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San Juan Basin Royalty Trust (SJT) reported that it will not declare a monthly cash distribution for September 2026 because production costs and capital expenditures on its subject interests continue to exceed gross proceeds and natural gas prices remain low. Cumulative excess production costs total $12,553,466 gross ($9,415,100 net to the Trust), increasing the deficit by $1,122,634 gross ($841,976 net) from the prior month. For July 2026 production, Hilcorp reported $4,293,096 of total revenue from the subject interests and $5,415,731 of production costs (excluding the excess-cost balance), resulting in no net royalty income. The Trust drew $44,606 on its line of credit, bringing the principal balance to $1,075,400, and will not resume cash distributions until excess production costs are fully repaid, a $2,000,000 reserve is replenished, and the line of credit (principal and interest) is repaid.
SAN JUAN BASIN ROYALTY TRUST (SJT) reported that it will not declare a cash distribution for August 2026, citing excess production costs on its Subject Interests and continued low natural gas prices. Cumulative excess production costs total $11,430,832 gross ($8,573,124 net to the Trust, an increase of $1,803,903 gross ($1,352,927 net) from the prior month. For June 2026 production, Hilcorp reported $3,181,295 of total revenue and $4,974,373 of production costs (excluding the excess cost balance), so net proceeds remain insufficient to reduce the deficit. The Trust states that no distributions will resume until future net proceeds fully repay excess production costs, replenish a $2,000,000 reserve, and repay principal and interest on the Texas Bank line of credit, whose outstanding principal will be $1,030,794 after the August draw.
San Juan Basin Royalty Trust reports continued financial stress for the quarter ended June 30, 2026. Cash and short-term investments fell to $4,019 from $23,298 at year-end 2025, while line-of-credit borrowings increased to $944,471 on a $2,000,000 facility secured by substantially all Trust assets.
The Trust received no Royalty Income in any month from May 2024 through June 2026; all reported income was interest. Cumulative Excess Production Costs rose to $9,258,749 ($6,944,062 net to the Trust), preventing any royalty payments from Hilcorp. Distributable losses were $(193,957) for the quarter and $(556,663) year-to-date, or $(0.00416) and $(0.01194) per Unit, with no distributions declared.
The Trustee discloses substantial doubt about the Trust’s ability to continue as a going concern within one year. Natural gas fundamentals deteriorated: average gas price dropped to $1.70/Mcf for the quarter (from $2.68/Mcf a year earlier), and gas production from the Subject Interests declined 14.8%. Hilcorp has a $14.0 million 2026 capital plan, of which $4.03 million had been spent by June 30, 2026.
Horizon Kinetics Asset Management LLC, a Delaware entity, reports beneficial ownership of 7,494,020 Units of San Juan Basin Royalty Trust, representing 16.1% of the class. It has sole voting and sole dispositive power over all of these Units, with no shared voting or dispositive power.
Horizon Kinetics Holding Corp., also organized in Delaware, is identified as the parent of Horizon Kinetics Asset Management LLC and may be deemed to beneficially own the same 7,494,020 Units through its wholly owned subsidiary.
San Juan Basin Royalty Trust reported that it will not declare a monthly cash distribution for July 2026. The decision reflects excess production costs from prior periods and continued low natural gas prices. Cumulative excess production costs are approximately $9,637,754 gross ($7,228,316 net to the Trust), and all net proceeds will continue to be applied to this deficit. Distributions will not resume until net proceeds fully repay this balance, replenish a $2,000,000 reserve, and repay principal and interest on the Texas Bank line of credit.
For the May 2026 production month, Hilcorp reported total revenue of $3,024,827 from the Subject Interests and production costs of $3,403,832, with gas volumes of 2,083,334 Mcf at an average price of $1.23 per Mcf. Trust administrative expenses for the month were $54,364, funded in part by a draw that brought the line of credit balance to $998,808 and left cash reserves at $3,891. Hilcorp has removed five of nine previously planned 2026 vertical wells, reducing capital spending by about $450,000, while the Trustee and independent auditors continue detailed reviews of Hilcorp’s reporting.
San Juan Basin Royalty Trust will pay no cash distribution for June 2026. The trustee reports that excess production costs and continued low natural gas prices left the Trust with a cumulative excess production cost balance of about $9.26 million gross ($6.94 million net to the Trust).
For April 2026 production, Hilcorp reported revenue from the subject interests of $3.02 million against production costs of $3.80 million (excluding the excess cost balance), so costs exceeded revenues. The average gas price was $1.28 per Mcf, slightly higher than March but still low.
All net proceeds will continue to be applied to the excess cost balance. No distributions will resume until excess costs are repaid, a $2.0 million reserve is replenished, and the Trust’s line of credit—whose outstanding principal will be $944,470 after a new draw—is fully repaid.
San Juan Basin Royalty Trust reported that it will not declare a monthly cash distribution for May 2026. Excess production costs from its royalty interests, combined with continued low natural gas prices, mean all current net proceeds are being used to cover past costs rather than pay unitholders.
Cumulative excess production costs total approximately $8.48 million gross ($6.36 million net to the Trust, up sharply from the prior month. For March 2026, revenue of about $2.81 million was outweighed by production costs of about $4.66 million, reinforcing the deficit. The Trust also continues to draw on a line of credit and use limited cash reserves to cover administrative expenses and interest.
No cash distributions will resume until future net proceeds fully repay excess production costs tied to new wells drilled in 2024, rebuild a $2 million reserve, and repay principal and interest on the Trust’s line of credit.
San Juan Basin Royalty Trust reports a first‑quarter 2026 distributable loss and continued suspension of unitholder distributions. The Trust generated no royalty income, only $201 of interest, against $371,825 of general and administrative expenses, resulting in a distributable loss of $362,706 or $0.007782 per unit.
Cumulative excess production costs stood at $6.19M gross ($4.64M net to the Trust) as of March 31, 2026, so all net proceeds are being applied to that balance instead of distributions. The Trust drew on a $2.0M credit line and owed $750,514, while cash reserves were only $14,380. These conditions, together with prolonged absence of royalty income, led the Trustee to state there is substantial doubt about the Trust’s ability to continue as a going concern.
Horizon Kinetics Asset Management LLC and Horizon Kinetics Holding Corp report beneficial ownership of 6,978,841 Units of Beneficial Interest in San Juan Basin Royalty Trust. The filing is an Amendment No. 5 to a Schedule 13G/A and shows 6,978,841 shares (15.0%) with sole voting and dispositive power.
The filing lists issuer principal office as Argent Trust Company in Dallas and is signed by General Counsel Jay Kesslen on 04/29/2026.
San Juan Basin Royalty Trust will pay no monthly cash distribution for April 2026. The Trustee cites excess production costs from prior periods on the Subject Interests and continued low natural gas prices, which together have eliminated royalty income for now.
Cumulative excess production costs stand at about $6.63 million gross ($4.97 million net to the Trust, and the deficit increased from last month. February 2026 revenues of $5.24 million were more than offset by $5.68 million of production costs, while average gas prices fell to $2.70 per Mcf.
No future distributions will be made until net proceeds fully repay excess production costs, restore a $2.0 million reserve, and repay principal and interest on the Trust’s line of credit, whose outstanding balance is $872,254. The Trust is relying on its line of credit and dwindling cash reserves to cover administrative expenses and interest.