HIGHOutside partyCounterparty
Blackbeard Operating, LLC
“10-K Item 1A: 'Blackbeard is currently the operator of record of the Waddell Ranch overriding royalty interests'”
PBT · Concentration risk · 10-K extracted
Permian Basin Royalty Trust (PBT) concentration risks
Updated
The most significant concentration Permian Basin Royalty Trust discloses is Blackbeard Operating, LLC, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Permian Basin Royalty Trust’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH2
MEDIUM0
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHBuilt-inGeographic
Texas / Permian Basin
“10-K Item 1: 'a 95% net overriding royalty interest carved out of that company's major producing royalty properties in Texas'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-06Permian Basin Royalty Trust's concentration risk is concentrated in a single operating relationship and a single geography. Blackbeard Operating, LLC is currently the operator of record of the Waddell Ranch overriding royalty interests, a high-share dependency exposure — the Trust's royalty income from that asset depends on Blackbeard's operations. Separately, the Trust holds a 95% net overriding royalty interest carved out of major producing royalty properties in Texas, a high-share structural concentration reflecting the Trust's design as a geographically narrow royalty vehicle. These two exposures compound one another: the Trust's income streams are tied both to a single named operator's performance at Waddell Ranch and to production from properties concentrated entirely in Texas, specifically the Permian Basin. The operator dependency is idiosyncratic and counterparty-specific, while the geographic concentration is structural and inherent to how the Trust was formed. Together, they mean Trust distributions are sensitive to both operational decisions made by Blackbeard and to regional Permian Basin production and pricing dynamics, with little diversification across operators or geography to offset either.
For the engine’s reasoning on PBT’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Oil & Gas Midstream
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| PBT● | Permian Basin Royalty Trust | 2 | 0 | 0 | 2 |
| DTM | DT Midstream, Inc. | 1 | 1 | 0 | 2 |
| AM | Antero Midstream Corporation | 1 | 0 | 0 | 1 |
| CQP | Cheniere Energy Partners, LP | 1 | 0 | 0 | 1 |
| EE | Excelerate Energy, Inc. | 0 | 1 | 0 | 1 |
| ENB | Enbridge Inc | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.