The Major U.S. Royalty Trusts

Royalty trusts are passive vehicles that hold interests in producing oil and gas properties and distribute nearly all of their income to unitholders. Here are the notable publicly traded U.S. royalty trusts:

  • Permian Basin Royalty Trust (PBT): holds a net-profits interest in Permian Basin properties.
  • Sabine Royalty Trust (SBR): one of the oldest trusts, pays monthly from Texas royalty interests.
  • Cross Timbers Royalty Trust (CRT): royalty interests across several states.
  • San Juan Basin Royalty Trust (SJT): natural-gas-focused interests in New Mexico.
  • BP Prudhoe Bay Royalty Trust (BPT): a royalty interest in Alaska’s Prudhoe Bay field.
  • MV Oil Trust (MVO): interests in Kansas and Colorado oil properties.
  • VOC Energy Trust (VOC): a net-profits interest in Kansas oil properties.
  • Mesa Royalty Trust (MTR): interests in several producing regions.

This list is not exhaustive, and trust lineups change over time as trusts terminate when their reserves deplete, so verify current listings before investing.

What All Trusts Have in Common

Every royalty trust shares the same core traits. It is a pass-through structure with a fixed, non-replenishing asset base, it distributes most of its cash flow, and its payouts decline over time as the underlying wells and fields are depleted. Some trusts hold working interests that let them participate in new drilling, which slows the decline, but the long-run direction is downward for the category.

That is the key contrast with the “29% Account” pick, Texas Pacific Land, which is not a trust but a corporation that can reinvest, acquire acreage, and develop water rights. We explain that distinction in our Sabine Royalty Trust piece and the Texas Pacific Land breakdown.

What It Means for Investors

Royalty trusts are best treated as high-yield, depleting income streams rather than long-term compounders. They suit investors who want current distributions and accept the decline that comes with them. We cover the tradeoffs across the category in our royalty stocks overview.

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