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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.
BBVA USA, Trustee of the San Juan Basin Royalty Trust (NYSE:SJT), provided a report on the revenue and severance taxes concerning the Trust's interests managed by Hilcorp San Juan L.P. Due to Hilcorp's transition to a new accounting system, only estimates have been reported for revenue and taxes for specific months. The true-ups for previous months are expected but without a confirmed timeline. Hilcorp will pay interest for any underpayments, while waiving it for any overpayments based on the true-ups.
BBVA USA, as Trustee of the San Juan Basin Royalty Trust (NYSE:SJT), announced a monthly cash distribution of $3,949,643.61, equating to $0.084740 per Unit. This distribution is based on estimated May 2021 production and will be payable on August 13, 2021, to record Unit Holders as of July 30, 2021. Gas production for May was reported at 2,695,014 Mcf, an increase from April's 2,498,553 Mcf, with an average gas price rising to $1.88 per Mcf. Additional profits of $2,559,341 gross were identified due to true-ups for previous months.
BBVA USA, as Trustee of the San Juan Basin Royalty Trust (NYSE:SJT), announced a monthly cash distribution of $821,024.63, equating to $0.017615 per Unit, based on estimated April 2021 production. This distribution is payable on July 15, 2021, to Unit Holders of record as of June 30, 2021. April gas production totaled 2,498,553 Mcf, a decrease from March's 2,617,042 Mcf, with the average gas price dropping to $1.67 per Mcf from $2.07. Hilcorp informed the Trust that the figures for April were based on estimates due to a transition to a new accounting system.
BBVA USA, as Trustee of the San Juan Basin Royalty Trust (NYSE:SJT), announced a monthly cash distribution of $1,880,140.70, equating to $0.040339 per Unit, to Unit Holders. This distribution is based on estimated production for March 2021, with payments due on June 14, 2021, for records as of May 28, 2021. Gas production totaled 2,617,042 Mcf, up from 2,401,460 Mcf in February 2021, but the average gas price significantly dropped to $2.07 per Mcf from $4.67. Hilcorp's transition to a new accounting system led to estimates influencing this month's reporting.
BBVA USA, as Trustee of the San Juan Basin Royalty Trust (NYSE:SJT), announced a monthly cash distribution of $4,464,842.99, equating to $0.095794 per Unit, primarily based on February 2021 production estimates. The distribution will be paid on May 14, 2021, to Unit Holders of record as of April 30, 2021. Gas production for February was 2,401,460 Mcf, down from January's 2,631,464 Mcf, with average gas prices soaring to $4.67 per Mcf compared to $2.36 in January. Estimated non-operated revenue amounted to $100,000, while expenses included $86,941 in capital costs and significant lease operating expenses.
BBVA USA, as Trustee of the San Juan Basin Royalty Trust (NYSE:SJT), announced a monthly cash distribution of $2,472,277.06, totaling $0.053043 per Unit, based on January 2021 production estimates. Payments will be made on April 14, 2021, to those on record as of March 31, 2021. Notably, gas production for January 2021 was 2,631,464 Mcf, an increase from December's 1,643,882 Mcf. However, the average gas price decreased from $2.66 to $2.36 per Mcf. A negative adjustment of $68,164 gross was also reported due to prior month true-ups.
The San Juan Basin Royalty Trust (NYSE:SJT) has received Hilcorp Energy Company's 2021 capital project plan, estimating capital expenditures at $0.3 million. The plan focuses on natural gas compression projects. Due to current low natural gas prices, Hilcorp will not pursue new drilling or recompletion activities in 2021. In the previous year, Hilcorp's capital expenditures were approximately $0.4 million, also primarily for gas compression projects. The Trust's future performance may be impacted by price volatility, regulatory actions, and reserves estimates.
San Juan Basin Royalty Trust (NYSE:SJT) declared a monthly cash distribution of $2,547,730.20, equating to $0.054662 per Unit, based on December 2020 production. This distribution will be paid on March 12, 2021, to holders of record as of February 26, 2021. Gas production totaled 1,643,882 Mcf in December 2020, up from 1,428,504 Mcf in November 2020, yet the average gas price dropped from $3.14 per Mcf in November to $2.66 per Mcf in December. Adjustments included a negative impact of $3,573 net to the Trust. Capital costs and expenses were also reported for December 2020.
BBVA USA, Trustee of the San Juan Basin Royalty Trust (NYSE:SJT), has announced a monthly cash distribution totaling $2,731,234.93, equating to $0.058599 per Unit, based on November 2020 production data. The distribution is scheduled for February 12, 2021, to Unit Holders of record as of January 29, 2021. November saw gas production at 1,428,504 Mcf, with an average price of $3.14 per Mcf, a significant increase from $1.52 in October. Additional profits of $717,922 gross were reported due to previous months' adjustments.
BBVA USA, Trustee of the San Juan Basin Royalty Trust (NYSE:SJT), announced a monthly cash distribution of $286,468.03, or $0.006146 per Unit, based on October 2020 production. This distribution is payable on January 15, 2021, to Unit Holders of record as of December 31, 2020. Gas production for October totaled 1,440,001 Mcf, a decline from September's 2,218,752 Mcf. The average gas price dropped from $1.87 per Mcf in September to $1.52 per Mcf in October. Additionally, a negative adjustment of $1,119,899 gross was reported for previous months, impacting net revenues.
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