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

SAN JUAN BASIN ROYALTY TRUST

No cash distribution for Sept 2026; cumulative excess production costs $12.55M gross ($9.42M net), up $1.12M gross from last month.
July 2026 revenue from Subject Interests $4.29M (gas $4.12M, oil $0.18M) vs production costs $5.42M; gas price $2.01/Mcf (up from $1.46).
No distributions until excess costs paid, $2M reserve replenished, and $1.075M line of credit repaid (drew $44.6K in Sept).
Trust admin expenses $44.6K for month; line of credit principal now $1.075M.

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