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Mesa Royalty Trust (MTR) reported that there will be no distribution to unitholders for September 2026 because costs, charges and expenses attributable to its royalty properties exceeded revenue from the sale of oil, natural gas and other hydrocarbons. The trust holds an overriding royalty interest in producing properties in the Hugoton field of Kansas and the San Juan Basin fields of New Mexico and Colorado.
The trust reiterates that monthly distributions can fluctuate depending on production proceeds, commodity prices and administrative expenses, among other factors, and that distributions are expected to be materially reduced until cash reserves are increased to $2.0 million to provide added liquidity. The trust also notes substantial accumulated excess production costs, which have decreased distributions and may result in periods with no distributions.
MESA ROYALTY TRUST (MTR) reported monthly results indicating no distribution for August 2026. Costs, charges and expenses attributable to the Trust’s royalty properties exceeded revenue from the sale of oil, natural gas and other hydrocarbons, based on data reported by the working interest owners.
The Trust holds an overriding royalty interest in certain oil and gas properties in the Hugoton field of Kansas and the San Juan Basin fields of New Mexico and Colorado. Management reiterates that monthly distributions can fluctuate with production volumes, commodity prices and administrative expenses, and may be zero in some periods.
The Trust also notes that, as described in its recent Form 10-Q, distributions are expected to be materially reduced until cash reserves reach $2.0 million to provide added liquidity. Substantial accumulated excess production costs and industry volatility continue to affect net proceeds available for future distributions.
Mesa Royalty Trust reported lower royalty income and distributions for the quarter and six months ended June 30, 2026. For the quarter, royalty income was $155,031 versus $220,855 a year earlier, with distributable income available for distribution of $120,694, or $0.0648 per unit, compared with $176,336, or $0.0946 per unit, in 2025.
For the first six months of 2026, royalty income was $206,719 versus $331,817 in 2025, and distributable income available for distribution was $134,203, or $0.0720 per unit, down from $237,942, or $0.1277 per unit. All royalty income in the period came from the San Juan Basin – New Mexico Properties operated by Hilcorp; the Hugoton and San Juan Basin – Colorado properties generated no royalty income due to excess production costs and true-up adjustments. The Trustee increased the Contingent Reserve to $1,946,006 with an intention to reach $2.0 million, which reduces near-term Net Proceeds and distributions.
Mesa Royalty Trust reported that there will be no cash distribution for July 2026, because costs, charges and expenses related to its royalty properties exceeded revenue from sales of oil, natural gas and other hydrocarbons, as reported by the working interest owners.
The Trust explains that monthly distributions can fluctuate and notes that distributions are expected to be materially reduced while it builds cash reserves to a total of $2.0 million to provide added liquidity. It also cites substantial accumulated excess production costs and industry volatility, which can lead to additional periods with no distributions.
Mesa Royalty Trust reported that there will be no cash distribution for June 2026. Costs, charges and expenses tied to its royalty properties exceeded the revenue from oil, natural gas and other hydrocarbons reported by working interest owners, leaving no proceeds for unitholders.
The Trust reiterates that distributions can fluctuate based on production, commodity prices and administrative expenses. It also highlights that distributions are expected to be materially reduced until cash reserves reach $2.0 million to provide added liquidity, and that accumulated excess production costs may lead to further periods with no distributions.
Mesa Royalty Trust reported its May 2026 cash distribution to unitholders. Unitholders of record on May 29, 2026 will receive $0.024505172 per unit, payable on July 31, 2026. The Trust received $54,382 in May, all from its New Mexico San Juan Basin properties, resulting in $45,668 of distributable net profits after administrative expenses.
The Trust reiterated that monthly distributions can fluctuate with production levels, oil and gas prices and expenses. It also highlighted that distributions are expected to be materially reduced while it builds cash reserves to $2.0 million, and that substantial accumulated excess production costs could at times result in no distributions to unitholders.
Mesa Royalty Trust reported sharply weaker cash flow for the quarter ended March 31, 2026. Royalty income fell to $51,687 from $110,963 a year earlier, with all royalties coming from the San Juan Basin – New Mexico properties operated by Hilcorp. Higher operating and capital costs, including an environmental settlement and a large joint-venture true-up, significantly reduced net proceeds.
Distributable income available for distribution dropped to $13,509, or $0.0072 per unit, compared with $0.0331 per unit a year earlier, despite stable units outstanding of 1,863,590. The Trustee increased the Contingent Reserve to $1,936,110 and plans to build it to $2.0 million, which may further limit near-term distributions, especially if commodity prices and net proceeds remain pressured.
Mesa Royalty Trust reported its April 2026 distribution and highlighted ongoing pressure on future payouts. Unitholders of record on April 30, 2026 will receive $0.040259155 per unit, payable July 31, 2026. The Trust received $96,591 in April, all from the New Mexico portion of its San Juan Basin properties operated by Hilcorp San Juan LP, with no income from other working interest owners. After administrative expenses, distributable net profits were $75,027.
The Trust reiterates that monthly distributions fluctuate with production volumes, oil and gas prices, and expenses. It also reminds investors that, as described in its filings, distributions are expected to be materially reduced until cash reserves reach $2.0 million. Substantial accumulated excess production costs and ongoing volatility in revenues and expenses could further reduce, or in some periods eliminate, distributions to unitholders.
Mesa Royalty Trust files its annual report describing its gas-weighted royalty interests in the Hugoton field and the San Juan Basin. The Trust holds an overriding royalty equal to 11.44% of 90% of Net Proceeds from these properties and has no operations of its own.
The Trust had 1,863,590 Units of Beneficial Interest outstanding as of March 24, 2026, with nonaffiliate units valued at about $10.2 million as of June 30, 2025. An independent engineer estimated total proved reserves of 5,885 MMcf of natural gas plus small associated liquids, with a standardized measure of future net royalty income of $11.0 million.
The Trust distributes cash quarterly from royalty income after expenses and reserves, and will terminate if royalty income stays below $250,000 for two successive years or if unitholders vote to end it. Key risks center on volatile natural gas prices, rising production costs, limited control over operators, regulatory and environmental requirements, and potential cyber or operational disruptions that could reduce Net Proceeds and distributions.
Mesa Royalty Trust reported its March 2026 royalty income and monthly cash distribution. Unitholders of record on March 31, 2026 will receive $0.005730260 per unit, payable on April 30, 2026.
The Trust received $33,481 in March, all from the New Mexico portion of its San Juan Basin properties operated by Hilcorp San Juan LP, with no income from other working interest owners. After administrative expenses, distributable net profits were $10,679.
The Trust reiterates that monthly payouts can fluctuate with production, commodity prices and expenses. It also notes that distributions are expected to be materially reduced while it builds cash reserves to $2.0 million, and that accumulated excess production costs and industry volatility could further reduce or eliminate future distributions in some periods.