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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 
 FORM 10-Q
 þ
    
    Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the Quarterly Period ended September 30, 2010
 o
    
    Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the transition period from  to
 Commission file number 1-8033
 PERMIAN BASIN ROYALTY TRUST
  Texas(State or Other Jurisdiction
    
    75-6280532of Incorporation or Organization)
    
    (I.R.S. Employer Identification No.)
 
 
 þ o
 o o
  Large accelerated filer þ
    
    Accelerated filer o
    
    Non-accelerated filer o
    
    Smaller reporting company o(Do not check if a smaller reporting company)
 o þ




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TABLE OF CONTENTS  PART I  FINANCIAL INFORMATIONItem 1. Financial StatementsItem 2. Trustees Discussion and AnalysisItem 3. Qualitative and Quantitative Disclosures About Market RiskItem 4. Controls and ProceduresPART II  OTHER INFORMATIONItems 1 through 5Item 6. ExhibitsSIGNATURESINDEX TO EXHIBITSEX-31.1EX-32.1    Table of Contents  PERMIAN BASIN ROYALTY TRUST
 
 PART I  FINANCIAL INFORMATION
 
 Item 1. Financial Statements
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
       
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PERMIAN BASIN ROYALTY TRUST
 CONDENSED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS
 September 30,
    
    
    December 31,2010
    
    
    2009(Unaudited)ASSETSCash and short-term investments
    
    $
    5,253,628
    
    
    $
    5,483,148Net overriding royalty interests
in producing oil and gas properties
(net of accumulated amortization of
$9,979,762 and $9,895,230
at September 30, 2010 and
December 31, 2009, respectively)
    
    
    995,454
    
    
    
    1,079,986TOTAL ASSETS
    
    $
    6,249,082
    
    
    $
    6,563,134LIABILITIES AND TRUST CORPUSDistribution payable to Unit holders
    
    $
    5,253,628
    
    
    $
    5,483,148Commitments and contingencies
Trust corpus  46,608,796 Units of
beneficial interest authorized and
outstanding
    
    
    995,454
    
    
    
    1,079,986TOTAL LIABILITIES AND TRUST CORPUS
    
    $
    6,249,082
    
    
    $
    6,563,134
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PERMIAN BASIN ROYALTY TRUST
 CONDENSED STATEMENTS OF DISTRIBUTABLE INCOME

(UNAUDITED)
 THREE MONTHS ENDED
    
    
    NINE MONTHS ENDEDSeptember 30
    
    
    September 302010
    
    
    2009
    
    
    2010
    
    
    2009Royalty income
    
    $
    16,016,241
    
    
    $
    10,469,008
    
    
    $
    50,969,184
    
    
    $
    24,907,635Interest income
    
    
    420
    
    
    
    335
    
    
    
    808
    
    
    
    3,01716,016,661
    
    
    
    10,469,343
    
    
    
    50,969,992
    
    
    
    24,910,652General and
administrative
expenditures
    
    
    (124,056
    )
    
    
    (135,642
    )
    
    
    (987,391
    )
    
    
    (1,065,614
    )Distributable income
    
    $
    15,892,605
    
    
    $
    10,333,701
    
    
    $
    49,982,601
    
    
    $
    23,845,038Distributable
income per Unit
(46,608,796 Units)
    
    $
    .340979
    
    
    $
    .221711
    
    
    $
    1.072386
    
    
    $
    .511600
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PERMIAN BASIN ROYALTY TRUST
 CONDENSED STATEMENTS OF CHANGES IN TRUST CORPUS

(UNAUDITED)
 NINE MONTHS ENDEDSeptember 302010
    
    
    2009Trust corpus, beginning of period
    
    $
    1,079,986
    
    
    $
    1,170,793Amortization of net overriding royalty interests
    
    
    (84,532
    )
    
    
    (63,850
    )Distributable income
    
    
    49,982,601
    
    
    
    23,845,038Distributions declared
    
    
    (49,982,601
    )
    
    
    (23,845,038
    )Total Trust Corpus, end of period
    
    $
    995,454
    
    
    $
    1,106,943Distributions per Unit
    
    $
    1.072386
    
    
    $
    .511600
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PERMIAN BASIN ROYALTY TRUST
 NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
 1.
    
    BASIS OF ACCOUNTINGThe Permian Basin Royalty Trust (Trust) was established as of November 1, 1980. The net
overriding royalties conveyed to the Trust include: (1) a 75% net overriding royalty carved
out of Southland Royalty Companys fee mineral interests in the Waddell Ranch in Crane
County, Texas (the Waddell Ranch properties); and (2) a 95% net overriding royalty carved
out of Southland Royalty Companys major producing royalty interests in Texas (the Texas
Royalty properties). The net overriding royalty for the Texas Royalty properties is
subject to the provisions of the lease agreements under which such royalties were created.
The financial statements of the Trust are prepared on the following basis:
 
    
    Royalty income recorded for a month is the amount computed and paid to Bank of
America, N.A. (Trustee) as Trustee for the Trust by the interest owners: Burlington
Resources Oil & Gas Company LP (BROG), a subsidiary of ConocoPhillips for the Waddell
Ranch properties and Riverhill Energy Corporation (Riverhill Energy), formerly a
wholly owned subsidiary of Riverhill Capital Corporation (Riverhill Capital) and
formerly an affiliate of Coastal Management Corporation (CMC), for the Texas Royalty
properties. Schlumberger Technology Corporation (STC) currently conducts all field,
technical and accounting operations on behalf of BROG with regard to the Waddell Ranch
properties. Riverhill Energy currently conducts the accounting operations for the
Texas Royalty properties. Royalty income consists of the amounts received by the owners
of the interest burdened by the net overriding royalty interests (Royalties) from the
sale of production less accrued production costs, development and drilling costs,
applicable taxes, operating charges, and other costs and deductions multiplied by 75%
in the case of the Waddell Ranch properties and 95% in the case of the Texas Royalty
properties.As was previously reported, in February 1997, BROG sold its interest in the Texas
Royalty properties to Riverhill Energy.The Trustee has been advised that in the first quarter of 1998, STC acquired all of
the shares of stock of Riverhill Capital. Prior to such acquisition by STC, CMC and
Riverhill Energy were wholly owned subsidiaries of Riverhill Capital. The Trustee
has further been advised that in connection with STCs acquisition of Riverhill
Capital, the shareholders of Riverhill Capital acquired ownership of
all of the shares of stock of Riverhill Energy. Thus, the ownership in the Texas Royalty
properties referenced above remained in Riverhill Energy, the stock ownership of
which was acquired by the former shareholders of Riverhill Capital.In 2007 the Bank of America private wealth management group officially became known
as U.S. Trust, Bank of America Private Wealth Management. The legal entity that
serves as Trustee of the Trust did not change, and references in this
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Form 10-Q to U.S. Trust, Bank of America Private Wealth Management shall describe
the legal entity Bank of America, N.A.
    
    Trust expenses recorded are based on liabilities paid and cash reserves established
out of cash received or borrowed funds for liabilities and contingencies.
    
    Distributions to Unit holders are recorded when declared by the Trustee.
    
    Royalty income is computed separately for each of the conveyances under which the
Royalties were conveyed to the Trust. If monthly costs exceed revenues for any
conveyance (excess costs), such excess costs cannot reduce royalty income from other
conveyances, but is carried forward with accrued interest to be recovered from future
net proceeds of that conveyance.
 The financial statements of the Trust differ from financial statements prepared in
accordance with accounting principles generally accepted in the United States of America
(GAAP) because revenues are not accrued in the month of production and certain cash
reserves may be established for contingencies which would not be accrued in financial
statements prepared in accordance with GAAP. Amortization of the Royalties calculated on a
unit-of-production basis is charged directly to trust corpus. This comprehensive basis of
accounting other than GAAP 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 of Royalty Trusts.
 New Accounting Pronouncements
  Use of Estimates
  2.
    
    FEDERAL INCOME TAXESFor federal income tax purposes, the Trust constitutes a fixed investment trust which is
taxed as a grantor trust. A grantor trust is not subject to tax at the trust level. The
Unit holders are considered to own the Trusts income and principal as though no trust were
in existence. The income of the Trust is deemed to have been received or accrued by each
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Unit holder at the time such income is received or accrued by the Trust and not when
distributed by the Trust.The Royalties constitute economic interests in oil and gas properties for federal income
tax purposes. Unit holders must report their share of the revenues from the Royalties as
ordinary income from oil and gas royalties and are entitled to claim depletion with respect
to such income.The Trust has on file technical advice memoranda confirming the tax treatment described
above.The classification of the Trusts income for purposes of the passive loss rules may be
important to a Unit holder. Royalty income generally is treated as portfolio income and
does not offset passive losses.Some Trust Units are held by middlemen, as such term is broadly defined in U.S. Treasury
Regulations (and includes custodians, nominees, certain joint owners, and brokers holding an
interest for a custodian in street name, collectively referred to herein as middlemen).
Therefore, the Trustee considers the Trust to be a non-mortgage widely held fixed investment
trust (WHFIT) for U.S. federal income tax purposes. U.S. Trust, Bank of America Private
Wealth Management, EIN: 56-0906609, 901 Main Street, 17th Floor, Dallas, Texas 75202,
telephone number (214) 209-2400, is the representative of the Trust that will provide tax
information in accordance with applicable U.S. Treasury Regulations governing the
information reporting requirements of the Trust as a WHFIT. Tax information is also posted
by the Trustee at www.pbt-permianbasintrust.com. Notwithstanding the foregoing, the
middlemen holding Trust Units on behalf of Unit holders, and not the Trustee of the Trust,
are solely responsible for complying with the information reporting requirements under the
U.S. Treasury Regulations with respect to such Trust Units, including the issuance of IRS
Forms 1099 and certain written tax statements. Unit holders whose Trust Units are held by
middlemen should consult with such middlemen regarding the information that will be reported
to them by the middlemen with respect to the Trust Units.Unit holders should consult their tax advisors regarding Trust tax compliance matters.
 3.
    
    STATE TAX CONSIDERATIONSAll revenues from the Trust are from sources within Texas, which has no individual income
tax. However, Texas imposes a margin tax on generally all entity types providing limited
liability protection at a rate of 1% on gross revenues less certain deductions as
specifically set forth in the Texas margin tax statute. Entities subject to tax generally
include trusts unless otherwise exempt. Trusts that receive at least 90% of their federal
gross income from designated passive sources, including royalties from mineral properties
and other non-operated mineral interest income, and do not receive more than 10% of their
income from operating an active trade or business, generally are exempt from the Texas
margin tax as passive entities. The Trust should be exempt from Texas margin tax as a
passive entity. Since the Trust should be exempt from Texas margin tax at the Trust level
as a passive entity, each Unit holder that is considered a taxable
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entity under the Texas margin tax will generally be required to include its portion of Trust
revenues in its own Texas margin tax computation. This revenue is sourced to Texas under
provisions of the Texas Administrative Code that provide such income is sourced according to
the principal place of business of the Trust, which is Texas.Each Unit holder is urged to consult his own tax advisor regarding the requirements for
filing state tax returns.
 4.
    
    SUBSEQUENT EVENTSSubsequent to September 30, 2010, the Trust declared a distribution on October 19, 2010 of
$0.107227 per Unit payable on November 15, 2010, to Unit holders of record on October 29,
2010.
 5.
    
    CONTINGENCIESContingencies related to the Underlying Properties that are unfavorably resolved would generally
be reflected by the Trust as reductions to future royalty income payments to the Trust with
corresponding reductions to cash distributions to Unit holders. The Trustee is aware of no such
items as of September 30, 2010.
 * * * * *
 
 Item 2. Trustees Discussion and Analysis
 Forward Looking Information
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Three Months Ended September 30, 2010 Compared to Three Months Ended September 30, 2009
     Third Quarter2010
    
    
    2009Production:Oil sales (Bbls)
    
    
    168,282
    
    
    
    138,420Gas sales (Mcf)
    
    
    763,886
    
    
    
    588,825Product Sales From Which The Royalties Were
Carved:Oil:Total oil sales (Bbls)
    
    
    256,478
    
    
    
    266,797Average per day (Bbls)
    
    
    2,788
    
    
    
    2,900Average price per Bbl
    
    $
    69.56
    
    
    $
    59.65Gas:Total gas sales (Mcf)
    
    
    1,318,837
    
    
    
    1,474,200Average per day (Mcf)
    
    
    14,335
    
    
    
    16,024Average price per Mcf
    
    $
    6.45
    
    
    $
    4.48
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Nine Months Ended September 30, 2010 and 2009
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Nine Months Ended2010
    
    
    2009Royalties:Oil sales (Bbls)
    
    
    506,837
    
    
    
    390,775Gas sales (Mcf)
    
    
    2,292,284
    
    
    
    1,579,848Properties From Which The Royalties Were
Carved:Oil:Total oil sales (Bbls)
    
    
    776,746
    
    
    
    813,511Average per day (Bbls)
    
    
    2,845
    
    
    
    2,980Average price per Bbl
    
    $
    72.91
    
    
    $
    46.66Gas:Total gas sales (Mcf)
    
    
    3,958,768
    
    
    
    4,300,963Average per day (Mcf)
    
    
    14,501
    
    
    
    15,754Average price per Mcf
    
    $
    6.95
    
    
    $
    4.44
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Calculation of Royalty Income
  THREE MONTHS ENDED SEPTEMBER 30,2010
    
    
    2009WADDELL
    
    
    TEXAS
    
    
    WADDELL
    
    
    TEXASRANCH
    
    
    ROYALTY
    
    
    RANCH
    
    
    ROYALTYPROPERTIES
    
    
    PROPERTIES
    
    
    PROPERTIES
    
    
    PROPERTIESGross proceeds of sales from
the Underlying PropertiesOil proceeds
    
    $
    12,343,193
    
    
    $
    5,496,900
    
    
    $
    11,136,482
    
    
    $
    4,778,476Gas proceeds
    
    
    7,333,630
    
    
    
    1,168,823
    
    
    
    5,836,377
    
    
    
    775,040Total
    
    
    19,676,823
    
    
    
    6,665,723
    
    
    
    16,972,859
    
    
    
    5,553,516Less:Severance tax:Oil
    
    
    491,195
    
    
    
    177,759
    
    
    
    434,136
    
    
    
    173,940Gas
    
    
    363,863
    
    
    
    68,120
    
    
    
    330,079
    
    
    
    45,387Lease operating expense and
property tax:Oil and gas
    
    
    4,776,138
    
    
    
    360,000
    
    
    
    4,669,575
    
    
    
    360,000Capital expenditures
    
    
    366,441
    
    
    
    
    
    
    
    3,881,031
    
    
    
    Total
    
    
    5,997,637
    
    
    
    605,879
    
    
    
    9,314,821
    
    
    
    579,327Net profits
    
    
    13,679,186
    
    
    
    6,059,844
    
    
    
    7,658,038
    
    
    
    4,974,189Net overriding royalty interests
    
    
    75
    %
    
    
    95
    %
    
    
    75
    %
    
    
    95
    %Royalty income
    
    $
    10,259,389
    
    
    $
    5,756,852
    
    
    $
    5,743,529
    
    
    $
    4,725,480
 Critical Accounting Policies and Estimates
  Basis of Accounting
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
    
    Royalty income and interest income are recorded in the period in which amounts are
received by the Trust rather than in the period of production and accrual, respectively.
    
    General and administrative expenses recorded are based on liabilities paid and cash
reserves established out of cash received.
    
    Amortization of the royalty interests is calculated on a unit-of-production basis and
charged directly to trust corpus when revenues are received.
    
    Distributions to Unit holders are recorded when declared by the Trustee (see Note 1 to
the Financial Statements).
 Financial
Statements of Royalty Trusts
 New Accounting Pronouncements
  Revenue Recognition
  Reserve Disclosure
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Contingencies
  Use of Estimates
  New Securities and Exchange Commission Rule
  
 Item 3. Qualitative and Quantitative Disclosures About Market Risk
  
 Item 4. Controls and Procedures
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PART II  OTHER INFORMATION
 
 Items 1 through 5.
  
 Item 6. Exhibits
 4.1
    
    
    Permian Basin Royalty Trust Indenture dated November 3, 1980,
between Southland Royalty Company (now Burlington Resources Oil & Gas Company
LP) 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.4.2
    
    
    Net Overriding Royalty Conveyance (Permian Basin Royalty Trust)
from Southland Royalty Company (now Burlington Resources Oil & Gas Company LP)
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.4.3
    
    
    Net Overriding Royalty Conveyance (Permian Basin Royalty Trust
- Waddell Ranch) from Southland Royalty Company (now Burlington Resources Oil &
Gas Company LP) 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.10.1
    
    
    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.10.2
    
    
    Underwriting Agreement dated December 15, 2005 among the
Permian Basin Royalty Trust, Burlington Resources, Inc., Burlington Resources
Oil & Gas L.P. and Lehman Brothers Inc. and Wachovia Capital Markets, LLC as
representatives of the several underwriters, heretofore filed as Exhibit 10.1
to the Trusts current report on Form 8-K to the Securities and Exchange
Commission filed on December 19, 2005, is incorporated herein by reference.
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10.3
    
    
    Underwriting Agreement dated August 2, 2005 among the Permian
Basin Royalty Trust, Burlington Resources, Inc., Burlington Resources Oil & Gas
L.P. and Goldman Sachs & Co. and Lehman Brothers Inc. as representatives of the
several underwriters, heretofore filed as Exhibit 10.1 to the Trusts current
report on Form 8-K to the Securities and Exchange Commission filed on August 8,
2005, is incorporated herein by reference.10.4
    
    
    Underwriting Agreement dated August 17, 2006, among Permian
Basin Royalty Trust, ConocoPhillips, Burlington Resources Oil & Gas Company LP
and Lehman Brothers Inc. and Wachovia Capital Markets, LLC as representatives
of the several underwriters heretofore filed as Exhibit 10.1 to the Trusts
current report on Form 8-K to the Securities and Exchange Commission filed on
August 22, 2006, is incorporated herein by reference.31.1
    
    
    Certification by Ron E. Hooper, Senior Vice President and Trust
Administrator of Bank of America, Trustee of Permian Basin Royalty Trust, dated
November 5, 2010 and submitted pursuant to Rule 13a-14(a)/15d-14(a) and
pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.32.1
    
    
    Certificate by Bank of America, Trustee of Permian Basin Royalty Trust, dated November 5, 2010
and submitted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section
1350).
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SIGNATURES
  BANK OF AMERICA, N.A.,
TRUSTEE FOR THE
PERMIAN BASIN ROYALTY TRUSTBy:
    /s/ RON E. HOOPERRon E. Hooper,Senior Vice President and Trust Administrator
Bank of America, N.A.   20




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INDEX TO EXHIBITS
 ExhibitNumber
    
    Exhibit4.1
    
    Permian Basin Royalty Trust Indenture dated November 3,
1980, between Southland Royalty Company (now Burlington
Resources Oil & Gas Company LP) 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.*4.2
    
    Net Overriding Royalty Conveyance (Permian Basin Royalty
Trust) from Southland Royalty Company (now Burlington
Resources Oil & Gas Company LP) 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.*4.3
    
    Net Overriding Royalty Conveyance (Permian Basin Royalty
Trust  Waddell Ranch) from Southland Royalty Company (now
Burlington Resources Oil & Gas Company LP) 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.*10.1
    
    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.*10.2
    
    Underwriting Agreement dated December 15, 2005 among the
Permian Basin Royalty Trust, Burlington Resources, Inc.,
Burlington Resources Oil & Gas L.P. and Lehman Brothers
Inc. and Wachovia Capital Markets, LLC as representatives
of the several underwriters, heretofore filed as Exhibit
10.1 to the Trusts current report on Form 8-K to the
Securities and Exchange Commission filed on December 19,
2005, is incorporated herein by reference.*10.3
    
    Underwriting Agreement dated August 2, 2005 among the
Permian Basin Royalty Trust, Burlington Resources, Inc.,
Burlington Resources Oil & Gas L.P. and Goldman Sachs & Co.
and Lehman Brothers Inc. as representatives of the several
underwriters, heretofore filed as Exhibit 10.1 to the
Trusts current report on Form 8-K to the Securities and
Exchange Commission filed on August 8, 2005, is
incorporated herein by reference.*
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ExhibitNumber
    
    Exhibit10.4
    
    Underwriting Agreement dated August 17, 2006, among Permian
Basin Royalty Trust, ConocoPhillips, Burlington Resources
Oil & Gas Company LP and Lehman Brothers Inc. and Wachovia
Capital Markets, LLC as representatives of the several
underwriters heretofore filed as Exhibit 10.1 to the
Trusts current report on Form 8-K to the Securities and
Exchange Commission filed on August 22, 2006, is
incorporated herein by reference.*31.1
    
    Certification by Ron E. Hooper, Senior Vice President and
Trust Administrator of Bank of America, Trustee of Permian
Basin Royalty Trust, dated November 5, 2010 and submitted
pursuant to Rule 13a-14(a)/15d-14(a) and pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002.32.1
    
    Certificate by Bank of America, Trustee of Permian Basin
Royalty Trust, dated November 5, 2010 and submitted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
(18 U.S.C. Section 1350).
 
 *
    
    A copy of this Exhibit is available to any Unit holder, at the actual cost of
reproduction, upon written request to the Trustee, U.S. Trust, Bank of America
Private Wealth Management, 901 Main Street, Dallas, Texas 75202. 22