帕米亚盆地皇室信托 2025年度报告

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 requiredto submit such files). Yes☐No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany 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.: Permian 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 “Original10-K”), originally filed with the Securities and Exchange Commission (the “SEC”) on March 27, 2026, to amendcertain disclosures in (i)Item 2. Properties,under the headings “Oil and Gas Production” and “Oil and GasReserves”, (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 toFinancial Statementsunder “Note 6. to the Financial Statements, Supplemental Oil and Gas Reserve Information(Unaudited)”. Except as described above, no other amendments are being made to the Original 10-K. This Amended 10-K does notreflect events occurring after the filing of the Original 10-K or modify or update the disclosure contained therein inany way other than as required to reflect the amendments discussed above. The Trust has attached to this Amended 10-K updated certifications executed as of the date of this Amended 10-Kby the Trustee as required by Sections 302 and 906 of the Sarbanes Oxley Act of 2002. These updated certificationsare 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. FORWARD LOOKING INFORMATION Certain information included in this report contains, and other materials filed or to be filed by the Trust withthe Securities and Exchange Commission (as well as information included in oral statements or other writtenstatements made or to be made by the Trust) may contain or include, forward looking statements within the meaningof 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 theTrust into a different investment vehicle. Although the Trustee believes that the expectations reflected in suchforward-looking statements are reasonable, such expectations are subject to numerous risks and uncertainties and theTrustee can give no assurance that they will prove correct. There are many factors, none of which are within theTrustee’s control, that may cause such expectations not to be realized, including, among other things, factors such asactual 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 energymarkets and the factors identified under Item 1A, “Risk Factors.” Such forward looking statements generally areaccompanied by words such as “estimate,” “expect,” “predict,” “anticipate,” “goal,” “should,” “assume,” “believe,”or other words that convey the uncertainty of future events or outcomes. TABLE OF CONTENTS PART I Item 1.BusinessItem 1A.Risk FactorsItem 1B.Unresolved Staff CommentsItem 1C.CybersecurityItem 2.PropertiesItem 3.Legal ProceedingsItem 4.Mine Safety Disclosures PART IIMarket for Units of the Trust, Related Security Holder Matters and Trust Purchases of Units Item 5.24Item 6.Removed and Reserved24Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operation26Item 7A.Quantitative and Qualitative Disclosures about Market Risk31Item 8.Financial Statements and Supplementary Data32Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure45Item 9A.Controls and Procedures45Item 9B.Other Information46Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspection46 PART III Item 10.Directors and Executive Officers of the Registrant47Item 11.Executive Compensation47Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters48Item 13.Certain Relationships and Related Transactions, and Director Independence48Item 14.Principal Accounting Fees and Services48 PART I Item 1. Business The Permian Basin Royalty Trust (the “Trus