San Juan Basin Royalty Trust Declares Cash Distribution for May 2023
May 19 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 $2,457,421.28 or $0.052724 per Unit, based primarily upon the
reported production of the Trust’s subject interests (the “Subject
Interests”) during the month of March 2023. The distribution is
payable June 14, 2023, to the Unit Holders of record as of May 31,
2023.
For the production month of March 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 $3,607,479 ($2,705,609 net
royalty amount to the Trust).
Hilcorp reported $6,434,183 of total revenue from the Subject
Interests for the production month of March 2023, consisting of
$6,239,196 of gas revenues and $194,987 of oil revenues. For the
Subject Interests, Hilcorp reported $2,826,704 of production costs
for the production month of March 2023, consisting of $1,991,045 of
lease operating expense, $801,290 of severance taxes and $34,369 of
capital costs.
Based upon the information that Hilcorp provided to the Trust,
gas volumes for the Subject Interests for March 2023 totaled
2,078,429 Mcf (2,309,365 MMBtu), as compared to 1,649,392 Mcf
(1,832,658 MMBtu) for February 2023. Dividing gas revenues by
production volume yielded an average gas price for March 2023 of
$3.00 per Mcf ($2.70 per MMBtu), as compared to an average gas
price for February 2023 of $6.29 per Mcf ($5.66 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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version on businesswire.com: https://www.businesswire.com/news/home/20230519005205/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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