San Juan Basin Royalty Trust Declares October Cash Distribution
October 19 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
(the “Unit Holders”) of $3,518,388 or $0.075488 per Unit, based
primarily upon production during the month of August 2018, subject
to certain adjustments for prior months, and a reversal for prior
capital expenditures (including interest) erroneously charged to
the Trust for the month of July 2018. The distribution is payable
November 15, 2018, to Unit Holders of record as of October 31,
2018.
Based upon information provided to the Trust by the operator of
the Trust’s subject interests, Hilcorp San Juan L.P. (“Hilcorp”),
gas production for the Subject Interests totaled 2,530,624 Mcf
(2,811,804 MMBtu) for August 2018, as compared to 3,038,035 Mcf
(3,375,595 MMBtu) for July 2018. Dividing revenues by production
volume yielded an average gas price for August 2018 of $2.25 per
Mcf ($2.02 per MMBtu), as compared to an average gas price for July
2018 of $1.77 per Mcf ($1.59 MMBtu).
Hilcorp’s royalty payment calculation includes a $2.37 million
reversal of capital expenditures for certain well recompletions
that were erroneously charged to the Trust, plus interest. The
Trust will replenish its cash reserves by $97,909, which is the
amount utilized last month to pay the Trust’s administrative
expenses.
Hilcorp has advised the Trust that for the reporting month of
August 2018, oil and gas production was accrued based on actual
production volumes, including an estimate of $169,000 for
non-operated revenue. For the month ended August 2018, Hilcorp
reported to the Trust lease operating expenses and property taxes
of $2,549,734 and severance taxes of $799,051. There were no
capital costs charged to the Trust for the reporting month of
August. Hilcorp is reviewing its Revised 2018 Capital Expenditure
Plan that the Trust disclosed on September 20, 2018, to determine
how much of the disclosed future capital expenses would remain
attributable to the Trust. The Trust intends to continue to
disclose promptly such information to its Unit Holders following
receipt and verification.
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 “expects,” “estimates,” “anticipates,” “should,” “plan,”
“intend,” 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/20181019005050/en/
San Juan Basin Royalty TrustCompass Bank, TrusteeJoshua R.
Peterson, Senior Vice President & Trust OfficerKaye Wilke,
Investor Relations, toll-free:
866-809-4553www.sjbrt.comsjt.us@bbva.com
San Juan Basin Royalty (NYSE:SJT)
Historical Stock Chart
From Mar 2024 to Apr 2024
San Juan Basin Royalty (NYSE:SJT)
Historical Stock Chart
From Apr 2023 to Apr 2024