San Juan Basin Royalty Trust Declares Cash Distribution for July 2021
July 20 2021 - 9:00AM
Business Wire
BBVA USA, 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 $3,949,643.61 or $0.084740 per Unit, based primarily
upon estimated production during the month of May 2021, subject to
certain adjustments by the owner of the Trust’s subject interests,
Hilcorp San Juan L.P. (“Hilcorp”), for prior months. The
distribution is payable August 13, 2021, to Unit Holders of record
as of July 30, 2021.
Based upon information provided to the Trust by Hilcorp, gas
production for the subject interests totaled 2,695,014 Mcf
(2,994,460 MMBtu) for May 2021, as compared to 2,498,553 Mcf
(2,776,171 MMBtu) for April 2021. Dividing revenues by production
volume yielded an average gas price for May 2021 of $1.88 per Mcf
($1.69 per MMBtu), as compared to an average gas price for April
2021 of $1.67 per Mcf ($1.50 per MMBtu).
Hilcorp informed the Trust that due to Hilcorp’s transition to a
new accounting system, the May 2021 reporting month is based on
estimated revenue and estimated severance tax and actuals for lease
operating expenses, property taxes and capital costs.
Hilcorp has advised the Trust that the May 2021 reporting month
included additional profits of $2,559,341 gross ($1,919,505 net to
the Trust) based on true-ups to the lease operating expense,
property tax and capital cost categories for the January 2021
through April 2021 production months.
For the month ended May 2021, Hilcorp reported to the Trust
capital costs of negative $165,551 (credit to the Trust due to
true-ups), lease operating expenses and property taxes of negative
$257,938 (credit to the Trust due to true-ups), and severance taxes
of $528,225. Hilcorp also reported that for the reporting month of
May 2021, other income included an estimated $100,000 for
non-operated revenue, $35,877 for the settlement of audit
exceptions, and $38,806 in interest from true-ups.
Contact:
San Juan Basin Royalty Trust
BBVA USA, Trustee
2200 Post Oak Blvd., Floor 18
Houston, TX 77056
website: www.sjbrt.com
e-mail: sjt.us@bbva.com
Joshua R. Peterson, Head of Trust Real
Assets & Mineral Resources
and Senior Vice President
Kaye Wilke, Investor Relations, toll-free:
(866) 809-4553
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/20210720005265/en/
Joshua R. Peterson, Head of Trust Real Assets & Mineral
Resources and Senior Vice President Kaye Wilke, Investor Relations,
toll-free: (866) 809-4553
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