San Juan Basin Royalty Trust declares no January 2026 distribution due to $5.6M net excess production costs

SAN JUAN BASIN ROYALTY TRUST

Cumulative excess production costs $7.5M gross ($5.6M net to Trust); deficit down $928k gross from prior month.
November 2025 revenue $5.08M; production costs $4.15M; gas volumes 2.13M Mcf, avg price $2.30/Mcf.
Distributions will not resume until deficit repaid, $2M reserve replenished, and $477k line of credit cleared.
Cash reserves now $20,626 after paying LOC interest; LOC balance rose to $476,983 with $89k draw for admin expenses.
Trust continues audit of Hilcorp's charges; third-party auditors reviewing all revenues, costs, and pricing.

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