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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.
BBVA USA, as Trustee of the San Juan Basin Royalty Trust (NYSE:SJT), announced a monthly cash distribution of $2,472,277.06, totaling $0.053043 per Unit, based on January 2021 production estimates. Payments will be made on April 14, 2021, to those on record as of March 31, 2021. Notably, gas production for January 2021 was 2,631,464 Mcf, an increase from December's 1,643,882 Mcf. However, the average gas price decreased from $2.66 to $2.36 per Mcf. A negative adjustment of $68,164 gross was also reported due to prior month true-ups.
The San Juan Basin Royalty Trust (NYSE:SJT) has received Hilcorp Energy Company's 2021 capital project plan, estimating capital expenditures at $0.3 million. The plan focuses on natural gas compression projects. Due to current low natural gas prices, Hilcorp will not pursue new drilling or recompletion activities in 2021. In the previous year, Hilcorp's capital expenditures were approximately $0.4 million, also primarily for gas compression projects. The Trust's future performance may be impacted by price volatility, regulatory actions, and reserves estimates.
San Juan Basin Royalty Trust (NYSE:SJT) declared a monthly cash distribution of $2,547,730.20, equating to $0.054662 per Unit, based on December 2020 production. This distribution will be paid on March 12, 2021, to holders of record as of February 26, 2021. Gas production totaled 1,643,882 Mcf in December 2020, up from 1,428,504 Mcf in November 2020, yet the average gas price dropped from $3.14 per Mcf in November to $2.66 per Mcf in December. Adjustments included a negative impact of $3,573 net to the Trust. Capital costs and expenses were also reported for December 2020.
BBVA USA, Trustee of the San Juan Basin Royalty Trust (NYSE:SJT), has announced a monthly cash distribution totaling $2,731,234.93, equating to $0.058599 per Unit, based on November 2020 production data. The distribution is scheduled for February 12, 2021, to Unit Holders of record as of January 29, 2021. November saw gas production at 1,428,504 Mcf, with an average price of $3.14 per Mcf, a significant increase from $1.52 in October. Additional profits of $717,922 gross were reported due to previous months' adjustments.
BBVA USA, Trustee of the San Juan Basin Royalty Trust (NYSE:SJT), announced a monthly cash distribution of $286,468.03, or $0.006146 per Unit, based on October 2020 production. This distribution is payable on January 15, 2021, to Unit Holders of record as of December 31, 2020. Gas production for October totaled 1,440,001 Mcf, a decline from September's 2,218,752 Mcf. The average gas price dropped from $1.87 per Mcf in September to $1.52 per Mcf in October. Additionally, a negative adjustment of $1,119,899 gross was reported for previous months, impacting net revenues.
BBVA USA, as Trustee of the San Juan Basin Royalty Trust (NYSE:SJT), announced a monthly cash distribution totaling $1,277,407.59 or $0.027407 per Unit, based on September 2020 production. This is a decrease in gas production, totaling 2,218,752 Mcf, compared to 2,598,335 Mcf in August 2020. The average gas price rose to $1.87 per Mcf from $1.52 the previous month. Additionally, the reporting month included $71,802 in additional profits due to true-ups. The distribution is payable on December 14, 2020, to Unit Holders of record as of November 30, 2020.