List of U.S. Royalty Trusts

This is a list of the U.S. royalty trusts QuantumOnline tracks. A royalty trust holds a royalty or net profits interest in producing oil, gas or mineral properties and passes the resulting income to unit holders, typically monthly or quarterly.

A royalty trust is a passive holding structure, not an operating company. It has no management team making decisions, no capacity to acquire new properties, and no ability to reinvest. It simply collects royalties from wells that already exist and distributes what arrives.

Other lists: Real Estate Investment Trusts Closed-End Funds Exchange-Traded Funds (Index ETFs) Master Limited Partnerships Royalty Trusts – U.S. Royalty Trusts – Canadian Business Development Companies Income Deposit Securities Special Investment Products (SIP) SIP – Common Stock Ownership SIP – Based on Indexes SIP – Based on Companies Special Purpose Acquisition Companies

How to use this list

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Prospectus — links to the security's original IPO prospectus filed with the SEC EDGAR system.
"n.a." means not available. This list is dynamic and updated constantly; information is believed accurate but is not guaranteed.

Symbol / CUSIP	Security Description	Exchange	IPO Date	Call Date	Prospectus
CHKR 165185109	Chesapeake Granite Wash Trust	OTOTC	11/14/2011	n.a.	Prospectus
COCBF 190432203	Coastal Caribbean Oils & Minerals Ltd	OTCBB	n.a.	n.a.
CRT 22757R109	Cross Timbers Royalty Trust	NYSE	n.a.	n.a.
ECTM 26827L109	ECA Marcellus Trust I	OTOTC	7/1/2010	n.a.	Prospectus
HGTXU 444717102	Hugoton Royalty Trust	OTOTC	4/9/1999	n.a.	Prospectus
MARPS 568423107	Marine Petroleum Trust	NCM	n.a.	n.a.
MTR 590660106	Mesa Royalty Trust	NYSE	11/1/1979	n.a.
MSB 590672101	Mesabi Trust	NYSE	n.a.	n.a.
MMTRS 601158108	Mills Music Trust	OTOTC	n.a.	n.a.
NRT 659310106	North European Oil Royalty Trust	NYSE	n.a.	n.a.
ROYTL 694103102	Pacific Coast Oil Trust	OTOTC	5/4/2012	n.a.	Prospectus
PBT 714236106	Permian Basin Royalty Trust	NYSE	n.a.	n.a.
PVL 71425H100	Permianville Royalty Trust	NYSE	11/4/2011	n.a.	Prospectus
PRT 714254109	PermRock Royalty Trust Units	NYSE	5/2/2018	n.a.	Prospectus
SBR 785688102	Sabine Royalty Trust	NYSE	n.a.	n.a.
SJT 798241105	San Juan Basin Royalty Trust	NYSE	n.a.	n.a.
TIRTZ 886410109	Tidelands Royalty Trust B	OTOTC	6/1/1954	n.a.
TISDZ 894626209	Treasure Island Royalty Trust	OTOTC	n.a.	n.a.
VOC 91829B103	VOC Energy Trust	NYSE	5/5/2011	n.a.	Prospectus

These are depleting assets

This is the single most important thing to understand. The underlying wells deplete. Production declines year after year, and when the reserves are exhausted the trust terminates and the units become worthless.

A royalty trust is therefore closer to an annuity of uncertain length than to a perpetual income security. Its yield must be high enough to return your capital as well as compensate you, because there is no principal at the end. Comparing a royalty trust's yield with a preferred stock's without adjusting for this is a serious error.

Distributions track commodity prices directly

Because the trust simply passes through royalty receipts, distributions move with oil and gas prices and with production volumes. There is no smoothing and no reserve fund. A trust yielding 14% at last year's prices can pay a fraction of that after a commodity decline.

Trailing yield is close to meaningless for these securities. What matters is the reserve life, the decline rate and your own view of commodity prices.

Tax reporting

Royalty trusts issue detailed tax information packages rather than simple 1099s, and unit holders can generally claim a depletion allowance that shelters part of the distribution. The paperwork is more involved than for ordinary dividend-paying securities.

About this data

QuantumOnline has tracked exchange-traded income securities since 1997. Every security in this list is researched and maintained by hand from the issuer's prospectus and SEC filings, not scraped from a vendor feed. Where a figure is unavailable we show "n.a." rather than guessing.

Information is believed to be accurate but is not guaranteed, and nothing here is a recommendation to buy or sell. Always confirm terms against the issuer's prospectus before investing.