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San Juan Basin Royalty Trust reports developments tied to its royalty interest in natural gas and oil properties in the San Juan Basin of New Mexico. The trust's news centers on monthly cash distribution declarations for units of beneficial interest, net proceeds from subject interests operated by Hilcorp, and the effect of natural gas pricing, production costs, capital expenditures, and trust expenses on royalty income.
Updates also cover Hilcorp capital project plans for the subject interests, including drilling, recompletions, workovers, and natural gas compression facilities in formations such as Mesaverde, Mancos, Dakota, Fruitland Coal, and Pictured Cliffs. Recurring releases describe gas and oil revenue, production volumes, excess production costs, and the trustee's distribution decisions.
San Juan Basin Royalty Trust (NYSE: SJT) disclosed Hilcorp's calendar year 2026 capital plan for the Trust's subject interests, estimating $14.0 million in capital expenditures for 2026 across 32 projects.
About $11.5 million is budgeted for nine new vertical and six new horizontal drills, $2.0 million for 17 recompletions/workovers, and $0.5 million for facilities. Hilcorp said the plan is subject to revision and actual costs may vary. For 2025, projected capex was $9.0 million and actual spent was $8.3 million.
San Juan Basin Royalty Trust (NYSE: SJT) announced no cash distribution to Unit Holders for April 2025 due to excess production costs from Hilcorp's two horizontal wells drilled in 2024. The Trust must apply $3,435,269 in net proceeds to the remaining excess production costs balance of $12,869,691.
For February 2025, Hilcorp reported total revenue of $7,869,451 from the Subject Interests, with gas revenues of $7,685,519 and oil revenues of $183,932. Production costs were $3,289,092. Gas production volumes decreased to 2,287,310 Mcf from January's 2,689,216 Mcf, with average gas prices falling to $3.36 per Mcf from $3.74.
The Trust's cash reserves have declined to $117,797, with $140,724 being used for administrative expenses. The Trustee plans to replenish and increase reserves to $2.0 million before future distributions and is exploring credit options to cover administrative expenses until royalty income resumes.
San Juan Basin Royalty Trust (NYSE: SJT) announced no cash distribution to Unit Holders for March 2025 due to excess production costs from Hilcorp's drilling of two horizontal wells in 2024. The current balance of excess production costs is approximately $21.7M gross ($16.3M net to Trust).
For January 2025, Hilcorp reported total revenue of $10.15M from Subject Interests, with gas revenues of $10.06M and oil revenues of $88,082. Production costs were $4.61M, including $2.57M in lease operating expenses, $784,303 in severance taxes, and $1.26M in capital costs. Gas production totaled 2.69M Mcf at an average price of $3.74 per Mcf, up from $3.14 in December.
The Trust's cash reserves decreased to $258,521, with $253,619 used for administrative expenses. Hilcorp's 2025 capital project plan estimates $9.0M in expenditures, including $4.0M for seven new vertical drill projects, $4.5M for recompletions and workovers, and $0.5M for facilities projects.
San Juan Basin Royalty Trust (NYSE: SJT) announced no cash distribution for February 2025 due to excess production costs and low natural gas prices. The Trust reported total revenue of $8.69 million for December 2024, with production costs of $6.46 million. Cumulative excess production costs stand at $27.28 million gross ($20.46 million net to Trust).
Gas volumes for December 2024 totaled 2,669,858 Mcf at an average price of $3.14 per Mcf, compared to 2,261,819 Mcf at $2.10 per Mcf in November. The Trust's cash reserves decreased to $512,140, with plans to increase reserves to $2.0 million before future distributions.
Hilcorp's 2025 capital project plan estimates approximately $9.0 million in expenditures, including $4.0 million for new vertical drill projects, $4.5 million for recompletions and workovers, and $0.5 million for facilities projects.
San Juan Basin Royalty Trust (NYSE: SJT) announced Hilcorp Energy Company's 2025 capital project plan, estimating expenditures of $9.0 million for 29 projects. The budget allocation includes:
- $4.0 million for seven new vertical drill projects in Dakota/Mesaverde formations
- $4.5 million for 22 recompletions and workovers in Fruitland Coal formation
- $0.5 million for facilities projects related to natural gas compression
For comparison, in 2024, Hilcorp's capital expenditures through November totaled $33.6 million out of a projected $34.0 million, with $24.6 million spent on two horizontal drilling projects in the Mancos formation, $8.0 million on recompletions and workovers, and $1.0 million on facilities projects.
San Juan Basin Royalty Trust (NYSE: SJT) announced no cash distribution to Unit Holders for January 2025 due to excess production costs and low natural gas prices. Hilcorp reported total revenue of $4,880,618 from Subject Interests for November 2024, including $4,752,207 in gas revenues and $128,411 in oil revenues. However, production costs were significantly higher at $13,139,376.
The excess production costs of approximately $29.5 million gross ($22.1 million net to Trust) will be charged to next month's distribution. Gas volumes totaled 2,261,819 Mcf at an average price of $2.10 per Mcf, compared to 1,880,071 Mcf at $1.92 per Mcf in October 2024.
The Trust's cash reserves decreased to $651,323 after covering administrative expenses. The Trustee plans to replenish and increase cash reserves to $2.0 million before future distributions resume.
San Juan Basin Royalty Trust (NYSE: SJT) announced no cash distribution for December 2024 due to excess production costs and low natural gas prices. Hilcorp reported total revenue of $3,674,540 from Subject Interests for October 2024, but faced production costs of $7,059,218. The excess production costs of approximately $21.2 million gross will be charged to next month's distribution.
Gas volumes totaled 1,880,071 Mcf with an average price of $1.92 per Mcf for October 2024, compared to September's $1.42 per Mcf. The Trust's cash reserves will decrease to $760,919 after covering administrative expenses. The Trustee plans to replenish and increase cash reserves to $2.0 million before future distributions to Unit Holders.
San Juan Basin Royalty Trust (NYSE: SJT) announced no cash distribution for November 2024 due to excess production costs and low natural gas prices. Hilcorp reported total revenue of $2,853,533 from Subject Interests for September 2024, while production costs were $5,566,414. The excess production costs of approximately $17.86 million gross will be charged to next month's distribution. Gas volumes totaled 1,869,291 Mcf with an average price of $1.42 per Mcf, down from $1.79 in August. The Trust's cash reserves will decrease to $961,566 after covering administrative expenses, with plans to increase reserves to $2.0 million before future distributions.