San Juan Basin Royalty Trust suspends Feb distribution; excess cost deficit hits $6.2M net

SAN JUAN BASIN ROYALTY TRUST

No cash distribution declared for February 2026 due to cumulative excess production costs of $8.2M gross ($6.2M net).
Deficit increased $727K gross ($545K net) month-over-month; Hilcorp will apply all net proceeds to balance.
December 2025 gas volumes 2.12M Mcf; avg gas price $3.29/Mcf, up from $2.30/Mcf in November.
Trust drew $89,865 from line of credit for admin expenses; outstanding principal now $566,848.
Cash reserves reduced to $17,558 after using $3,068 for interest; distributions will not resume until deficit cleared.

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