Hugoton Royalty Trust skips February 2026 distribution, flags going concern doubts; no distributions since July 2023

HUGOTON ROYALTY TRUST

No cash distribution for February 2026 due to excess cost positions on all three conveyances; cash reserve reduced $63k for expenses.
Trustee does not foresee any distributions in near term; no distributions have been paid since July 2023.
Going concern substantial doubt: insufficient cash to meet obligations over next year; trustee deferred its own fee since April 2024.
Trustee explored financing and third-party asset sale interest without success; may seek termination or sale requiring 80% unitholder approval.
Excess costs: Kansas $3.034M (incl. $300k interest), Oklahoma $13.458M ($918k interest), Wyoming $11.466M ($1.202M interest).

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