San Juan Basin Royalty Trust declares no July distribution; excess production costs $9.6M

SAN JUAN BASIN ROYALTY TRUST

No cash distribution for July 2026 due to cumulative excess production costs of $9,637,754 gross ($7,228,316 net to Trust).
Hilcorp removed five of nine planned vertical wells from 2026 development plan, reducing capex by ~$450,000.
May 2026 gas volumes 2,083,334 Mcf; average gas price $1.23/Mcf, down from $1.28/Mcf in April.
Total revenue $3,024,827 vs production costs $3,403,832 (excluding excess costs); line of credit balance $998,808.
No distributions until excess costs repaid, $2M reserve replenished, and line of credit repaid.

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