Hugoton Royalty Trust declares no cash distribution for December 2025 due to excess costs

HUGOTON ROYALTY TRUST

No distribution declared for December 2025 because all three conveyances are in excess cost positions.
Cash reserve reduced by $63,000 for Trust expenses; reserve must be replenished before future distributions.
Current-month underlying sales: 710,000 Mcf gas at $3.31, 15,000 Bbls oil at $61.71.
Cumulative excess costs: Kansas $2.751M (incl. $267K interest), Oklahoma $8.635M ($791K), Wyoming $11.222M ($1.072M).
Excess costs rose $70K in Kansas and $247K in Wyoming; $184K recovered in Oklahoma; Trustee expects no near-term distributions.

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