San Juan Basin Royalty Trust Declares May Cash Distribution
May 18 2018 - 9:00AM
Business Wire
Compass Bank, 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 of
$677,277.58 or $0.014531 per Unit, based principally upon actual
oil production and estimated natural
gas production during the month of March 2018. The distribution is
payable June 14, 2018, to Unit Holders of record as of May 31,
2018.
The sale of San Juan Basin assets, including the oil and gas
interests from which the Trust’s royalty interest was carved
(“Subject Interests”), from Burlington Resources Oil & Gas
Company LP (“Burlington”) to Hilcorp San Juan L.P. (“Hilcorp”)
closed on July 31, 2017. Due to the transition from Burlington,
Hilcorp estimated revenue for the August 2017 through November 2017
production months. Furthermore, Hilcorp informed the Trust that it
estimated the natural gas revenue for the March 2018 production
month.
This May 2018 distribution includes a true-up of estimated
versus actual revenue and severance tax numbers for the August 2017
production month. The true-up resulted in an approximately $1.9
million reduction in gross proceeds. Hilcorp has not indicated when
further reconciliations and true-ups will occur.
Gas production for the Subject Interests totaled 2,918,216 Mcf
(3,242,462 MMBtu) for March 2018. Dividing revenues by production
volume yielded an average gas price for March 2018 of $1.86 per Mcf
($1.67 per MMBtu) as compared to an average gas price for February
2018 of $2.13 per Mcf ($1.92 MMBtu).
The average monthly gas price Hilcorp reports to the Trust is a
calculated price. It is determined by dividing gross monthly
revenue by production volume, and therefore, it does not represent
an average of actual sales prices. The average gas price may vary
from the posted index price for the San Juan Basin. The index price
is a gross sales price, and the revenues used in the calculation of
average gas prices are net of transportation, processing and
gathering costs. Furthermore, the distribution to the Trust in any
given month may include significant volume adjustments for sales in
prior months that reflect pricing for those prior months.
For the month ended March 2018, capital costs were $52,318.
Lease operating expenses and property taxes were $2,730,288.
Severance taxes were $907,005.
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version on businesswire.com: https://www.businesswire.com/news/home/20180518005042/en/
San Juan Basin Royalty TrustCompass Bank, TrusteeJoshua R.
Peterson, Vice President & Senior Trust OfficerKaye Wilke,
Investor Relations, toll-free: (866)
809-4553www.sjbrt.comsjt.us@bbva.com
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