San Juan Basin Royalty Trust declares no November cash distribution; excess production costs of $13.4M net

SAN JUAN BASIN ROYALTY TRUST

No cash distribution for November 2024; excess production costs of $17.9M gross ($13.4M net to Trust) charged to next month.
September 2024 revenue $2.85M vs production costs $5.57M; average gas price $1.42/Mcf, down from $1.79/Mcf in August.
Gas volumes 1.87M Mcf vs 1.92M Mcf in August; cash reserves dropped to $0.96M from $1.8M in April.
Excess costs driven by Hilcorp's 2024 capital project plan with $2.6M in capital costs and $2.6M in lease operating expenses.
Trustee will replenish cash reserves to $2.0M before resuming distributions.

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