as of 09-21-2026 4:00pm EST
San Juan Basin Royalty Trust is an energy sector royalty trust in the United States. It owns approximately 75% net profit interest in a large number of natural gas properties in the San Juan Basin of New Mexico. About 98% of the royalties San Juan collects come from natural gas, with the balance coming from oil.
| Founded: | 1980 | Country: | United States |
| Employees: | 495 | City: | DALLAS |
| Market Cap: | 139.8M | IPO Year: | N/A |
| Target Price: | N/A | AVG Volume (30 days): | 202.0K |
| Analyst Decision: | N/A | Number of Analysts: | N/A |
| Dividend Yield: | N/A | Dividend Payout Frequency: | N/A |
| EPS: | N/A | EPS Growth: | N/A |
| 52 Week Low/High: | $2.37 - $6.61 | Next Earning Date: | 05-14-2026 |
| Revenue: | N/A | Revenue Growth: | N/A |
| Revenue Growth (this year): | N/A | Revenue Growth (next year): | N/A |
| P/E Ratio: | N/A | Index: | N/A |
| Free Cash Flow: | N/A | FCF Growth: | N/A |
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SEC 8-K filings with transcript text
Sep 18, 2026 · 64% conf.
1D
+0.55%
$2.45
Act: +2.46%
5D
+3.63%
$2.53
Act: +2.87%
20D
+2.61%
$2.50
2 sjt-ex99_1.htm
News Release
San Juan Basin Royalty Trust Declares No Cash Distribution for September 2026
DALLAS, Texas, September 18, 2026 Argent Trust Company, as the trustee (the “Trustee”) of the San Juan Basin Royalty Trust (the “Trust”) (NYSE: SJT), today reported that it will not declare a monthly cash distribution to the holders of its units of beneficial interest (the “Unit Holders”) due to excess production costs incurred during prior periods for the Trust’s royalty interest burdening the subject interests (“Subject Interests”), as well as continued low natural gas pricing. Excess production costs occur when production costs and capital expenditures exceed the gross proceeds for a certain period. The balance of cumulative excess production costs is currently approximately $12,553,466 gross ($9,415,100 net to the Trust), an increase in the deficit of $1,122,634 gross ($841,976 net to the Trust) from last month’s reporting period. Hilcorp will continue to charge the balance of excess production costs to the Trust’s net proceeds each month. Until the balance is paid in full, the Trust will not receive royalty income as all net proceeds will be applied to the balance of excess production costs. No cash distributions will be made by the Trust until future net proceeds are sufficient to (a) repay the balance of excess production costs, accrued as a result of Hilcorp San Juan L.P.’s drilling of two new horizontal wells in 2024, (b) replenish a reserve in the amount of $2,000,000, and (c) repay the principal and interest on the Trust’s line of credit at Texas Bank (“Line of Credit”), after which time, the Trust will resume distributions of the royalty income to the holders of the Trust’s units of beneficial interest.
Hilcorp reported $4,293,096 of total revenue from the Subject Interests for the production month of July 2026, consisting of $4,116,328 of gas revenues, and $176,768 of oil revenues.
For the Subject Interests, Hilcorp reported $5,415,731 of production costs (excluding the balance of excess production costs) for the production month of July 2026, consisting of $2,918,257 of lease operating expenses, $385,466 of severance taxes, and $2,112,008 of capital costs.
Based upon information provided to the Trust by Hilcorp, gas volumes for the Subject Interests for July 2026 totaled 2,046,556 Mcf (2,273,951 MMBtu), as compared to 1,950,221 Mcf (2,166,912 MMBtu), for June 2026. Dividing gas revenues by production volume yielded an average gas price for July 2026 of $2.01 per Mcf ($1.81 per MMBtu), an increase of $0.55 per Mcf ($0.50 per MMBtu) as compared to the average gas price for June 2026 of $1.46 per Mcf ($1.31 per MMBtu).
This month’s Trust administrative expenses totaled $44,628. The increase in administrative expenses was attributable to differences in timing of the receipt and payment of certain expenses by the Trust. Interest income in the amount of $23 and a draw of $44,606 from the Line of Credit will be used to pay the balance of Trust administrative expenses for the month of September which will bring the outstanding principal balance on the Line of Credit to $1,075,400.
Pursuant to the Amended and Restated Royalty Trust Indenture, dated December 12, 2007 (as amended on February 15, 2024, by the First Amendment to the Amended and Restated Royalty Trust Indenture), the Trustee is authorized to retain, in its sole discretion, a cash reserve for payment of Trust liabilities that are contingent or uncertain or otherwise not currently due and payable. Cash reserves were utilized to pay interest accrued on the Line of Credit each month from July 2025 through May 2026. The balance of cash reserves maintained by the Trust is unchanged from the prior month, and is currently $3,891.
Production from the Subject Interests continues to be gathered, processed, and sold under market sensitive and customary agreements, as recommended for approval by the Trust’s Consultant. The Trustee continues to engage with Hilcorp regarding its ongoing accounting and reporting to the Trust, and the Trust’s third-party compliance auditors continue to audit payments made by Hilcorp to the Trust, inclusive of sales revenues, production costs, capital expenditures, adjustments, actualizations, and recoupments. The Trust’s auditing process has also included detailed analysis of Hilcorp’s pricing and rates charged. As previously disclosed in the Trust’s filings, these revenues and costs (along with all costs) are the subject of the Trust’s ongoing comprehensive audit process by the Trust’s professional
consultants and outside counsel to analyze compliance with all the underlying operative Trust agreements and evaluate potential remedies in the event there is suspected non-compliance.
As of July 21, 2025, the Trust self-publishes monthly press releases on its website, www.sjbrt.com, and the release will not be included in any wire distribution. The self-publication is due to the
Aug 21, 2026 · 64% conf.
1D
+0.55%
$2.45
Act: +2.46%
5D
+3.63%
$2.53
Act: +2.87%
20D
+2.61%
$2.50
2 sjt-ex99_1.htm
News Release
San Juan Basin Royalty Trust Declares No Cash Distribution for August 2026
DALLAS, Texas, August 21, 2026 Argent Trust Company, as the trustee (the “Trustee”) of the San Juan Basin Royalty Trust (the “Trust”) (NYSE: SJT), today reported that it will not declare a monthly cash distribution to the holders of its units of beneficial interest (the “Unit Holders”) due to excess production costs incurred during prior periods for the Trust’s royalty interest burdening the subject interests (“Subject Interests”), as well as continued low natural gas pricing. Excess production costs occur when production costs and capital expenditures exceed the gross proceeds for a certain period. The balance of cumulative excess production costs is currently approximately $11,430,832 gross ($8,573,124 net to the Trust), an increase in the deficit of $1,803,903 gross ($1,352,927 net to the Trust) from last month’s reporting period. Hilcorp will continue to charge the balance of excess production costs to the Trust’s net proceeds each month. Until the balance is paid in full, the Trust will not receive royalty income as all net proceeds will be applied to the balance of excess production costs. No cash distributions will be made by the Trust until future net proceeds are sufficient to (a) repay the balance of excess production costs, accrued as a result of Hilcorp San Juan L.P.’s drilling of two new horizontal wells in 2024, (b) replenish a reserve in the amount of $2,000,000, and (c) repay the principal and interest on the Trust’s line of credit at Texas Bank (“Line of Credit”), after which time, the Trust will resume distributions of the royalty income to the holders of the Trust’s units of beneficial interest.
Hilcorp reported $3,181,295 of total revenue from the Subject Interests for the production month of June 2026, consisting of $2,843,843 of gas revenues, and $337,452 of oil revenues.
For the Subject Interests, Hilcorp reported $4,974,373 of production costs (excluding the balance of excess production costs) for the production month of June 2026, consisting of $2,921,477 of lease operating expenses, $169,415 of severance taxes, and $1,883,481 of capital costs.
Based upon information provided to the Trust by Hilcorp, gas volumes for the Subject Interests for June 2026 totaled 1,950,221 Mcf (2,166,912 MMBtu), as compared to 2,083,334 Mcf (2,314,816 MMBtu), for May 2026. Dividing gas revenues by production volume yielded an average gas price for June 2026 of $1.46 per Mcf ($1.31 per MMBtu), an increase of $0.23 per Mcf ($0.20 per MMBtu) as compared to the average gas price for May 2026 of $1.23 per Mcf ($1.11 per MMBtu).
This month’s Trust administrative expenses totaled $32,003. The decrease in administrative expenses was attributable to differences in timing of the receipt and payment of certain expenses by the Trust. Interest income in the amount of $17 and a draw of $31,986 from the Line of Credit will be used to pay the balance of Trust administrative expenses for the month of August which will bring the outstanding principal balance on the Line of Credit to $1,030,794.
Pursuant to the Amended and Restated Royalty Trust Indenture, dated December 12, 2007 (as amended on February 15, 2024, by the First Amendment to the Amended and Restated Royalty Trust Indenture), the Trustee is authorized to retain, in its sole discretion, a cash reserve for payment of Trust liabilities that are contingent or uncertain or otherwise not currently due and payable. Cash reserves were utilized to pay interest accrued on the Line of Credit each month from July 2025 through May 2026. The balance of cash reserves maintained by the Trust is unchanged from the prior month, and is currently $3,891.
Hilcorp reported to the Trust that five of the nine vertical wells previously included in Hilcorp’s 2026 development plan for the Subject Interests have been removed from Hilcorp’s current plan due to changes in Hilcorp’s drilling schedule, representing approximately $450,000 of total capital expenditures from the initial budget. Hilcorp further advised that, of the remaining four wells, one is in progress, two have been completed, and one is awaiting third-party connection and flow.
Production from the Subject Interests continues to be gathered, processed, and sold under market sensitive and customary agreements, as recommended for approval by the Trust’s Consultant. The Trustee continues to engage with
Hilcorp regarding its ongoing accounting and reporting to the Trust, and the Trust’s third-party compliance auditors continue to audit payments made by Hilcorp to the Trust, inclusive of sales revenues, production costs, capital expenditures, adjustments, actualizations, and recoupments. The Trust’s auditing process has also included detailed analysis of Hilcorp’s pricing and rates charged. As previously disclosed in the Trust’s filings, these revenues and costs (along with all cos
Jul 21, 2026 · 64% conf.
1D
+0.55%
$2.45
Act: +2.46%
5D
+3.63%
$2.53
Act: +2.87%
20D
+2.61%
$2.50
2 sjt-ex99_1.htm
News Release
San Juan Basin Royalty Trust Declares No Cash Distribution for July 2026
DALLAS, Texas, July 21, 2026 Argent Trust Company, as the trustee (the “Trustee”) of the San Juan Basin Royalty Trust (the “Trust”) (NYSE: SJT), today reported that it will not declare a monthly cash distribution to the holders of its units of beneficial interest (the “Unit Holders”) due to excess production costs incurred during prior periods for the Trust’s royalty interest burdening the subject interests (“Subject Interests”), as well as continued low natural gas pricing. Excess production costs occur when production costs and capital expenditures exceed the gross proceeds for a certain period. The balance of cumulative excess production costs is currently approximately $9,637,754 gross ($7,228,316 net to the Trust), an increase in the deficit of $379,005 gross ($284,254 net to the Trust) from last month’s reporting period. Hilcorp will continue to charge the balance of excess production costs to the Trust’s net proceeds each month. Until the balance is paid in full, the Trust will not receive royalty income as all net proceeds will be applied to the balance of excess production costs. No cash distributions will be made by the Trust until future net proceeds are sufficient to (a) repay the balance of excess production costs, accrued as a result of Hilcorp San Juan L.P.’s drilling of two new horizontal wells in 2024, (b) replenish a reserve in the amount of $2,000,000, and (c) repay the principal and interest on the Trust’s line of credit at Texas Bank (“Line of Credit”), after which time, the Trust will resume distributions of the royalty income to the holders of the Trust’s units of beneficial interest.
Hilcorp reported $3,024,827 of total revenue from the Subject Interests for the production month of May 2026, consisting of $2,572,587 of gas revenues, $452,240 of oil revenues.
For the Subject Interests, Hilcorp reported $3,403,832 of production costs (excluding the balance of excess production costs) for the production month of May 2026, consisting of $2,875,190 of lease operating expenses, $350,286 of severance taxes, and $178,356 of capital costs.
Based upon information provided to the Trust by Hilcorp, gas volumes for the Subject Interests for May 2026 totaled 2,083,334 Mcf (2,314,816 MMBtu), as compared to 2,065,583 Mcf (2,295,092 MMBtu), for April 2026. Dividing gas revenues by production volume yielded an average gas price for May 2026 of $1.23 per Mcf ($1.11 per MMBtu), a decrease of $0.05 per Mcf ($0.04 per MMBtu) as compared to the average gas price for April 2026 of $1.28 per Mcf ($1.15 per MMBtu).
This month’s Trust administrative expenses totaled $54,364. The increase in administrative expenses was attributable to differences in timing of the receipt and payment of certain expenses by the Trust. Interest income in the amount of $27 and a draw of $54,338 from the Line of Credit will be used to pay the balance of Trust administrative expenses for the month of July which will bring the outstanding principal balance on the Line of Credit to $998,808.
Pursuant to the Amended and Restated Royalty Trust Indenture, dated December 12, 2007 (as amended on February 15, 2024, by the First Amendment to the Amended and Restated Royalty Trust Indenture), the Trustee is authorized to retain, in its sole discretion, a cash reserve for payment of Trust liabilities that are contingent or uncertain or otherwise not currently due and payable. Cash reserves were utilized to pay interest accrued on the Line of Credit each month from July 2025 through May 2026. The balance of cash reserves maintained by the Trust is unchanged from the prior month, and is currently $3,891.
Hilcorp reported to the Trust that five of the nine vertical wells previously included in Hilcorp’s 2026 development plan for the Subject Interests have been removed from Hilcorp’s current plan due to changes in Hilcorp’s drilling schedule, representing approximately $450,000 of total capital expenditures from the initial budget. Hilcorp further advised that, of the remaining four wells, one is in progress, two have been completed, and one is awaiting third-party connection and flow.
Production from the Subject Interests continues to be gathered, processed, and sold under market sensitive and customary agreements, as recommended for approval by the Trust’s Consultant. The Trustee continues to engage with
Hilcorp regarding its ongoing accounting and reporting to the Trust, and the Trust’s third-party compliance auditors continue to audit payments made by Hilcorp to the Trust, inclusive of sales revenues, production costs, capital expenditures, adjustments, actualizations, and recoupments. The Trust’s auditing process has also included detailed analysis of Hilcorp’s pricing and rates charged. As previously disclosed in the Trust’s filings, these revenues and costs (along with all costs) are the subject o
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