Shares of Permian Basin Royalty Trust (PBT) plunged 5.12% in Monday's pre-market trading following the announcement of a lower cash distribution for November. The trust declared a distribution of $0.019233 per unit, payable on December 12, 2025, to unitholders of record on November 28, 2025.

The decreased distribution is primarily attributed to lower natural gas volumes and reduced oil and gas prices from the Texas Royalty Properties. Adding to investors' concerns, the trust reported no proceeds from the Waddell Ranch properties for this distribution period, continuing an excess cost position for these assets.

Argent Trust Company, the trustee, explained that the Waddell Ranch properties are currently in a position where total production costs exceed gross proceeds. This situation means that all excess costs, including accrued interest, will need to be recovered by future proceeds before any distributions can be made from these properties. The ongoing challenges in the Waddell Ranch segment, combined with the reduced income from the Texas Royalty Properties, appear to be driving the negative sentiment among investors.