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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
   FORM 10-K/A
 Amendment No. 1 (Mark One) þ
    
    ANNUAL REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2004 OR o
    
    TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
   Commission file number 1-8033
 PERMIAN BASIN ROYALTY TRUST (Exact Name of Registrant as Specified in the Permian Basin Royalty Trust Indenture)
 Texas
    
    75-6280532(State or other jurisdiction of
    
    (I.R.S. employerincorporation or organization)
    
    identification number)
 Bank of America, N.A.
Trust Department
P.O. Box 830650
Dallas, Texas 75202
(Address of principal executive offices;
Zip Code) Registrants telephone number, including area code:
(214) 209-2400 SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: Name of Each Exchange onTitle of Each Class
    
    Which RegisteredUnits of Beneficial Interest
    
    New York Stock Exchange
 SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: None Indicate by check mark whether the registrant (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for
such shorter period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes
þ   No o Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is
not contained herein, and will not be contained, to the best of the registrants knowledge, in
definitive proxy or information statements incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K. þ Indicate by a check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2
of the Act). Yes þ   No o The aggregate market value of the registrants units of beneficial interest outstanding (based on
the closing sale price on the New York Stock Exchange) held by non-affiliates of the registrant as
of the last business day of the registrants most recently completed second fiscal quarter was
approximately $172,611,669. At March 1, 2005, there were 46,608,796 units of beneficial interest outstanding. DOCUMENTS INCORPORATED BY REFERENCE: None




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EXPLANATORY NOTE We are filing this Amendment No. 1 to our Annual Report on Form 10-K/A for the year ended
December 31, 2004 to amend and restate Item 9A, Controls and Procedures, to include the Trustees
report on internal control over financial reporting and the related Attestation Report of Deloitte
& Touche LLP, an independent registered public accounting firm, which had been omitted from our
original Annual Report on Form 10-K as permitted by the Order Under Section 36 of the Securities
Exchange Act of 1934 Granting an Exemption from Specified Provisions of Exchange Act Rules 13a-1
and 15d-1 issued by the Securities and Exchange Commission on November 30, 2004. This Amendment
speaks as of the original filing date of our Annual Report on Form 10-K and has not been updated to
reflect events occurring subsequent to the original filing date.




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TABLE OF CONTENTS PageItem 9A. Controls and Procedures
    
    
    1Item 15.
Exhibits, Financial Statement Schedules
    
    
    3Signature
    
    
    5Certification Required By Rule 13a-14(a)/15d-14(a)Certification Required By Rule 13a-14(b)/15d-14(b) and Section 906




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Item 9A. Controls and Procedures. Disclosure Controls and Procedures As of the end of the period covered by this report, the Trustee carried out an evaluation of
the effectiveness of the design and operation of the Trusts disclosure controls and procedures
pursuant to Rules 13a-15 and 15d-15 promulgated under the Securities and Exchange Act of 1934, as
amended. Based upon that evaluation, the Trustee concluded that the Trusts disclosure controls and
procedures are effective in timely alerting the Trustee to material information relating to the
Trust required to be included in the Trusts periodic filings with the Securities and Exchange
Commission. In its evaluation of disclosure controls and procedures, the Trustee has relied, to the
extent considered reasonable, on information provided by Burlington Resources Oil & Gas Company,
the owner of the Waddell Ranch properties, and Riverhill Energy Corporation, the owner of the Texas
Royalty properties. Changes in Internal Control over Financial Reporting There has not been any change in the Trusts internal control over financial reporting during
the fourth quarter of 2004 that has materially affected, or is reasonably likely to materially
affect, the Trusts internal control over financial reporting. Trustees Report on Internal Control Over Financial Reporting The Trustee is responsible for establishing and maintaining adequate internal control over
financial reporting, as such term is defined in Rule 13a-15(f) promulgated under the Securities and
Exchange Act of 1934, as amended. The Trustee conducted an evaluation of the effectiveness of the
Trusts internal control over financial reporting  modified cash basis (internal control over
financial reporting) based on the criteria established in Internal Control-Integrated Framework
issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on the
Trustees evaluation under the framework in Internal Control-Integrated Framework, the Trustee
concluded that the Trusts internal control over financial reporting was effective as of December
31, 2004. The Trustees assessment of the effectiveness of the Trusts internal control over
financial reporting as of December 31, 2004 has been audited by Deloitte & Touche LLP, an
independent registered public accounting firm, as stated in their report which is included herein. Report of Independent Registered Public Accounting Firm UNIT HOLDERS OF PERMIAN BASIN ROYALTY TRUST AND BANK OF AMERICA, N.A., TRUSTEE We have audited the Trustees assessment, included in the accompanying trustee report on
internal control over financial reporting that Permian Basin Royalty Trust (the Trust) maintained
effective internal control over financial reporting as of December 31, 2004, based on criteria
established in Internal Control  Integrated Frameworkissued by the Committee of Sponsoring
Organizations of the Treadway Commission. The Trustee is responsible for maintaining effective
internal control over financial reporting and for its assessment of the effectiveness of internal
control over financial reporting. Our responsibility is to express an
opinion on the Trustees assessment and an opinion on the effectiveness of the Trusts internal
control over financial reporting based on our audit. 1




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We conducted our audit in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether effective internal control over financial reporting was
maintained in all material respects. Our audit included obtaining an understanding of internal
control over financial reporting, evaluating managements assessment, testing and evaluating the
design and operating effectiveness of internal control, and performing such other procedures as we
considered necessary in the circumstances. We believe that our audit provides a reasonable basis
for our opinions. The Trusts internal control over financial reporting is a process designed by, or under the
supervision of, the Trustee, or persons performing similar functions, and effected by the Trustee
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with the modified cash
basis of accounting, which is a comprehensive basis of accounting other than accounting principles
generally accepted in the United States of America and is described in Note 3 to the Trusts
financial statements. The Trusts internal control over financial reporting includes those
policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the Trust; (2)
provide reasonable assurance that transactions are recorded as necessary to permit preparation of
financial statements in accordance with the modified cash basis of accounting discussed above, and
that receipts and expenditures of the Trust are being made only in accordance with authorizations
of the Trustee; and (3) provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of the Trusts assets that could have a material
effect on the financial statements. Because of the inherent limitations of internal control over financial reporting, including
the possibility of collusion or improper management override of controls, material misstatements
due to error or fraud may not be prevented or detected on a timely basis. Also, projections of any
evaluation of the effectiveness of the internal control over financial reporting to future periods
are subject to the risk that the controls may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate. In our opinion, the Trustees assessment that the Trust maintained effective internal control
over financial reporting as of December 31, 2004, is fairly stated, in all material respects, based
on the criteria established in Internal Control  Integrated Frameworkissued by the Committee of
Sponsoring Organizations of the Treadway Commission. Also in our opinion, the Trust maintained, in
all material respects, effective internal control over financial reporting as of December 31, 2004,
based on the criteria established in Internal Control  Integrated Frameworkissued by the
Committee of Sponsoring Organizations of the Treadway Commission. We have also audited, in accordance with the standards of the Public Company Accounting
Oversight Board (United States), the statements of assets, liabilities and trust corpus of the
Trust as of December 31, 2004 and 2003, and the related statements of distributable income and
changes in trust corpus for each of the three years in the period ended December 31, 2004, which
financial statements have been prepared on the modified cash basis of accounting as described in
Note 3 to such financial statements, and our report dated March 14, 2005 expressed an unqualified
opinion on those financial statements. DELOITTE & TOUCHE LLP Dallas, Texas
April 4, 2005 2




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Item 15. Exhibits, Financial Statement Schedules.(a) The following documents are filed as a part
of this report: Exhibits: ExhibitNumber
    
    
    
    Exhibit(4)(a)
    
    
    
    Permian Basin Royalty Trust Indenture dated November 3, 1980,
between Southland Royalty Company and The First National Bank of
Fort Worth (now Bank of America, N.A.), as Trustee, heretofore
filed as Exhibit (4)(a) to the Trusts Annual Report on Form 10-K
to the Securities and Exchange Commission for the fiscal year
ended December 31, 1980, is incorporated herein by reference.*(b)
    
    
    
    Net Overriding Royalty Conveyance (Permian Basin Royalty Trust)
from Southland Royalty Company to The First National Bank of Fort
Worth (now Bank of America, N.A.), as Trustee, dated November 3,
1980 (without Schedules), heretofore filed as Exhibit (4)(b) to
the Trusts Annual Report on Form 10-K to the Securities and
Exchange Commission for the fiscal year ended December 31, 1980,
is incorporated herein by reference.*(c)
    
    
    
    Net Overriding Royalty Conveyance (Permian Basin Royalty Trust
 Waddell Ranch) from Southland Royalty Company to The First
National Bank of Fort Worth (now Bank of America, N.A.), as
Trustee, dated November 3, 1980 (without Schedules), heretofore
filed as Exhibit (4)(c) to the Trusts Annual Report on Form 10-K
to the Securities and Exchange Commission for the fiscal year
ended December 31, 1980, is incorporated herein by reference.*(10)
    
    
    
    Registration Rights Agreement dated as of July 21, 2004 by
and between Burlington Resources, Inc. and Bank of America, N.A.,
as trustee of Permian Basin Royalty Trust, heretofore filed as
Exhibit 10.1 to the Trusts Quarterly Report on Form 10-Q to the
Securities and Exchange Commission for the quarterly period ended
June 30, 2004 is incorporated herein by reference.*(13)
    
    
    
    Registrants Annual Report to security holders for fiscal year
ended December 31, 2004, heretofore filed as Exhibit 13 on From
10-K to the Securities and Exchange Commission for the fiscal year
ended December 31, 2004, is incorporated herein by reference.*(23)
    
    
    
    Consent of Cawley, Gillespie & Associates, Inc., reservoir
engineer, heretofore filed as Exhibit 23 on From 10-K to the
 3




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ExhibitNumber
    
    
    
    ExhibitSecurities and Exchange Commission for the fiscal year ended
December 31, 2004, is incorporated herein by reference.*(31.1)
    
    
    
    Certification required by Rule 13a-14(a)/15d-14(a).**(32.1)
    
    
    
    Certification required by Rule 13a-14(b)/15d-14(b) and Section
906 of the Sarbanes-Oxley Act of 2002.**
   *
    
    A copy of this Exhibit is available to any Unit holder, at the actual cost of reproduction,
upon written request to the Trustee, Bank of America, N.A., P.O. Box 830650, Dallas, Texas
75283-0650.**
    
    Filed herewith. 4




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SIGNATURE PURSUANT TO THE REQUIREMENTS OF SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934,
THE REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED, THEREUNTO
DULY AUTHORIZED. PERMIAN BASIN ROYALTY TRUSTBy: BANK OF AMERICA, N.A., TrusteeBy:
    
    /s/ Ron E. HooperRon E. HooperSeni
or Vice President
 Date: April 5, 2005 (The Trust has no directors or executive officers.) 5




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INDEX TO EXHIBITS EXHIBITNUMBER
    
    
    
    
    
    EXHIBIT(4)(a)
    
    
    
    
    
    Permian Basin Royalty Trust Indenture dated November 3, 1980,
between Southland Royalty Company and The First National Bank of
Fort Worth (now Bank of America, N.A.), as Trustee, heretofore
filed as Exhibit (4)(a) to the Trusts Annual Report on Form 10-K
to the Securities and Exchange Commission for the fiscal year
ended December 31, 1980, is incorporated herein by reference.*(b)
    
    
    
    
    
    Net Overriding Royalty Conveyance (Permian Basin Royalty Trust)
from Southland Royalty Company to The First National Bank of Fort
Worth (now Bank of America, N.A.), as Trustee, dated November 3,
1980 (without Schedules), heretofore filed as Exhibit (4)(b) to
the Trusts Annual Report on Form 10-K to the Securities and
Exchange Commission for the fiscal year ended December 31, 1980,
is incorporated herein by reference.*(c)
    
    
    
    
    
    Net Overriding Royalty Conveyance (Permian Basin Royalty Trust
 Waddell Ranch) from Southland Royalty Company to The First
National Bank of Fort Worth (now Bank of America, N.A.), as
Trustee, dated November 3, 1980 (without Schedules), heretofore
filed as Exhibit (4)(c) to the Trusts Annual Report on Form 10-K
to the Securities and Exchange Commission for the fiscal year
ended December 31, 1980, is incorporated herein by reference.*(10)
    
    
    
    
    
    Registration Rights Agreement dated as of July 21, 2004 by
and between Burlington Resources, Inc. and Bank of America, N.A.,
as trustee of Permian Basin Royalty Trust, heretofore filed as
Exhibit 10.1 to the Trusts Quarterly Report on Form 10-Q to the
Securities and Exchange Commission for the quarterly period ended
June 30, 2004 is incorporated herein by reference.*(13)
    
    
    
    
    
    Registrants Annual Report to security holders for fiscal year
ended December 31, 2004, heretofore filed as Exhibit 13 on From
10-K to the Securities and Exchange Commission for the fiscal year
ended December 31, 2004, is incorporated herein by reference.*(23)
    
    
    
    
    
    Consent of Cawley, Gillespie & Associates, Inc., reservoir
engineer, heretofore filed as Exhibit 23 on From 10-K to the
Securities and Exchange Commission for the fiscal year ended
December 31, 2004, is incorporated herein by reference.*(31.1)
    
    
    
    
    
    Certification required by Rule 13a-14(a)/15d-14(a).**(32.1)
    
    
    
    
    
    Certification required by Rule 13a-14(b)/15d-14(b) and Section
 6




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EXHIBITNUMBER
    
    
    
    
    
    EXHIBIT906 of the Sarbanes-Oxley Act of 2002.**
   *
    
    A copy of this Exhibit is available to any Unit holder, at the actual cost of reproduction, upon
written request to the Trustee, Bank ofAmerica, N.A., P.O. Box 830650, Dallas, Texas 75283-0650.**
    
    Filed herewith. 7