Hugoton Royalty Trust declares no May distribution; auditor dismissed, 10-Q late

HUGOTON ROYALTY TRUST

No cash distribution for May 2025 due to excess cost positions on all three conveyances; cash reserve reduced by $23k.
XTO provided second advance distribution to fund filing obligations; XTO divested interests to Mach Natural Resources, effective April 30.
Cumulative excess costs: Kansas $1.855M, Oklahoma $5.163M, Wyoming $8.710M (all include accrued interest).
Trust dismissed auditor PwC on May 13 and is seeking a new auditor; 10-Q for March 31 will be late.
Trust has substantial doubt about ability to continue as going concern; cash reserve expected depleted in Q2 2025.

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