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San Juan Basin Royalty Trust Declares No Cash Distribution for February 2025
SJTSan Juan Basin Royalty Trust(SJT) Prnewswire·2025-02-18 14:30

Core Viewpoint - Argent Trust Company, as the trustee of the San Juan Basin Royalty Trust, will not declare a monthly cash distribution to Unit Holders due to excess production costs and low natural gas pricing during December 2024 [1] Financial Performance - Hilcorp reported total revenue of 8,687,779forDecember2024,withgasrevenuesof8,687,779 for December 2024, with gas revenues of 8,390,577 and oil revenues of 297,202[2]−ProductioncostsforDecember2024were297,202 [2] - Production costs for December 2024 were 6,459,217, which included lease operating expenses of 2,751,758,severancetaxesof2,751,758, severance taxes of 825,059, and capital costs of 2,882,401[2]−Cumulativeexcessproductioncostsamountedtoapproximately2,882,401 [2] - Cumulative excess production costs amounted to approximately 27,278,204 gross (20,458,653nettotheTrust),reflectingadecreaseinthedeficitof20,458,653 net to the Trust), reflecting a decrease in the deficit of 2,228,562 gross (1,671,422net)fromthepreviousmonth[3]CashReservesandAdministrativeExpenses−Trustadministrativeexpensesforthemonthtotaled1,671,422 net) from the previous month [3] Cash Reserves and Administrative Expenses - Trust administrative expenses for the month totaled 141,887, with interest income of 2,703.69appliedtocoverpartoftheseexpenses[3]−Cashreserveswereutilizedtocoverremainingadministrativeexpenses,bringingthebalanceofcashreservesto2,703.69 applied to cover part of these expenses [3] - Cash reserves were utilized to cover remaining administrative expenses, bringing the balance of cash reserves to 512,140, with plans to increase reserves to 2.0millionbeforefuturedistributions[5]ProductionandPricing−GasvolumesforDecember2024were2,669,858Mcf(2,966,509MMBtu),anincreasefrom2,261,819Mcf(2,513,132MMBtu)inNovember2024[4]−TheaveragegaspriceforDecember2024was2.0 million before future distributions [5] Production and Pricing - Gas volumes for December 2024 were 2,669,858 Mcf (2,966,509 MMBtu), an increase from 2,261,819 Mcf (2,513,132 MMBtu) in November 2024 [4] - The average gas price for December 2024 was 3.14 per Mcf (2.83perMMBtu),upfrom2.83 per MMBtu), up from 2.10 per Mcf (1.89perMMBtu)inNovember2024[4]FutureCapitalExpenditures−Hilcorp′s2025capitalprojectplanestimatescapitalexpendituresofapproximately1.89 per MMBtu) in November 2024 [4] Future Capital Expenditures - Hilcorp's 2025 capital project plan estimates capital expenditures of approximately 9.0 million, with allocations for new vertical drill projects, recompletions, and facilities projects [7][8]