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San Juan Basin Royalty Trust (SJT) operates as an express trust in Texas, focusing primarily on oil and natural gas extraction. The Trust holds a 75% net overriding royalty interest carved out from Southland's oil and gas interests located in the San Juan Basin of northwestern New Mexico. The Trust's interests extend over 119,000 net producing acres across San Juan, Rio Arriba, and Sandoval counties, and include approximately 826.3 net wells.
San Juan Basin Royalty Trust, founded in 1980 and based in Houston, Texas, garners nearly 98% of its revenue from natural gas, with the remaining 2% from oil. BBVA USA serves as the trustee, overseeing the financial operations and ensuring compliance with the Trust's agreements.
Recent Achievements and Updates:
- For January 2024, Hilcorp reported $6,667,167 in total revenue from the Trust's interests, with $6,585,684 from gas and $81,483 from oil.
- The Trust declared a monthly cash distribution of $1,065,685.42 to its unit holders in April 2024.
- Due to excess production costs and lower natural gas prices, the Trust did not declare a monthly cash distribution for May 2024.
Current Projects: The Trust is focusing on maintaining and increasing its cash reserves to cover trust expenses during periods of revenue shortfall due to fluctuating commodity prices and increased capital expenditures. The Trustee has increased cash reserves to $2.0 million to ensure financial stability.
Financial Condition: The Trust experienced fluctuations in gas prices and production volumes, influencing its revenue and distributions. For March 2024, the average gas price was $1.50 per Mcf compared to $3.06 per Mcf in February 2024. The Trust continues to engage with Hilcorp for accurate accounting and reporting, ensuring comprehensive audits of payments and compliance with underlying agreements.
Partnerships and Compliance: The Trust works closely with Hilcorp San Juan L.P. and Hilcorp Energy Company, the operators of the interests, to manage production and financial reporting. The Trust's third-party compliance auditors rigorously review production costs, capital expenditures, pricing, and rates to ensure full compliance with all trust agreements.
San Juan Basin Royalty Trust, with its significant holdings in natural gas and oil, plays a vital role in the energy sector. Despite the volatility in commodity prices, the Trust's strategic financial management and partnerships aim to provide steady returns to its unit holders while maintaining compliance and operational efficiency.
San Juan Basin Royalty Trust (NYSE: SJT) announced no cash distribution for December 2024 due to excess production costs and low natural gas prices. Hilcorp reported total revenue of $3,674,540 from Subject Interests for October 2024, but faced production costs of $7,059,218. The excess production costs of approximately $21.2 million gross will be charged to next month's distribution.
Gas volumes totaled 1,880,071 Mcf with an average price of $1.92 per Mcf for October 2024, compared to September's $1.42 per Mcf. The Trust's cash reserves will decrease to $760,919 after covering administrative expenses. The Trustee plans to replenish and increase cash reserves to $2.0 million before future distributions to Unit Holders.
San Juan Basin Royalty Trust (NYSE: SJT) announced no cash distribution for November 2024 due to excess production costs and low natural gas prices. Hilcorp reported total revenue of $2,853,533 from Subject Interests for September 2024, while production costs were $5,566,414. The excess production costs of approximately $17.86 million gross will be charged to next month's distribution. Gas volumes totaled 1,869,291 Mcf with an average price of $1.42 per Mcf, down from $1.79 in August. The Trust's cash reserves will decrease to $961,566 after covering administrative expenses, with plans to increase reserves to $2.0 million before future distributions.
San Juan Basin Royalty Trust (NYSE: SJT) announced no cash distribution for October 2024 due to excess production costs and low natural gas pricing. Hilcorp reported $3,594,338 total revenue and $7,227,419 production costs for August 2024. Excess production costs of $15,150,449 gross will be charged to the next month's distribution. The Trust's administrative expenses were $87,522, partially covered by $4,959 interest income. Gas volumes totaled 1,922,538 Mcf with an average price of $1.79 per Mcf. The Trustee utilized $82,564 from cash reserves, leaving a balance of $1,017,135. The Trust plans to replenish and increase cash reserves to $2.0 million before future distributions.
San Juan Basin Royalty Trust (NYSE: SJT) announced no cash distribution for September 2024 due to excess production costs and low natural gas prices. Hilcorp San Juan L.P. reported $3,905,235 in total revenue and $6,966,097 in production costs for July 2024. The excess production costs of $11,517,368 gross will be charged to the next month's distribution. Gas volumes for July 2024 totaled 1,891,889 Mcf with an average price of $1.94 per Mcf.
The Trust's cash reserves were $1,099,699 after utilizing $139,442 to cover administrative expenses. The Trustee plans to replenish and increase cash reserves to $2.0 million before future distributions. The Trust continues to audit Hilcorp's payments and analyze compliance with operative agreements.
San Juan Basin Royalty Trust (NYSE: SJT) announced no cash distribution for August 2024 due to excess production costs and low natural gas pricing. Hilcorp reported $2,851,950 in total revenue and $6,419,934 in production costs for June 2024. The excess production costs of approximately $8,456,506 gross ($6,342,379 net to the Trust) will be charged to the next month's distribution. Trust administrative expenses totaled $187,698. Gas volumes for June 2024 were 1,828,685 Mcf with an average price of $1.41 per Mcf. The Trustee is utilizing cash reserves to cover expenses and plans to increase reserves to $2.0 million before future distributions.
San Juan Basin Royalty Trust (NYSE: SJT) announced no cash distribution for July 2024 due to excess production costs and lower natural gas pricing. Hilcorp reported $2,518,037 in total revenue and $6,183,810 in production costs for May 2024. The excess production costs of approximately $4,888,522 gross will be charged to the next month's distribution. Gas volumes for May 2024 totaled 1,970,451 Mcf, with an average gas price of $1.14 per Mcf. The Trust's cash reserves were $1,420,537 after covering administrative expenses. The Trustee plans to increase cash reserves to $2.0 million before future distributions.
The San Juan Basin Royalty Trust (SJT) announced no cash distribution for June 2024 due to production costs surpassing revenues and lower natural gas prices in April 2024. The Trust reported total revenues from gas and oil at approximately $2.47 million while incurring production costs of $3.26 million, resulting in excess costs of around $1.22 million. Cash reserves are being used to cover administrative expenses, leaving $1.47 million in reserves. The Trustee aims to replenish reserves to $2 million before any future distributions. Continuous audits and engagements with Hilcorp ensure compliance and accurate reporting.
Argent Trust Company, as the trustee of the San Juan Basin Royalty Trust (SJT), announced no cash distribution for May 2024 due to excessive production costs and lower natural gas pricing. For March 2024, Hilcorp San Juan L.P. reported revenues of $3,161,533 and production costs of $3,593,830, leading to a shortfall. Gas volumes increased from February to March 2024, but average gas prices dropped significantly. The Trustee will use cash reserves of $249,344 to cover administrative expenses, aiming to replenish reserves to $2.0 million before future distributions. An ongoing audit process ensures compliance with Trust agreements.
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