San Juan Basin Royalty Trust declares no March 2026 distribution; excess costs, low gas prices

SAN JUAN BASIN ROYALTY TRUST

No monthly distribution for March 2026 due to ~$4.64M net excess production costs and continued low natural gas pricing.
January 2026 average gas price $2.96/Mcf, down from $3.29/Mcf in December 2025; gas volumes 2,104,891 Mcf.
Cumulative excess production costs net to Trust: $4,640,115, a $1.54M decrease from prior month.
Hilcorp 2026 capex plan ~$14M for 32 projects; completion costs for 6 new horizontal wells deferred to 2027 plan.
Line of credit outstanding $750,513; cash reserves reduced to $14,257 after March interest payment.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.85

SAN JUAN BASIN ROYALTY TRUST reported the production month of January 2026 results: revenue $6,352,562 of total revenue from the Subject Interests for the production month of January 2026, consisting of $6,220,44.

Period: the production month of January 2026
Revenue: $6,352,562 of total revenue from the Subject Interests for the production month of January 2026, consisting of $6,220,44
Result: reported results

Exact text from the filing

Hilcorp reported $6,352,562 of total revenue from the Subject Interests for the production month of January 2026, consisting of $6,220,448 of gas revenues, $132,114 of oil revenues. For the Subject Interests, Hilcorp reported $4,301,489 of production costs (excluding the balance of excess production costs) for the production month of January 2026, consisting of $3,155,715 of lease operating expenses, $643,665 of severance taxes, and $502,110 of capital costs.

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Source: SEC EDGAR

accession 0001193125-26-117027

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