San Juan Basin Royalty Trust skips January 2025 distribution on excess costs, low gas prices

SAN JUAN BASIN ROYALTY TRUST

No cash distribution for January; excess production costs of $29.5M gross ($22.1M net) charged to future months.
November 2024 revenue $4.88M vs. production costs $13.14M; lease op. $2.63M, severance $0.6M, capital $9.91M.
Gas volumes 2.26M Mcf at avg $2.10/Mcf; up from 1.88M Mcf at $1.92/Mcf in October.
Trust cash reserves drawn to $651K; trustee targets $2.0M reserve before resuming distributions.
Hilcorp's 2024 capital plan drives elevated LOE and capex; Trust audit of Hilcorp's accounting ongoing.

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