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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 (SJT) has declared a cash distribution of
PNC Bank, as trustee of the San Juan Basin Royalty Trust (NYSE: SJT), announced a monthly cash distribution of
PNC Bank, as trustee of the San Juan Basin Royalty Trust (NYSE: SJT), announced a monthly cash distribution of
PNC Bank, as the successor trustee of San Juan Basin Royalty Trust (NYSE: SJT), has declared a monthly cash distribution amounting to
PNC Bank, as the trustee for San Juan Basin Royalty Trust (NYSE: SJT), has declared a monthly cash distribution of
PNC Bank, as the Trustee of San Juan Basin Royalty Trust (NYSE: SJT), announced a monthly cash distribution of $6,982,507.89 or $0.149811 per Unit, payable on December 14, 2021. This is based on production reported for September 2021. Hilcorp reported $9,520,577 in net profits, with revenues of $7,603,853. Gas production was approximately 167,812 Mcf, averaging $3.60 per Mcf. The Trustee is working with Hilcorp regarding accounting and reporting issues. Previous discrepancies in their accounting system have been addressed.
PNC Bank, as Trustee for the San Juan Basin Royalty Trust (SJT), provided updates on Hilcorp's monthly reporting concerning gross proceeds and severance taxes. Following a November 2021 meeting, Hilcorp identified that it owes an additional $448,780 in revenues for early 2021 along with $63,496 interest. It also discovered accounting errors leading to a reimbursement of $2,681,521 for mislabeled accounts, with $72,667 in interest. Hilcorp is correcting its accounting practices, and the Trust's auditors continue to review the payments made.
PNC Bank, as the successor Trustee of the San Juan Basin Royalty Trust (NYSE:SJT), has declared a monthly cash distribution of $3,155,671, equating to $0.067705 per Unit, to Unit Holders. The distribution, based on August 2021 production, will be payable on November 15, 2021. Hilcorp reported August gross revenue of $7,582,753, with gross production costs of $3,175,587, resulting in profits of $4,407,166 gross ($3,305,374 net). Notably, gas production increased slightly from July, with an average gas price of $3.37 per Mcf.
BBVA USA, as Trustee of the San Juan Basin Royalty Trust (NYSE:SJT), declared a monthly cash distribution of
BBVA USA, Trustee of the San Juan Basin Royalty Trust (NYSE:SJT), announced no monthly cash distribution for Unit Holders due to excess production costs for June 2021. Hilcorp reported gross profits of $1,850,948.35 but adjusted for true-ups led to a net profit of $1,388,211.26. Corrections for previous months decreased June profits by over $2 million. Cash reserves will cover administrative expenses, while excess costs of $1,091,749.10 will affect future distributions. June's gas production was 1,568,223 Mcf with an average price of $3.46 per Mcf.
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