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.

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