San Juan Basin Royalty Trust declares no September cash distribution as production costs exceed revenue

SAN JUAN BASIN ROYALTY TRUST

No monthly distribution for September 2024; excess production costs of $11,517,368 gross ($8,638,026 net) carried forward.
July 2024 production costs of $6,966,097 exceeded total revenue of $3,905,235, driven by Hilcorp's 2024 capital project.
Gas volumes 1,891,889 Mcf; average gas price $1.94/Mcf, up from $1.41/Mcf in June but still low.
Trust admin expenses $145,121; cash reserves used for payment now at $1,099,699, target $2.0M before distributions resume.
No distributions until net proceeds sufficient; Trustee plans to replenish reserves and continues audit of Hilcorp.

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