San Juan Basin Royalty Trust Declares Cash Distribution for October 2021
October 19 2021 - 9:00AM
Business Wire
PNC Bank, National Association, as the successor 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 $3,155,671 or $0.067705
per Unit, based primarily upon the reported production during the
month of August 2021. The distribution is payable November 15,
2021, to Unit Holders of record as of October 29, 2021.
Hilcorp reported gross revenue of $7,582,753 and gross
production costs of $3,175,587 for the production month of August
2021. The gross production costs consist of lease operating
expenses of $2,130,925, severance taxes of $1,030,204, and capital
costs of $14,458.
For the production month of August 2021, Hilcorp reported to the
Trust profits of $4,407,166 gross ($3,305,374.43 net to the
Trust).
Based upon information provided to the Trust by Hilcorp, gas
production for the subject interests totaled 2,171,709 Mcf
(2,413,010 MMBtu) for August 2021, as compared to 2,147,718 Mcf
(2,386,353 MMBtu) for July 2021. Dividing revenues by production
volume yielded an average gas price for August 2021 of $3.37 per
Mcf ($3.04 per MMBtu), as compared to an average gas price for July
2021 of $3.28 per Mcf ($2.96 per MMBtu).
Hilcorp has informed the Trust that, in accordance with its new
accounting system implementation, it is continuing to report to the
Trust based on actual revenue and expenses for operated wells since
the production month of June 2021. Hilcorp has advised the Trust
that it still expects that by the end of 2021 it will complete the
process of actualizing, accounting for and reporting to the Trust
the operated revenue and severance tax computations for the four
production months (January through April 2021). At this time the
amount of these actualizations is unknown.
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 all payments made
by Hilcorp to the Trust, including adjustments, true-ups, and
recoupments. The Trustee continues to consult with outside counsel
to review the rights of the Trust with respect to these matters and
to evaluate any available potential legal remedies.
On June 1, 2021, The PNC Financial Services Group, Inc. (“PNC”)
announced that it had completed the purchase of BBVA USA
Bancshares, Inc., a financial holding company, including its U.S.
banking subsidiary, BBVA USA, an Alabama-chartered bank and trustee
of the Trust (“BBVA USA”). On October 8, 2021, PNC Bank, National
Association, an indirect wholly owned subsidiary of PNC (“PNC
Bank”), succeeded BBVA USA as the trustee of the Trust following
BBVA USA’s merger with and into PNC Bank.
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
James R. Wilharm, Senior Vice President
and Director of Trust Real Estate Services
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/20211019005736/en/
James R. Wilharm, Senior Vice President and Director of Trust
Real Estate Services Kaye Wilke, Investor Relations, toll-free:
(866) 809-4553
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