{"url_path":"/sec/pbt/10-k/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-K/A","doc_date":"2026-07-14","source_url":"https://www.sec.gov/Archives/edgar/data/319654/0001193125-26-303155-index.html","accession_number":"0001193125-26-303155","cik":"0000319654","ticker":"PBT","issuer_name":"PERMIAN BASIN ROYALTY TRUST","edgar_url":"https://www.sec.gov/Archives/edgar/data/319654/0001193125-26-303155-index.html","primary_entity_key":"0000319654","primary_entity_name":"PERMIAN BASIN ROYALTY TRUST"},"word_count":1196,"has_tables":true,"body_markdown":"10-K/A\n1\namended_pbt_10-k_2025-12.htm\n10-K/A\n\n10-K/A\n\n[Table of Contents](#toc_page)\n\n \n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n \n\nFORM 10-K/A\n\n(Amendment No. 1)\n\n \n\n(Mark One)\n\n \n\n☒\n\n \n\nANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the fiscal year ended December 31, 2025\n\nOR\n\n \n\n☐\n\n \n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nCommission file number 1-8033\n\n \n\nPERMIAN BASIN ROYALTY TRUST\n\n(Exact Name of Registrant as Specified in the Permian Basin Royalty Trust Indenture)\n\n \n\n \n\nTexas\n\n75-6280532\n\n(State or Other Jurisdiction of\n\nIncorporation or Organization)\n\n(I.R.S. Employer Identification No.)\n\n \n\nArgent Trust Company\n\n3838 Oak Lawn Ave\n\nSuite 1720\n\nDallas, Texas 75219\n\n(Address of Principal Executive Offices; Zip Code)\n\n(855) 588-7839\n\n(Registrant’s Telephone Number, Including Area Code)\n\nSECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:\n\n \n\nTitle of Each Class\n\n \n\nTrading\n\nSymbol\n\n \n\nName of Each Exchange on Which Registered\n\nUnits of Beneficial Interest\n\n \n\nPBT\n\n \n\nNew York Stock Exchange\n\n \n\nSECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:\n\nNone\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒\n\nIndicate 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 (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:\n\n \n\nLarge accelerated filer ☐\n\nAccelerated filer ☐\n\nNon-accelerated filer ☒\n\nSmaller Reporting Company ☒\n\nEmerging Growth Company ☐\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 USC. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒\n\nThe aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter was $430,646,844.\n\nAt March 27, 2026, there were 46,608,796 Units of Beneficial Interest of the Trust outstanding.\n\nDOCUMENTS INCORPORATED BY REFERENCE\n\nNone.\n\nEXPLANATORY NOTE\n\n \n\n[Table of Contents](#toc_page)\n\n \n\nPermian Basin Royalty Trust (the “Trust”) is filing this Amendment No. 1 on Form 10-K/A (the “Amended 10-K”) to amend the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “Original 10-K”), originally filed with the Securities and Exchange Commission (the “SEC”) on March 27, 2026, to amend certain disclosures in (i) Item 2. Properties, under the headings “Oil and Gas Production” and “Oil and Gas Reserves”, (ii) Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, under the heading “Results of Operations”, and (iii) Item 8. Financial Statements and Supplementary Data, Notes to Financial Statements under “Note 6. to the Financial Statements, Supplemental Oil and Gas Reserve Information (Unaudited)”.\n\nExcept as described above, no other amendments are being made to the Original 10-K. This Amended 10-K does not reflect events occurring after the filing of the Original 10-K or modify or update the disclosure contained therein in any way other than as required to reflect the amendments discussed above.\n\nThe Trust has attached to this Amended 10-K updated certifications executed as of the date of this Amended 10-K by the Trustee as required by Sections 302 and 906 of the Sarbanes Oxley Act of 2002. These updated certifications are attached as Exhibits 31.1 and 32.1 to this Amended 10-K. An updated consent from the reserve engineering firm, Cawley, Gillespie & Associates, Inc. is attached as Exhibit 23.1 to this Amended 10-K.\n\n \n\n \n\n[Table of Contents](#toc_page)\n\n \n\nFORWARD LOOKING INFORMATION\n\nCertain 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, regulatory matters, and actions by Unit holders seeking to judicially modify the Trust indenture and/or convert the Trust into a different investment vehicle. 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 are 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 and the factors identified under Item 1A, “Risk Factors.” 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.\n\n \n\n[Table of Contents](#toc_page)\n\n \n\nTABLE OF CONTENTS\n\n \n\n[PART I](#part_i)"}