San Juan Basin Royalty Trust Declares Cash Distribution for September 2023
19 Septiembre 2023 - 8:00AM
Business Wire
PNC Bank, National Association, as the trustee (the “Trustee”)
of the San Juan Basin Royalty Trust (the “Trust”) (NYSE: SJT),
today declared a monthly cash distribution to the holders (the
“Unit Holders”) of its units of beneficial interest (the “Units”)
of $2,507,212.89 or $0.053793 per Unit, based primarily upon the
reported production of the Trust’s subject interests (the “Subject
Interests”) during the month of July 2023. The distribution is
payable October 16, 2023, to the Unit Holders of record as of
September 29, 2023.
For the production month of July 2023, the owner of the Subject
Interests, Hilcorp San Juan L.P. and the operator of the Subject
Interests, Hilcorp Energy Company (collectively, “Hilcorp”),
reported to the Trust net profits of $3,586,018 ($2,689,513 net
royalty amount to the Trust).
Hilcorp reported $6,757,633 of total revenue from the Subject
Interests for the production month of July 2023, consisting of
$5,027,418 of gas revenues, $347,424 of oil revenues and $1,382,791
of other revenues. The other revenues amount is comprised of an
audit settlement payment and related interest for the 2017 through
2020 disputed expenses audit. For the Subject Interests, Hilcorp
reported $3,171,614 of production costs for the production month of
July 2023, consisting of $2,197,901 of lease operating expense,
$784,494 of severance taxes and $189,219 of capital costs.
Based upon the information that Hilcorp provided to the Trust,
gas volumes for the Subject Interests for July 2023 totaled
1,986,071 Mcf (2,206,745 MMBtu), as compared to 2,006,122 Mcf
(2,229,024 MMBtu) for June 2023. Dividing gas revenues by
production volume yielded an average gas price for July 2023 of
$2.53 per Mcf ($2.28 per MMBtu), as compared to an average gas
price for June 2023 of $1.88 per Mcf ($1.69 per MMBtu).
Production from the Subject Interests continues to be gathered,
processed, and sold under market sensitive and customary
agreements, as recommended for approval by the Trust’s Consultant.
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 payments made by Hilcorp to
the Trust, inclusive of sales revenues, production costs, capital
expenditures, adjustments, actualizations, and recoupments. The
Trust’s auditing process has also included detailed analysis of
Hilcorp’s pricing and rates charged. As previously disclosed in the
Trust’s filings, these revenues and costs (along with all costs)
are the subject of the Trust’s ongoing comprehensive audit process
by our professional consultants and outside counsel to ensure full
compliance with all the underlying operative Trust agreements and
evaluating all available potential remedies in the event there is
evidence of non-compliance.
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/20230919938398/en/
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 Ross Durr, RPL,
Senior Vice President & Mineral Interest Director Kaye Wilke,
Investor Relations, toll-free: (866) 809-4553
San Juan Basin Royalty (NYSE:SJT)
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