San Juan Basin Royalty Trust Declares Cash Distribution for April 2021

Rhea-AI Summary

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.

Positive

• Monthly cash distribution of $0.095794 per Unit reflects strong revenue based on high gas prices.
• Average gas price increased significantly to $4.67 per Mcf from $2.36 in January.
• Estimated non-operated revenue of $100,000 adds to the Trust's income.

Negative

• Gas production decreased from 2,631,464 Mcf in January to 2,401,460 Mcf in February.
• February reporting based on estimates due to Hilcorp's transition to a new accounting system creates uncertainty.

BBVA USA, as Trustee of the San Juan Basin Royalty Trust (the “Trust”) (NYSE:SJT), today declared a monthly cash distribution to the holders of its Units of beneficial interest (the “Unit Holders”) of $4,464,842.99 or $0.095794 per Unit, based primarily upon estimated production during the month of February 2021, subject to certain adjustments by the owner of the Trust’s subject interests, Hilcorp San Juan L.P. (Hilcorp”), for prior months. The distribution is payable May 14, 2021, to Unit Holders of record as of April 30, 2021.

Based upon information provided to the Trust by Hilcorp, gas production for the subject interests totaled 2,401,460 Mcf (2,668,289 MMBtu) for February 2021, as compared to 2,631,464 Mcf (2,923,849 MMBtu) for January 2021. Dividing revenues by production volume yielded an average gas price for February 2021 of $4.67 per Mcf ($4.20 per MMBtu), as compared to an average gas price for January 2021 of $2.36 per Mcf ($2.12 per MMBtu).

Hilcorp informed the Trust that due to Hilcorp’s transition to a new accounting system, the February 2021 reporting month is based on estimated production, estimated prices and estimated costs.

Hilcorp also reported that for the reporting month of February 2021, revenue included an estimated $100,000 for non-operated revenue. For the month ended February 2021, Hilcorp reported to the Trust capital costs of $86,941, lease operating expenses and property taxes of $3,029,846, and severance taxes of $2,041,162.

Contact:	San Juan Basin Royalty Trust
	BBVA USA, Trustee
	2200 Post Oak Blvd., Floor 18
	Houston, TX 77056
	website: www.sjbrt.com	e-mail: sjt.us@bbva.com
	Joshua R. Peterson, Head of Trust Real Assets & Mineral Resources
	and Senior Vice President
	Kaye Wilke, Investor Relations, toll-free: (866) 809-4553

Except for historical information contained in this news release, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements generally are accompanied by words such as “estimates,” “anticipates,” “could,” “plan,” or other words that convey the uncertainty of future events or outcomes. Forward-looking statements and the business prospects of San Juan Basin Royalty Trust are subject to a number of risks and uncertainties that may cause actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, certain information provided to the Trust by Hilcorp, volatility of oil and gas prices, governmental regulation or action, litigation, and uncertainties about estimates of reserves. These and other risks are described in the Trust’s reports and other filings with the Securities and Exchange Commission.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210420005518/en/

FAQ

What is the cash distribution amount for SJT in May 2021?

The cash distribution for SJT is $4,464,842.99 or $0.095794 per Unit.

When will the distribution for SJT be paid?

The distribution will be paid on May 14, 2021.

What was the gas production for SJT in February 2021?

The gas production for February 2021 was 2,401,460 Mcf.

How does the gas price in February 2021 compare to January for SJT?

The average gas price in February was $4.67 per Mcf, up from $2.36 in January.