San Juan Basin Royalty Trust skips August distribution as production costs exceed revenue

SAN JUAN BASIN ROYALTY TRUST

No cash distribution for August 2025 due to ~$15.7M gross excess production costs and low gas prices.
June 2025: total revenue $5.27M, production costs $5.05M (excl. excess); gas price $2.24/Mcf vs $1.62 in May.
Cumulative excess production costs decreased by $218k gross from prior month; still ~$11.8M net to Trust.
Cash reserves nearly depleted at $30,397; Trust drew $19k from line of credit to pay admin expenses.
No distributions until excess costs repaid, $2M reserve replenished, and note principal repaid.

item 2.02item 9.01

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