PERMIAN BASIN ROYALTY TRUST ANNOUNCES SEPTEMBER CASH DISTRIBUTION AND EXCESS COST POSITION ON WADDELL RANCH PROPERTIES

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 $0.019593 per unit, payable on October 15, 2026, to unit holders of record on September 30, 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 August, resulting in a continuing excess cost position for the Waddell Ranch properties.

This month's distribution increased compared to the previous month due primarily a decrease in Trust expenses, partially offset by Texas Royalty Properties having lower oil and natural gas volumes and oil pricing, with natural gas pricing increasing.

Information from Blackbeard Operating, LLC ("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 August 2026 to be included in the September 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).

Production for the underlying Texas Royalty Properties was 15,042 barrels of oil and 5,439 Mcf of gas. The production for the Trust's allocated portion of the Texas Royalty Properties was 13,460 barrels of oil and 4,868 Mcf of gas. The average price for oil was $83.20 per bbl and for gas was $13.49, which includes significant NGL pricing, per Mcf . This would mainly reflect production and pricing in June for oil and May for gas. These allocated volumes were impacted by the pricing of both oil and gas. This production and pricing for the underlying properties resulted in revenues for the Texas Royalty Properties of $1,324,846. Deducted from these revenues were taxes and expenses of $135,365 resulting in a Net Profit of $1,189,481 for August. With the Trust's NPI of 95% of the underlying properties, this would result in a net contribution by the Texas Royalty Properties of $1,130,007 to this month's distribution.

Underlying Properties Net to Trust Sales Volumes Volumes Average Price Oil (bbls) Gas (Mcf) Oil (bbls) Gas (Mcf) (1) Oil (per bbl) Gas (per Mcf) (2) Current Month Waddell Ranch (3) (3) (3) (3) (3) (3) Texas Royalties 15,042 5,439 13,460 4,868 $83.20 $13.49 Prior Month Waddell Ranch (3) (3) (3) (3) (3) (3) Texas Royalties 15,959 6,193 14,405 5,581 $93.10 $9.55 (1) These volumes are net to the Trust, after allocation of expenses to Trust's net profit interest, including any prior period adjustments. (2) This pricing includes sales of gas liquid products. (3) Information is not being made available monthly but may be provided within 30 days next following the close of each calendar quarter. To the extent the Trustee receives such information timely following the quarter, information will be included in the Trust's quarterly report on Form 10-Q for the applicable quarter (or the annual report on Form 10-K with respect to the fourth quarter).