PERMIAN BASIN ROYALTY TRUST ANNOUNCES FEBRUARY CASH DISTRIBUTION, EXCESS COST POSITION ON WADDELL RANCH PROPERTIES AND UNITHOLDER MAILING BY SOFTVEST

DALLAS, Feb. 17, 2026 /PRNewswire/ — Argent Trust Company, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) („Permian“ or the „Trust“) today declared a cash distribution to the holders of its units of beneficial interest of $0.014221 per unit, payable on March 13, 2026, to unit holders of record on February 27, 2026. The distribution does not include proceeds from the Waddell Ranch properties, as total production costs („Production Costs“) exceeded gross proceeds („Gross Proceeds“) for the month of January, resulting in a continuing excess cost position for the Waddell Ranch properties. More information regarding the Waddell Ranch properties is described below.

This month’s distribution decreased compared to the previous month due primarily to the second settlement payment being received from Blackbeard Operating LLC last month, this in conjunction with Texas Royalty Properties having lower oil volumes, along with lower oil and natural gas pricing, partially offset by higher natural gas volumes.

WADDELL RANCH
Information from Blackbeard, the operator of the Waddell Ranch properties, necessary to calculate the net profits interest („NPI“) proceeds for a given month is received after the announcement date for the month’s distribution. As a result, in accordance with the Trust indenture, if NPI proceeds are received from the Waddell Ranch properties on or prior to the record date, they will be included in the following month’s distribution.
As noted above, no proceeds were received by the Trustee in January 2026 to be included in the February distribution.  All excess costs, including any accrued interest, will need to be recovered by future proceeds from the Waddell Ranch properties before any proceeds are distributed to the Trust. Due to the fact that Blackbeard provides production, pricing and cost information quarterly instead of monthly, the Trustee will be disclosing that information in the quarterly reports on Form 10-Q and annual reports on Form 10-K for the foreseeable future (to the extent timely received from Blackbeard).