San Juan Basin Royalty Trust suspends June distribution; excess production costs rise to $9.3M

SAN JUAN BASIN ROYALTY TRUST

No cash distribution for June 2026; cumulative excess production costs $9,258,749 gross ($6,944,062 net), up $774,601 from prior month.
Hilcorp's two new horizontal wells in 2024 caused excess costs; all net proceeds applied to deficit until fully repaid.
April 2026 gas volumes 2,065,583 Mcf at avg $1.28/Mcf; total revenue $3.02M vs production costs $3.80M (excluding excess).
Trust admin expenses $48,800; line of credit draw $48,781 brings outstanding to $944,470; cash reserves only $3,891.
No distributions until deficit, $2M reserve, and line of credit are fully repaid; ongoing audit of Hilcorp's accounting.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

SAN JUAN BASIN ROYALTY TRUST reported April 2026 results: revenue $3,023,335.

Period: April 2026
Revenue: $3,023,335
Result: reported results

Exact text from the filing

Hilcorp reported $3,023,335 of total revenue from the Subject Interests for the production month of April 2026, consisting of $2,646,258 of gas revenues, $377,077 of oil revenues.

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Source: SEC EDGAR

accession 0001193125-26-275535

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