San Juan Basin Royalty Trust declares no September distribution due to $10.2M net excess costs

SAN JUAN BASIN ROYALTY TRUST

No monthly cash distribution for September; cumulative excess production costs $13.6M gross ($10.2M net to trust).
Hilcorp will apply all net proceeds to excess costs; no distributions until balance repaid, $2M reserve replenished, and line of credit cleared.
July 2025 revenue $5.83M ($5.70M gas, $0.13M oil); production costs $3.71M (excluding excess).
Average gas price $2.48/Mcf, up $0.24 from June; gas volumes largely flat at 2.3M Mcf.
Trust self-publishes monthly releases on website due to depleted cash reserves; line of credit balance $274k.

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