San Juan Basin Royalty Trust Declares Cash Distribution for July 2023
July 21 2023 - 9:00AM
Business Wire
PNC Bank, National Association, as the trustee (the “Trustee”)
of the San Juan Basin Royalty Trust (the “Trust”) (NYSE: SJT),
today declared a monthly cash distribution to the holders (the
“Unit Holders”) of its units of beneficial interest (the “Units”)
of $475,477.18 or $0.010201 per Unit, based primarily upon the
reported production of the Trust’s subject interests (the “Subject
Interests”) during the month of May 2023. The distribution is
payable August 14, 2023, to the Unit Holders of record as of July
31, 2023.
For the production month of May 2023, the owner of the Subject
Interests, Hilcorp San Juan L.P. and the operator of the Subject
Interests, Hilcorp Energy Company (collectively, “Hilcorp”),
reported to the Trust net profits of $731,812 ($548,859 net royalty
amount to the Trust).
Hilcorp reported $3,815,199 of total revenue from the Subject
Interests for the production month of May 2023, consisting of
$3,419,956 of gas revenues and $395,243 of oil revenues. For the
Subject Interests, Hilcorp reported $3,083,386 of production costs
for the production month of May 2023, consisting of $2,413,194 of
lease operating expense, $556,852 of severance taxes and $113,340
of capital costs.
Based upon the information that Hilcorp provided to the Trust,
gas volumes for the Subject Interests for May 2023 totaled
1,997,433 Mcf (2,219,370 MMBtu), as compared to 1,885,511 Mcf
(2,095,012 MMBtu) for April 2023.
Dividing gas revenues by production volume yielded an average
gas price for May 2023 of $1.71 per Mcf ($1.54 per MMBtu), as
compared to an average gas price for April 2023 of $2.17 per Mcf
($1.96 per MMBtu).
Production from the Subject Interests continues to be gathered,
processed, and sold under market sensitive and customary
agreements, as recommended for approval by the Trust’s Consultant.
The Trustee continues to engage with Hilcorp regarding its ongoing
accounting and reporting to the Trust, and the Trust’s third-party
compliance auditors continue to audit payments made by Hilcorp to
the Trust, inclusive of sales revenues, production costs, capital
expenditures, adjustments, actualizations, and recoupments. The
Trust’s auditing process has also included detailed analysis of
Hilcorp’s pricing and rates charged. As previously disclosed in the
Trust’s filings, these revenues and costs (along with all costs)
are the subject of the Trust’s ongoing comprehensive audit process
by our professional consultants and outside counsel to ensure full
compliance with all the underlying operative Trust agreements and
evaluating all available potential remedies in the event there is
evidence of non-compliance.
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San Juan Basin Royalty Trust PNC Bank, National Association PNC
Asset Management Group 2200 Post Oak Blvd., Floor 18 Houston, TX
77056 website: www.sjbrt.com e-mail: sjt@pnc.com
Ross Durr, RPL, Senior Vice President & Mineral Interest
Director Kaye Wilke, Investor Relations, toll-free: (866)
809-4553
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