SJT declares no July 2024 distribution; May production costs exceed revenue by $4.9M

SAN JUAN BASIN ROYALTY TRUST

No monthly cash distribution for July 2024; lower gas prices and excess production costs cited.
May 2024: total revenue $2,518,037, production costs $6,183,810; excess of $4,888,522 gross ($3,666,391 net).
Average gas price fell to $1.14/Mcf ($1.02/MMBtu) from $1.24/Mcf ($1.12/MMBtu) in April 2024.
Cash reserves drawn to $1,420,537; trustee aims to replenish to $2.0 million before resuming distributions.
Hilcorp's 2024 capital plan drove higher lease operating expenses ($2.5M) and capital costs ($3.3M).

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