Hilcorp 2026 capex plan for SJT: $14M with 15 new drill projects, up from $8.3M in 2025

SAN JUAN BASIN ROYALTY TRUST

Operator Hilcorp estimates 2026 capex at ~$14M, up from actual $8.3M in 2025.
$11.5M for 15 new drill projects (9 vertical, 6 horizontal) across Mesaverde, Mancos, Dakota formations.
$2M for 17 recompletions/workovers in Fruitland Coal and Pictured Cliffs; $0.5M for facilities.

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