Exhibit 99.2 

**Report of Independent Registered Public Accounting Firm**

Tothe Management of the Trustee on Behalf of Unit holders of Sabine Royalty Trust: 

We have audited the accompanying Statements of Fees and Expenses(as defined in Exhibit 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, 2013, 2012 and 2011. Thesestatements are the 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 thatwe plan and perform the audits to obtain reasonable assurance 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 theStatements of Fees and Expenses. An audit also includes 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 reasonablebasis for our opinion. 

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

In our opinion, theStatements 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, 2013, 2012and 2011, on the basis of accounting described in Note 3. 

/s/ PricewaterhouseCoopers LLP 

Dallas, Texas 

March 3, 2014 

**STATEMENTS OF FEES AND EXPENSES**

**PAID BY SABINE ROYALTY TRUST TO**

**BANK OFAMERICA, N.A., AS**

**TRUSTEE AND ESCROW AGENT, FOR EACH OF THE THREE**

**YEARS IN THE PERIOD ENDED DECEMBER 31, 2013**

 
   **2013**   **2012**   **2011** 
Trustee’s fee
  $295,294    $325,148    $317,119  
Escrow agent’s fee
   885,863     975,435     951,336    
 

 
   
 

 
   
 

 
 
Total fees and expenses
   1,181,157     1,300,583     1,268,455    
 

 
   
 

 
   
 

 
 
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 Corporation Royalty 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 successor trustee (the “Trustee”). Contemporaneously with the execution of the Trust Agreement, Sabine, the Trustee and the predecessor of the Bank, asescrow agent (the “Escrow Agent”), entered into an escrow agreement which establishes an escrow (the “Escrow”). Prior to distribution of units of beneficial interest (the “Units”) in the Trust to Sabine’sshareholders, Sabine transferred to the Trust royalty and mineral interests, including landowner’s royalties, overriding royalty interests, minerals (other than executive rights, bonuses and delay rentals), production payments and othersimilar, non-participatory interests, in certain producing and proved undeveloped oil and gas properties in six states (the “Royalty Properties”). 

In May 1988, Sabine was acquired by Pacific Enterprise (“Pacific”), a California corporation. Through a series of mergers, Sabine was mergedinto Pacific Enterprises Oil Company (USA) (“Pacific (USA)”), a California corporation and a wholly owned subsidiary of Pacific, effective January 1, 1990. This acquisition 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. 

Thecompensation agreement under the Trust Agreement provides for a “cost plus” fee payable to the Bank for all services rendered in its capacities as Trustee and as Escrow Agent. Generally, the fees payable to the Bank are calculated bydividing the expenses incurred by the Bank, as Trustee and as Escrow Agent, solely for services provided by the Bank in the administration 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 the foregoing capacities are charged tothe 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 to the fee for the forthcoming yearand 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. The Trustee also can earn a bonus byadministering the Trust for total costs that are lower than the estimate. The Bank elected to forego bonuses earned of $69,595, $79,417 and $111,545 in 2013, 2012 and 2011, respectively. 

**2.** Escrow Agent’s fees and Trustee’s fees consist of a profit margin plus all fully allocated costs incurred by the Bank, asTrustee 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 are allocated betweenthe 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 areconclusive and binding on the Unit holders and Pacific (USA), but in no event does the Bank’s allocation affect the aggregate fee payable to the Bank. 

**3.** The Statements of Fees and Expenses are prepared on a modified cash basis, which is acomprehensive 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 are accrued to the extent of amounts that becomepayable 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 the United States of America because expenses otherthan those expected to be paid on the following monthly record date are not accrued. 

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

**4.** On January 9, 2014, U.S. Trust, Bank of America Private Wealth Management gave notice to Unit holders that it will beresigning as Trustee subject to the conditions set forth below. Bank of America, N.A. intends to nominate Southwest Bank, an independent state bank chartered under the laws of the State of Texas and headquartered in Fort Worth, Texas(“Southwest Bank”), as successor trustee at a meeting of Unit holders of the Trust to be called for the purpose of approving a successor trustee of the Trust. U.S. Trust, Bank of America Private Wealth Management’s resignation isconditioned on the satisfaction or waiver by U.S. Trust, Bank of America Private Wealth Management of each of the following: (i) the appointment of Southwest Bank as trustee of the Trust; (ii) the appointment of Southwest Bank or another successortrustee as trustee of six other royalty trusts for which U.S. Trust, Bank of America Private Wealth Management currently serves as trustee and as agent under a disbursing arrangement for which it currently serves as agent; (iii) the accuracy ofcertain representations and warranties and performance of certain agreements made by Southwest Bank in an agreement between U.S. Trust, Bank of America Private Wealth Management and Southwest Bank; and (iv) no governmental injunction, order or otheraction that would prohibit Southwest Bank’s appointment, U.S. Trust, Bank of America Private Wealth Management’s resignation or the other actions described above. The effective date of U.S. Trust, Bank of America Private WealthManagement’s resignation shall be May 30, 2014, assuming all of the conditions described above have been satisfied or waived as of such date.