Hugoton Royalty Trust declares no March 2024 cash distribution; excess costs remain high

HUGOTON ROYALTY TRUST

No March 2024 distribution due to excess cost positions on all three conveyances; cash reserve reduced by $179,000.
Excess costs: Kansas +$45K to $1.023M, Oklahoma +$404K to $1.12M, Wyoming +$347K to $2.163M.
Oklahoma excess costs include potential $14.6M from Chieftain arbitration (portion of $48M settlement allocable to Trust).
Underlying sales volumes declined: gas 604,000 Mcf (from 788,000), oil 14,000 Bbls (from 23,000); average prices lower.
Development costs: $9.3M underlying ($7.5M net) charged for three non-operated wells; fourth well estimated $1.3M underlying cost.

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