San Juan Basin Royalty Trust skips August 2026 distribution on excess costs, low gas prices

SAN JUAN BASIN ROYALTY TRUST

No August 2026 cash distribution; cumulative excess production costs $11.43M gross ($8.57M net), up $1.8M gross from last month.
June 2026 revenue $3.18M (gas $2.84M, oil $0.34M) vs production costs $4.97M (LOE $2.92M, severance $0.17M, capex $1.88M).
Gas volumes 1.95M Mcf, avg price $1.46/Mcf, up $0.23/Mcf from May's $1.23.
Hilcorp removed 5 of 9 planned 2026 vertical wells (~$450k capex cut); 1 in progress, 2 completed, 1 awaiting connection.
Trust drew $31,986 on line of credit, outstanding principal now $1.03M; no distributions until excess costs, $2M reserve, and LOC repaid.

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