Hugoton Royalty Trust skips November 2025 distribution; excess costs persist on all three net profits interests

HUGOTON ROYALTY TRUST

No cash distribution for November 2025; Trustee does not foresee any in near term.
Gas sales 736,000 Mcf at $3.46/Mcf, oil 13,000 bbls at $62.06/bbl in current month.
Kansas excess costs $2,665,000 (incl. $251K interest); Oklahoma $8,767,000 ($739K interest); Wyoming $10,911,000 ($1,007K interest).
Development costs $3,000, production expense $1,493,000, overhead $926,000 from operator Mach Natural Resources.
Cash reserve reduced by $5,000 for trust expenses; will be replenished before future distributions.

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