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 $8,687,779 for December 2024, with gas revenues of $8,390,577 and oil revenues of $297,202 [2] - Production costs for December 2024 were $6,459,217, which included lease operating expenses of $2,751,758, severance taxes of $825,059, and capital costs of $2,882,401 [2] - Cumulative excess production costs amounted to approximately $27,278,204 gross ($20,458,653 net to the Trust), reflecting a decrease in the deficit of $2,228,562 gross ($1,671,422 net) from the previous month [3] Cash Reserves and Administrative Expenses - Trust administrative expenses for the month totaled $141,887, with interest income of $2,703.69 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 $2.0 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 ($2.83 per MMBtu), up from $2.10 per Mcf ($1.89 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]
San Juan Basin Royalty Trust Declares No Cash Distribution for February 2025