Exhibit 99.1
News Release
San Juan Basin Royalty Trust
Declares Cash Distribution for November 2023
HOUSTON, Texas, November 17, 2023 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 $788,156.02 or $0.016910 per Unit, based primarily upon the reported production of the Trusts subject interests (the Subject Interests) during the month of September 2023. The distribution is payable
December 14, 2023, to the Unit Holders of record as of November 30, 2023.
For the production month of September 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 $1,293,944 gross ($970,458 net royalty amount to the Trust).
Hilcorp reported $4,866,685 of total revenue from the Subject Interests for the production month of September 2023, consisting of $4,692,253 of gas revenues
and $174,432 of oil revenues. For the Subject Interests, Hilcorp reported $3,572,741 of production costs for the production month of September 2023, consisting of $2,303,248 of lease operating expense, $740,294 of severance taxes and $529,199 of
capital costs.
Based upon information provided to the Trust by Hilcorp, gas volumes for the subject interests for September 2023 totaled 1,905,945 Mcf
(2,117,717 MMBtu), as compared to 2,076,932 Mcf (2,307,702 MMBtu) for August 2023. Dividing gas revenues by production volume yielded an average gas price for September 2023 of $2.46 per Mcf ($2.22 per MMBtu), as compared to an average gas price for
August 2023 of $3.09 per Mcf ($2.78 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 Trusts Consultant. The Trustee continues to engage with Hilcorp regarding its ongoing accounting and reporting to the Trust, and the Trusts 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 Trusts auditing process has also included detailed
analysis of Hilcorps pricing and rates charged. As previously disclosed in the Trusts filings, these revenues and costs (along with all costs) are the subject of the Trusts 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.
Contact: 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