San Juan Basin Royalty Trust skips December distribution; excess costs of $21.2M from Hilcorp

SAN JUAN BASIN ROYALTY TRUST

No monthly cash distribution declared for December 2024; zero payout to unitholders.
October 2024 revenue $3.67M vs production costs $7.06M; excess costs $21.2M gross ($15.9M net to Trust).
Average gas price $1.92/Mcf ($1.72/MMBtu), up from $1.42/Mcf in September but still subdued.
Cash reserves drawn to $761k after paying admin expenses; Trustee targets $2.0M reserve before resuming distributions.
Ongoing audit of Hilcorp's accounting and costs; non-compliance with operative agreements under review.

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