Hugoton Royalty Trust declares no June 2024 distribution; excess costs remain

HUGOTON ROYALTY TRUST

No June 2024 cash distribution; all three conveyances in excess cost positions.
Underlying sales: 724,000 Mcf gas at $2.16/Mcf; 19,000 Bbl oil at $77.86/Bbl.
Excess costs: Kansas +$109k to $1.311M; Oklahoma +$438k to $2.120M; Wyoming +$709k to $4.570M.
Chieftain arbitration: panel ruled ~$14.6M net to Trust may be charged as excess cost under Oklahoma conveyance.
Development costs for four non-operated wells in Oklahoma total $7.9M net to Trust; two completed in Q2 2023, others by Q1 2024.

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