[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The financial statements are prepared on a modified cash basis, not in accordance with U.S. GAAP, presenting condensed statements of assets, liabilities, trust corpus, and distributable income for the three and six months ended June 30, 2023, and 2022 Condensed Statements of Assets, Liabilities and Trust Corpus | | June 30, 2023 (Unaudited) | December 31, 2022 (Audited) | | :--- | :--- | :--- | | **ASSETS** | | | | Cash and short-term investments | $1,791,747 | $5,488,194 | | Net overriding royalty interest | $2,812,651 | $2,968,707 | | **Total Assets** | **$4,604,398** | **$8,456,901** | | **LIABILITIES AND TRUST CORPUS** | | | | Distribution payable to Unit Holders | $791,747 | $4,488,194 | | Cash reserves | $1,000,000 | $1,000,000 | | Trust corpus | $2,812,651 | $2,968,707 | | **Total Liabilities and Trust Corpus** | **$4,604,398** | **$8,456,901** | Condensed Statements of Distributable Income (Unaudited) | | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :--- | :--- | | | **2023** | **2022** | **2023** | **2022** | | Royalty income | $8,519,333 | $13,722,931 | $44,936,036 | $28,613,422 | | Interest income | $62,365 | $1,829 | $99,301 | $2,036 | | **Total income** | **$8,581,698** | **$13,724,760** | **$45,035,337** | **$28,615,458** | | General and administrative expenses | ($494,195) | ($381,718) | ($976,558) | ($903,189) | | **Distributable income** | **$8,087,503** | **$13,343,042** | **$44,058,779** | **$27,712,269** | | **Distributable income per Unit** | **$0.173518** | **$0.286277** | **$0.945289** | **$0.594571** | - The Trust's financial statements are prepared on a modified cash basis, differing from U.S. GAAP, by recording revenues when received, expenses when paid, and amortization directly to the Trust corpus[15](index=15&type=chunk) - Hilcorp's transition to a new accounting system may lead to future revisions for 2017-2020 production volumes, with the Trustee and third-party auditors conducting an ongoing comprehensive audit of all payments, costs, and adjustments[28](index=28&type=chunk) - Subsequent to quarter end, on July 21, 2023, the Trust announced a cash distribution of **$475,477.18**, or **$0.010201 per Unit**, paid on August 14, 2023[30](index=30&type=chunk) [Item 2. Trustee's Discussion and Analysis of Financial Condition and Results of Operations](index=7&type=section&id=Item%202.%20Trustee%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The Trust's income is primarily derived from a 75% net overriding royalty interest in San Juan Basin properties operated by Hilcorp, with Q2 2023 distributable income decreasing year-over-year due to lower natural gas prices and production volumes, while the six-month period saw an increase due to strong Q1 gas prices [Results of Operations](index=9&type=section&id=Results%20of%20Operations) Royalty income for Q2 2023 decreased to $8.5 million from $13.7 million in Q2 2022 due to lower natural gas production and prices, while for the first six months of 2023, it rose to $44.9 million from $28.6 million due to higher average gas prices Royalty Income Calculation (Three and Six Months Ended June 30) | | **Q2 2023** | **Q2 2022** | **H1 2023** | **H1 2022** | | :--- | :--- | :--- | :--- | :--- | | Gross proceeds | $21,320,395 | $28,479,389 | $83,572,633 | $59,670,919 | | Production Costs | $9,961,285 | $10,182,147 | $23,657,918 | $21,519,689 | | Net profits | $11,359,110 | $18,297,242 | $59,914,715 | $38,151,230 | | **Royalty Income (75%)** | **$8,519,333** | **$13,722,931** | **$44,936,036** | **$28,613,423** | - Q2 2023 Royalty Income decreased year-over-year due to lower production and natural gas prices, while H1 2023 Royalty Income increased due to higher natural gas prices in Q1 2023[52](index=52&type=chunk) Key Operating Metrics (YoY Comparison) | Metric | **Q2 2023** | **Q2 2022** | **H1 2023** | **H1 2022** | | :--- | :--- | :--- | :--- | :--- | | Avg. Gas Price (per Mcf) | $3.69 | $4.54 | $7.19 | $4.67 | | Gas Production (Mcf) | 5,613,332 | 6,073,883 | 11,476,831 | 12,304,960 | - Distributable income decreased to **$8.1 million** (**$0.173518/Unit**) in Q2 2023 from **$13.3 million** (**$0.286277/Unit**) in Q2 2022, but increased to **$44.1 million** (**$0.945289/Unit**) for the six-month period from **$27.7 million** (**$0.594571/Unit**)[60](index=60&type=chunk) [Liquidity and Capital Resources](index=11&type=section&id=Liquidity%20and%20Capital%20Resources) The Trust's main source of liquidity is Royalty Income from Hilcorp, used for expenses and distributions, with a stable $1.0 million cash reserve maintained for liabilities and contingencies - The Trust's principal source of liquidity is Royalty Income, used to fund expenses and distributions, with the Trust not liable for Production Costs[64](index=64&type=chunk) - As of June 30, 2023, cash reserves remained stable at **$1.0 million**, with no anticipated changes by the Trustee in 2023[63](index=63&type=chunk) - Hilcorp has estimated **$4.4 million** in 2023 capital expenditures for Subject Interests, allocated to well recompletions, workovers, and facilities projects[42](index=42&type=chunk)[55](index=55&type=chunk) [Natural Gas and Oil Production](index=11&type=section&id=Natural%20Gas%20and%20Oil%20Production) Production from Subject Interests decreased for both the three and six-month periods ending June 30, 2023, compared to 2022, influenced by changes in demand, market conditions, and capital spending Production and Average Prices for the Three Months Ended June 30, | | **2023** | **2022** | | :--- | :--- | :--- | | **Natural Gas** | | | | Subject Interests Production (Mcf) | 5,613,332 | 6,073,883 | | Average Price (per Mcf) | $3.69 | $4.54 | | **Oil and Condensate** | | | | Subject Interests Production (Bbls) | 9,105 | 8,250 | | Average Price (per Bbl) | $66.09 | $92.63 | Production and Average Prices for the Six Months Ended June 30, | | **2023** | **2022** | | :--- | :--- | :--- | | **Natural Gas** | | | | Subject Interests Production (Mcf) | 11,476,831 | 12,304,960 | | Average Price (per Mcf) | $7.19 | $4.67 | | **Oil and Condensate** | | | | Subject Interests Production (Bbls) | 14,709 | 14,290 | | Average Price (per Bbl) | $67.77 | $81.36 | [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=13&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The report does not provide new quantitative or qualitative disclosures about market risk, referring readers to the Trust's Annual Report on Form 10-K for the year ended December 31, 2022 - No new disclosures are provided, with the report referring to the Form 10-K for the year ended December 31, 2022, for market risk information[77](index=77&type=chunk)[78](index=78&type=chunk) [Item 4. Controls and Procedures](index=13&type=section&id=Item%204.%20Controls%20and%20Procedures) The Trustee concluded that the Trust's disclosure controls and procedures were effective as of June 30, 2023, at a "reasonable assurance" level, with ongoing audits of Hilcorp's data and no material changes to internal controls during the quarter - The Trustee concluded that the Trust's disclosure controls and procedures were effective at a "reasonable assurance" level as of June 30, 2023[84](index=84&type=chunk) - The Trust's ability to provide accurate and timely disclosures relies on information from Hilcorp, the operator of the underlying assets[79](index=79&type=chunk) - The Trustee and third-party compliance auditors are conducting an ongoing, comprehensive audit of payments and costs reported by Hilcorp, especially after its transition to a new accounting system[82](index=82&type=chunk) - No material changes to the Trust's internal control over financial reporting occurred during the quarter[85](index=85&type=chunk) [PART II. OTHER INFORMATION](index=14&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=14&type=section&id=Item%201.%20Legal%20Proceedings) The Trust reported no legal proceedings for the period - No legal proceedings were reported[87](index=87&type=chunk) [Item 1A. Risk Factors](index=14&type=section&id=Item%201A.%20Risk%20Factors) As a smaller reporting company, the Trust is not required to provide this information - Information on risk factors is not required for smaller reporting companies[87](index=87&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=14&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The Trust reported no unregistered sales of equity securities or use of proceeds - No unregistered sales of equity securities or use of proceeds were reported[87](index=87&type=chunk) [Item 3. Defaults Upon Senior Securities](index=14&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The Trust reported no defaults upon senior securities - No defaults upon senior securities were reported[87](index=87&type=chunk) [Item 4. Mine Safety Disclosures](index=14&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the Trust - This item is not applicable to the Trust[87](index=87&type=chunk) [Item 5. Other Information](index=14&type=section&id=Item%205.%20Other%20Information) The Trust reported no other information - No other information was reported[87](index=87&type=chunk) [Item 6. Exhibits](index=15&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the report, including the Amended and Restated Royalty Trust Indenture, the Net Overriding Royalty Conveyance, and certifications required by SEC rules - Exhibits include the Trust's governing documents and certifications by the Trustee's Senior Vice President, Ross C. Durr, as required by Rule 13a-14(a) and 13a-14(b)[88](index=88&type=chunk)

FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarterly Period Ended March 31, 2023 or Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _____ to _____ Commission File No. 001-08032 SAN JUAN BASIN ROYALTY TRUST (Exact name of registrant as specified in the Amended and Restated San Juan B ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Fiscal Year Ended December 31, 2022 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File No. 001-08032 San Juan Basin Royalty Trust (Exact name of registrant as specified in the Amended and Restated San Juan Basin Royalty Trus ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarterly Period Ended September 30, 2022 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _____ to _____ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securitie ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarterly Period Ended June 30, 2022 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _____ to _____ Commission File No. 001-08032 SAN JUAN BASIN ROYALTY TRUST (Exact name of registrant as specified in the Amended and Restated San Juan Ba ...

Financial Performance - Royalty income for Q1 2022 was $14,890,491, a 81.5% increase from $8,212,088 in Q1 2021[11] - Distributable income for Q1 2022 reached $14,369,227, compared to $7,751,242 in Q1 2021, reflecting an increase of 85.5%[11] - Distributable income per Unit increased to $0.308294 in Q1 2022 from $0.166304 in Q1 2021, marking an increase of 85.4%[11] - Royalty Income for Q1 2022 was $14,890,491, a 81.5% increase from $8,212,088 in Q1 2021, primarily due to higher natural gas prices[60] - Gross Proceeds from Subject Interests increased by approximately $15.6 million, or 100%, for Q1 2022 compared to Q1 2021, driven mainly by higher natural gas prices[54] - Distributable Income increased from $7.8 million ($0.166304 per Unit) in Q1 2021 to $14.4 million ($0.308294 per Unit) in Q1 2022[60] Production and Pricing - Natural gas production rose from 5,703,850 Mcf in Q1 2021 to 6,231,076 Mcf in Q1 2022, reflecting an increase of 9.2%[53] - The average natural gas price increased from $2.64 per Mcf in Q1 2021 to $4.79 per Mcf in Q1 2022[53] - Royalty Income for the three months ended March 31, 2022, was associated with oil and natural gas production of 6,231,076 Mcf and 6,040 Bbls, compared to 5,703,850 Mcf and 8,865 Bbls in the same period of 2021[68] - Average sales prices for oil and natural gas for the three months ended March 31, 2022, were $4.79 per Mcf and $65.97 per Bbl, compared to $2.64 per Mcf and $36.13 per Bbl in 2021[68] Expenses and Liabilities - General and administrative expenditures for Q1 2022 were $521,471, up from $461,258 in Q1 2021, an increase of 13.1%[11] - Severance taxes increased by approximately $3.1 million, or 374%, for Q1 2022 compared to Q1 2021, largely due to increased revenue and prior period corrections[57] - Lease operating expenses and property taxes rose by $3.7 million, or 103%, for Q1 2022 compared to Q1 2021, averaging approximately $2.5 million per month[58][59] - General and administrative expenses increased approximately 13% for the three months ended March 31, 2022, compared to the same period in 2021[63] Assets and Reserves - Total assets as of March 31, 2022, were $9,988,119, slightly up from $9,931,573 as of December 31, 2021[10] - Trust corpus decreased to $3,436,820 at the end of Q1 2022 from $3,690,847 at the end of Q4 2021, a decline of 6.9%[13] - The Trust's cash and short-term investments increased to $6,551,299 as of March 31, 2022, from $6,240,726 as of December 31, 2021[10] - Total cash reserves were $1.0 million as of March 31, 2022, with no anticipated increases in 2022[64] Operational Insights - Hilcorp does not anticipate materially reducing production or taking wells offline due to the current natural gas pricing environment[26] - There was no impairment of the Trust's assets as of March 31, 2022[18] - The fluctuations in natural gas production were influenced by non-operated true-ups and variances in capital spending[69] - The Trust believes it has sufficient capacity to draw upon cash reserves or borrow funds against the Royalty to cover operating expenses if Royalty Income is insufficient[66] - There were no changes to the contracts for the sale of production from the Subject Interests during the three months ended March 31, 2022[70] Governance and Controls - The Trustee has concluded that the Trust's internal disclosure controls and procedures are effective as of March 31, 2022[82]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Fiscal Year Ended December 31, 2021 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File No. 001-08032 San Juan Basin Royalty Trust (Exact name of registrant as specified in the Amended and Restated San Juan Basin Royalty Trust Indenture) (State o ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarterly Period Ended September 30, 2021 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to Commission File No. 001-08032 SAN JUAN BASIN ROYALTY TRUST (Exact name of registrant as specified in the Amended and Restated San Juan Basin Roy ...

FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarterly Period Ended June 30, 2021 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to Commission File No. 001-08032 SAN JUAN BASIN ROYALTY TRUST Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Exact name of registrant as specified in the Amended and Restated San Juan Basin Royalty ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarterly Period Ended March 31, 2021 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to Commission File No. 001-08032 Texas 75-6279898 (I.R.S. Employer Identification No.) BBVA USA 2200 Post Oak Blvd, Floor 18 Houston, Texas 77056 (Addr ...