Hugoton Royalty Trust declares no July 2023 distribution; excess costs on all conveyances

HUGOTON ROYALTY TRUST

No cash distribution for July 2023 due to excess cost positions on all three net profits interests.
Underlying sales: 806,000 Mcf gas at $2.70/Mcf; 19,000 Bbls oil at $74.12/Bbl (May production).
XTO deducted $5.9M development costs, $1.5M production expense, $1.1M overhead in royalty calc.
Cumulative excess costs: Kansas $224K, Oklahoma $6.533M, Wyoming $258K; Oklahoma includes potential $14.6M Chieftain settlement charge.
Chieftain arbitration award: Trust must pay share of $48M settlement (lawyers' $32M excluded); final hearing on remaining disputes Nov 8, 2023.

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