San Juan Basin Royalty Trust Declares Cash Distribution for May 2021

Rhea-AI Summary

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.

Positive

• Monthly cash distribution of $1,880,140.70 ($0.040339 per Unit).
• Gas production increased to 2,617,042 Mcf for March 2021 from February's 2,401,460 Mcf.

Negative

• Average gas price dropped to $2.07 per Mcf from $4.67 per Mcf.
• Production figures are based on estimates due to Hilcorp's transition to a new accounting system.

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 $1,880,140.70 or $0.040339 per Unit, based primarily upon estimated production during the month of March 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 June 14, 2021, to Unit Holders of record as of May 28, 2021.

Based upon information provided to the Trust by Hilcorp, gas production for the subject interests totaled 2,617,042 Mcf (2,907,824 MMBtu) for March 2021, as compared to 2,401,460 Mcf (2,668,289 MMBtu) for February 2021. Dividing revenues by production volume yielded an average gas price for March 2021 of $2.07 per Mcf ($1.86 per MMBtu), as compared to an average gas price for February 2021 of $4.67 per Mcf ($4.20 per MMBtu).

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

Hilcorp also reported that for the reporting month of March 2021, revenue included an estimated $100,000 for non-operated revenue. For the month ended March 2021, Hilcorp reported to the Trust capital costs of $64,225, lease operating expenses and property taxes of $2,061,485, and severance taxes of $1,026,287.

	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/20210518005146/en/

FAQ

What is the cash distribution amount for San Juan Basin Royalty Trust (SJT) in June 2021?

The cash distribution for San Juan Basin Royalty Trust is $1,880,140.70, or $0.040339 per Unit.

When is the payment date for the cash distribution of SJT?

The payment date for the cash distribution is June 14, 2021.

What was the gas production reported for March 2021 for SJT?

Gas production for March 2021 was reported at 2,617,042 Mcf.

How did gas prices change for March 2021 compared to February 2021 for SJT?

Average gas prices fell from $4.67 per Mcf in February 2021 to $2.07 per Mcf in March 2021.

Why are the March 2021 production figures for SJT based on estimates?

The production figures for March 2021 are based on estimates due to Hilcorp's transition to a new accounting system.