Permian Basin Royalty Trust is a tax-deferred pipeline for Texas oil money. Formed in 1980, the trust derives royalties from the sale of certain oil and gas assets produced by ConocoPhillips in mature oil fields in Texas, including property that's part of the Waddell Ranch. The trust distributes royalties to shareholders monthly based on the amount of oil and gas produced and sold. The company owns royalty interests on proved reserves of 5.5 million barrels of oil and 18.4 billion cu. ft. of natural gas. It also has interests in 1,300 gross wells and more than 76,900 gross acres of land. U.S. Trust, Bank of America Private Wealth Management acts as Trustee.