(Source: Shutterstock)
PNC Bank, National Association has resigned as a trustee of the Houston-based San Juan Basin Royalty Trust after just two years, saying it determined that the administration of royalty trusts are not part of its long-term strategy.
The Pittsburgh-based bank entered into an agreement of conditional resignation with Argent Trust Co., a Tennessee chartered trust company, making Argent the successor trustee.
PNC assumed the administration of the trust in 2021 after acquiring BBVA USA Bancshares Inc.
In a statement, PNC said all unit holders will be provided with proxy materials and information regarding a special meeting of unit holders in December.
“PNC has appreciated the opportunity to serve as trustee of the San Juan Basin Royalty Trust over the past two years and welcomes collaborating with Argent in the transition as successor trustee,” PNC said in its press release.
Recommended Reading
Glenfarne Seeks Five More Years to Build Texas LNG Export Plant
2024-05-29 - Glenfarne said in its FERC filing that the project was delayed due to "extenuating circumstances outside of Texas LNG's control."
Sempra Infrastructure Contracts with Bechtel for Port Arthur LNG Phase 2
2024-07-22 - Sempra Infrastructure has entered into a fixed-price engineering, procurement and construction contract with Bechtel at Sempra’s Port Aurther LNG Phase 2 project.
EU Adopts New Sanctions Against Russia, Including LNG
2024-06-24 - New restrictions aim to reduce Russia's profits from LNG, hitting the country's gas exports for the first time, but experts say it will likely have little impact on Russian revenues.
Sempra, Aramco Sign HOA for Port Arthur LNG Phase 2 Offtake
2024-06-26 - Sempra and Aramco executed a non-binding Heads of Agreement for LNG offtake from Port Arthur LNG Phase 2, while contemplating the Saudi Arabian energy giant to grab a 25% project-level equity in Phase 2.
Constellation Energy’s Boston LNG Import Terminal Remains Open
2024-06-24 - FERC warned last year that plans to shut Constellation’s Everett LNG terminal could threaten the Northeastern power grid.