Exhibit 99.2 

**Report of Independent Registered Public Accounting Firm**

To the Trustee on Behalf of Unitholders of Sabine Royalty Trust: 

We have audited the accompanying Statements of Fees and Expenses (as defined inExhibit C to the Sabine Royalty Trust Agreement) paid by Sabine Royalty Trust to Bank of America, N.A., (the “Trustee”), as trustee and escrow agent, for the years ended December 31, 2012, 2011 and 2010. These statements arethe responsibility of the Trustee’s management. Our responsibility is to express an opinion on these statements based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonableassurance about whether the Statements of Fees and Expenses are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Statements of Fees and Expenses. An audit alsoincludes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall statement presentation. We believe that our audits provide a reasonable basis for our opinion. 

As described in Note 3, the Statements of Fees and Expenses were prepared on a modified cash basis of accounting, which is acomprehensive basis of accounting other than accounting principles generally accepted in the United States of America. 

In ouropinion, the Statements of Fees and Expenses referred to above present fairly, in all material respects, the fees and expenses paid by Sabine Royalty Trust to Bank of America, N.A., as trustee and escrow agent, for the years ended December 31,2012, 2011 and 2010, on the basis of accounting described in Note 3. 

/s/ PricewaterhouseCoopers LLP 

Dallas, Texas 

March 1, 2013 

**STATEMENTS OF FEES AND EXPENSES**

**PAID BY SABINE ROYALTY TRUST TO**

**BANK OF AMERICA, N.A., AS**

**TRUSTEE AND ESCROW AGENT, FOR EACH OF THETHREE**

**YEARS IN THE PERIOD ENDED DECEMBER 31, 2012**

 
   **2012**   **2011**   **2010** 
Trustee’s fee
  $325,148    $317,119    $320,721  
Escrow agent’s fee
   975,435     951,336     962,144    
 

 
   
 

 
   
 

 
 
Total fees and expenses
   1,300,583     1,268,455     1,282,865    
 

 
   
 

 
   
 

 
 
The accompanying notes are an integral part of these statements. 

**Notes**

**1.** Sabine Royalty Trust (the “Trust”) is an express trust formed under the laws of Texas by the Sabine CorporationRoyalty Trust Agreement (the “Trust Agreement”) made and entered into effective as of December 31, 1982, between Sabine Corporation (“Sabine”), as trustor, and Bank of America, N.A. (the “Bank”), as successortrustee (the “Trustee”). Contemporaneously with the execution of the Trust Agreement, Sabine, the Trustee and the predecessor of the Bank, as escrow agent (the “Escrow Agent”), entered into an escrow agreement which establishesan escrow (the “Escrow”). Prior to distribution of units of beneficial interest (the “Units”) in the Trust to Sabine’s shareholders, Sabine transferred to the Trust royalty and mineral interests, including landowner’sroyalties, overriding royalty interests, minerals (other than executive rights, bonuses and delay rentals), production payments and other similar, non-participatory interests, in certain producing and proved undeveloped oil and gas properties in sixstates (the “Royalty Properties”). 

In May 1988, Sabine was acquired by Pacific Enterprise (“Pacific”), aCalifornia corporation. Through a series of mergers, Sabine was merged into Pacific Enterprises Oil Company (USA) (“Pacific (USA)”), a California corporation and a wholly owned subsidiary of Pacific, effective January 1, 1990. Thisacquisition and the subsequent mergers had no effect on the Units. Pacific (USA), as successor to Sabine, has assumed by operation of law all of Sabine’s rights and obligations with respect to the Trust. 

The compensation agreement under the Trust Agreement provides for a “cost plus” fee payable to the Bank for all servicesrendered in its capacities as Trustee and as Escrow Agent. Generally, the fees payable to the Bank are calculated by dividing the expenses incurred by the Bank, as Trustee and as Escrow Agent, solely for services provided by the Bank in theadministration of the Trust and the Escrow by seven-tenths (0.7). Professional and other noncontributing (out-of-pocket) expenses incurred by the Bank, as Trustee or as Escrow Agent, as the case may be, in the performance of its duties in theforegoing capacities are charged to the Trust or the Escrow, as the case may be, at cost. These expenses do not contribute to the fees payable to the Bank described above. Annually, the Trustee must estimate Trust and Escrow expenses contributing tothe fee for the forthcoming year and publish this amount in the Trust’s first quarterly report to Unit holders. The Trustee can be penalized by forfeiture of reimbursement for part of its expenses if such expenses exceed the estimate. TheTrustee also can earn a bonus by administering the Trust for total costs that are lower than the estimate. The Bank elected to forego bonuses earned of $79,417, $111,545 and $97,135 in 2012, 2011 and 2010, respectively. 

**2.** Escrow Agent’s fees and Trustee’s fees consist of a profit margin plus all fully allocated costs incurred by theBank, as Trustee and as Escrow Agent, in performing administrative services to the Trust as specified in the Trust Agreement. Allocated costs do not include any professional and related expenses paid to third parties. 

All costs incurred by the Bank in its capacities as Trustee and as Escrow Agent are accumulated in one account. Fees based thereon areallocated between the Trustee function and the Escrow Agent function according to the actual administrative services rendered by the Bank in each capacity. Any 

determinations by the Bank as to the allocation of the fee between the Trustee and the Escrow Agent are conclusive and binding on the Unit holders and Pacific (USA), but in no event does theBank’s allocation affect the aggregate fee payable to the Bank. 

**3.** The Statements of Fees and Expenses areprepared on a modified cash basis, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America. Trust expenses include payments made during the accounting period. Expenses areaccrued to the extent of amounts that become payable on the next monthly record date following the end of the accounting period. These statements differ from statements prepared in conformity with accounting principles generally accepted in theUnited States of America because expenses other than those expected to be paid on the following monthly record date are not accrued. 

This comprehensive basis of accounting other than accounting principles generally accepted in the United States of America corresponds to the accounting permitted for royalty trusts by the U.S. Securitiesand Exchange Commission, as specified by Staff Accounting Bulletin Topic 12:E, Financial Statements of Royalty Trusts.