Argent Trust Company declares $0.031753/unit distribution for Oct 15.

• Argent Trust declares cash distribution of $0.031753 per unit. • Units payable on October 15, 2025. • Unitholders must be recorded by September 30, 2025. • Underlying oil and gas sales volumes and prices shown in table. • XTO Energy reports excess costs increased by $129,000.

DALLAS, Sept. 12, 2025 — The Permian Basin Royalty Trust (NYSE: PBT) has declared a cash distribution of $0.115493 per unit, payable on October 15, 2025, to unit holders of record on September 30, 2025. This distribution does not include proceeds from the Waddell Ranch properties, where total production costs exceeded gross proceeds for the month of August, resulting in a continuing excess cost position. However, it does include the first installment of $4.5 million from a settlement agreed upon with Blackbeard Operating, LLC to end a lawsuit filed in 2024.

The distribution increased compared to the previous month primarily due to the first settlement payment from Blackbeard Operating LLC, coupled with higher natural gas volumes and oil prices from Texas Royalty Properties, partially offset by lower oil volumes and lower natural gas pricing.

For the Waddell Ranch properties, no proceeds were received in August 2025 to be included in the September distribution. All excess costs, including accrued interest, will need to be recovered by future proceeds before any distributions are made. The Trustee will continue to disclose this information in quarterly reports on Form 10-Q and annual reports on Form 10-K.

Production for the underlying Texas Royalty Properties was 15,856 barrels of oil and 12,275 Mcf of gas, with the Trust's allocated portion being 13,944 barrels of oil and 10,800 Mcf of gas. The average price for oil was $65.76 per bbl and for gas was $6.65, resulting in revenues of $1,124,318. After taxes and expenses, the net profit was $983,325, with the Trust's net profit interest (NPI) of 95% contributing $934,159 to this month's distribution.

General and administrative expenses deducted for the month, net of interest earned, were $51,154, resulting in a distribution of $5,383,005 to 46,608,796 units outstanding, or $0.115493 per unit.

The worldwide market conditions continue to affect the pricing for domestic production, making it difficult to predict future distributions.

Additionally, the Trustee has reached a settlement agreement with Blackbeard, with Blackbeard agreeing to pay $9,000,000 in damages, of which $4,500,000 has been paid, with the remainder to be paid in four equal installments of $1,125,000 quarterly during 2026.

The 2024 Annual Report with Form 10-K, including the December 31, 2024, Reserve Summary, has been filed with the Securities and Exchange Commission. More information can be found on the Permian Basin Royalty Trust's website at http://www.pbt-permian.com/.