San Juan Basin Royalty Trust Declares Cash Distribution for October 2023
October 20 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 $2,269,587.37 or $0.048694 per Unit, based primarily upon the
reported production of the Trust’s subject interests (the “Subject
Interests”) during the month of August 2023. The distribution is
payable November 14, 2023, to the Unit Holders of record as of
October 31, 2023.
For the production month of August 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 $3,148,582 gross
($2,361,436 net royalty amount to the Trust).
Hilcorp reported $6,840,879 of total revenue from the Subject
Interests for the production month of August 2023, consisting of
$6,409,321 of gas revenues and $431,558 of oil revenues. For the
Subject Interests, Hilcorp reported $3,692,297 of production costs
for the production month of August 2023, consisting of $2,185,003
of lease operating expense, $1,051,132 of severance taxes and
$456,162 of capital costs.
Based upon information provided to the Trust by Hilcorp, gas
volumes for the subject interests for August 2023 totaled 2,076,932
Mcf (2,307,702 MMBtu), as compared to 1,986,071 Mcf (2,206,745
MMBtu) for July 2023. Dividing gas revenues by production volume
yielded an average gas price for August 2023 of $3.09 per Mcf
($2.78 per MMBtu), as compared to an average gas price for July
2023 of $2.53 per Mcf ($2.28 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.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20231020579447/en/
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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