trust
amounted to $15,410,417 compared to royalty income of $5,733,261 for the six
months ended June 30, 1999. The increase in royalty income is primarily due to a
increase in oil and gas prices in the first six months of 2000, compared to the
first six months in 1999, offsetting an increase in allocated capital
expenditures in the first six months of 2000. In the calculation of royalty
income for the month of June 1998, costs exceeded revenues for the Waddell Ranch
properties underlying the Waddell Ranch Net Overriding Royalty Conveyance by
$396,012. Such excess costs were recovered from net proceeds of the underlying
Waddell Ranch properties during the first quarter of 1999 and these properties
are again contributing trust royalty income. Interest income for the six months
ended June 30, 2000 was $33,304 compared to $7,001 during the six months ended
June 30, 1999. The increase in interest income is attributable primarily to a
increase in funds available for investment. General and administrative expenses
for the six months ended June 30, 2000 were $282,668. During the six months
ended June 30, 1999, general and administrative expenses were $260,340. The
increase in general and administrative expenses is primarily due to timing
differences in the receipt and payment of these expenses.
These transactions resulted in distributable income for the six months ended
June 30, 2000 of $15,161,053 or $.325283 per Unit. For the six months ended
June 30, 1999, distributable income was $5,479,922 or $.117573 per Unit.
Royalty income for the Trust for the period ended June 30, 2000 is associated
with actual oil and gas production for the period November 1999 through April
2000 from the properties from which the Royalties were carved. Oil and gas
production attributable to the Royalties and the properties from which the
Royalties were carved are as follows:
FIRST SIX MONTHS
----------------------
2000 1999
ROYALTIES:
Oil sales (Bbls) 426,579 353,921
Gas sales (Mcf) 1,579,159 1,255,623
PROPERTIES FROM WHICH THE ROYALTIES WERE CARVED:
Oil:
Total oil sales (Bbls) 741,935 885,262
Average per day (Bbls) 4,077 4,891
Average price per Bbl $ 26.26 $ 10.78
Gas:
Total gas sales (Mcf) 3,000,946 3,534,007
Average per day (Mcf) 16,489 19,525
Average price per Mcf $ 3.10 $ 1.76
The average price of oil increased during the six months ended June 30, 2000,
compared to the same period in 1999 was $26.26 per barrel as compared to $10.78
per barrel. The increase in the average price of oil is primarily due to
increases in the posted price for oil. The increase in the average price of gas
from $1.76 per Mcf for the six months ended June 30, 1999 to $3.10 per Mcf for
the six months ended June 30, 2000 is primarily the result of a increase in the
spot prices of natural gas.
Since the oil and gas sales attributable to the Royalties are based on an
allocation formula that is dependent on such factors as price and cost
(including capital expenditures), the production amounts in the Royalties
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section of the above table do not provide a meaningful comparison. The oil and
gas sales from the properties from which the Royalties are carved decreased for
the applicable period of 2000 compared to 1999.
The Trust has been advised that no gross and no net productive oil wells on the
Waddell Ranch properties were drilled and completed during the six months ended
June 30, 2000, and that 6 gross 2.63 net productive oil wells on the Waddell
Ranch properties were drilled and com pleted during the six months ended June
30, 1999. Capital expenditures for the Waddell Ranch properties for the six
months ended June 30, 2000 totaled $3,386,000 compared to $517,000 for the same
period in 1999. BROG has previously advised the Trust that the remaining 2000
capital expenditures budget for the Waddell Ranch properties is $10.8 million.
Lease operating expense and property taxes totaled $5.0 million in 2000 compared
to $5.7 million in 1999. The decrease in lease operating expense is primarily
attributable to more efficient field operations on the Waddell Ranch properties.
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CALCULATION OF ROYALTY INCOME
The Trust's royalty income is computed as a percentage of the net
profit from the operation of the properties in which the Trust owns net
overriding royalty interests. These percentages of net profits are 75%
and 95% in the case of the Waddell Ranch properties and the Texas
Royalty properties, respectively. Royalty income received by the Trust
for the three months ended June 30, 2000 and 1999 respectively, were
computed as shown in the table below:
THREE MONTHS ENDED JUNE 30,
----------------------------------------------------
2000 1999
------------------------- ------------------------
WADDELL TEXAS WADDELL TEXAS
RANCH ROYALTY RANCH ROYALTY
PROPERTIES PROPERTIES PROPERTIES PROPERTIES
Gross proceeds of sales from
properties from which the net
overriding royalties were carved:
Oil proceeds $ 8,168,047 $ 2,438,493 $ 3,966,511 $ 1,149,530
Gas proceeds 4,262,742 637,223 2,558,968 345,283
Other revenues
----------- ----------- ----------- -----------
Total 12,430,789 3,075,716 6,525,479 1,494,813
----------- ----------- ----------- -----------
Less:
Severance tax:
Oil 334,369 87,207 161,681 37,416
Gas 275,865 32,390 190,947 8,708
Lease operating expense and
property tax:
Oil and gas 1,860,217 (11,377) 2,464,194 149,765
Capital expenditures 1,669,353 57,292
Other expense 16,000
----------- ----------- ----------- -----------
Total 4,139,804 108,220 2,874,114 211,889
----------- ----------- ----------- -----------
Net profits 8,290,985 2,967,496 3,651,365 1,282,924
Net overriding royalty interests 75% 95% 75% 95%
----------- ----------- ----------- -----------
Royalty income $ 6,218,239 $ 2,819,121 $ 2,738,523 $ 1,218,778
=========== =========== =========== ===========
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ITEM 3. QUALITATIVE AND QUANTITATIVE DISCLOSURES ABOUT MARKET RISK
Not applicable.
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PART II - OTHER INFORMATION
Items 1 through 5.
Not applicable.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
(4)(a) Permian Basin Royalty Trust Indenture dated
November 3, 1980, between Southland Royalty Company
(now Burlington Resources Oil & Gas Company) and
The First National Bank of Fort Worth (now Bank of
America, N.A.), as Trustee, heretofore filed as
Exhibit (4)(a) to the Trust's Annual Report on Form
10-K to the Securities and Exchange Commission for
the fiscal year ended December 31, 1980 is
incorporated herein by reference.
(4)(b) Net Overriding Royalty Conveyance (Permian Basin
Royalty Trust) from Southland Royalty Company (now
Burlington Resources Oil & Gas Company) to The
First National Bank of Fort Worth (now Bank of
America, N.A.), as Trustee, dated November 3, 1980
(without Schedules), heretofore filed as Exhibit
(4)(b) to the Trust's Annual Report on Form 10-K to
the Securities and Exchange Commission for the
fiscal year ended December 31, 1980 is incorporated
herein by reference.
(4)(c) Net Overriding Royalty Conveyance (Permian Basin
Royalty Trust - Waddell Ranch) from Southland
Royalty Company (now Burlington Resources Oil & Gas
Company) to The First National Bank of Fort Worth
(now Bank of America, N.A.), as Trustee, dated
November 3, 1980 (without Schedules), heretofore
filed as Exhibit (4)(c) to the Trust's Annual
Report on Form 10-K to the Securities and Exchange
Commission for the fiscal year ended December 31,
1980 is incorporated herein by reference.
(27) Financial Data Schedule
(b) Reports on Form 8-K
No reports were filed during the quarter ended June 30,
2000.
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SIGNATURES
Pursuant to the requirements 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 authorized.
BANK OF AMERICA, N.A.,
TRUSTEE FOR THE
PERMIAN BASIN ROYALTY TRUST
By /s/ RON E. HOOPER
--------------------------------
Ron E. Hooper
Vice President
Date: August 10, 2000
(The Trust has no directors or executive officers.)
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INDEX TO EXHIBITS
Sequentially
Exhibit Numbered
Number Exhibit Page
(4)(a) Permian Basin Royalty Trust Indenture dated November
3, 1980, between Southland Royalty Company (now
Burlington Resources Oil & Gas Company) and The First
National Bank of Fort Worth (now Bank of America,
N.A.), as Trustee, heretofore filed as Exhibit (4)(a)
to the Trust's Annual Report on Form 10-K to the
Securities and Exchange Commission for the fiscal year
ended December 31, 1980 is incorporated herein by
reference.*
(b) Net Overriding Royalty Conveyance (Permian Basin
Royalty Trust) from Southland Royalty Company (now
Burlington Resources Oil & Gas Company) to The First
National Bank of Fort Worth (now Bank of America,
N.A.), as Trustee, dated November 3, 1980 (without
Schedules), heretofore filed as Exhibit (4)(b) to the
Trust's Annual Report on Form 10-K to the Securities
and Exchange Commission for the fiscal year ended
December 31, 1980 is incorporated herein by reference.*
(c) Net Overriding Royalty Conveyance (Permian Basin
Royalty Trust - Waddell Ranch) from Southland Royalty
Company (now Burlington Resources Oil & Gas Company)
to The First National Bank of Fort Worth (now Bank of
America, N.A.), as Trustee, dated November 3, 1980
(without Schedules), heretofore filed as Exhibit
(4)(c) to the Trust's Annual Report on Form 10-K to
the Securities and Exchange Commission for the fiscal
year ended December 31, 1980 is incorporated herein by
reference.*
(27) Financial Data Schedule **
* A copy of this Exhibit is available to any Unit holder, at the actual cost
of reproduction, upon written request to the Trustee, Bank of America, N.A.,
P. O. Box 830650, Dallas, Texas 75202.
** Filed herewith.