---
title: "San Juan Basin Royalty Trust | 8-K: FY2025 Q4 Revenue: USD 5.076 M"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/273128685.md"
datetime: "2026-01-20T20:31:51.000Z"
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  - [zh-CN](https://longbridge.com/zh-CN/news/273128685.md)
  - [en](https://longbridge.com/en/news/273128685.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/273128685.md)
---

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# San Juan Basin Royalty Trust | 8-K: FY2025 Q4 Revenue: USD 5.076 M

Revenue: As of FY2025 Q4, the actual value is USD 5.076 M.

#### Operational Decision

San Juan Basin Royalty Trust did not declare a monthly cash distribution to its unit holders for January .

#### Financial Condition and Contributing Factors

This decision was due to excess production costs for the Trust’s subject interests during prior periods and continued low natural gas pricing .

#### Excess Production Costs

Cumulative excess production costs were approximately $7,511,080 gross, or $5,633,310 net to the Trust . This represents a decrease in the deficit of $927,456 gross, or $695,592 net to the Trust, from the previous month’s reporting period .

#### Revenue from Subject Interests (November 2025)

Total revenue from the Subject Interests was $5,075,636 for November 2025 . This included $4,896,521 in gas revenues and $179,115 in oil revenues .

#### Production Costs from Subject Interests (November 2025)

Production costs, excluding the balance of excess production costs, totaled $4,148,180 for November 2025 . This amount comprised $3,511,020 for lease operating expenses, $499,988 for severance taxes, and $137,172 for capital costs .

#### Trust Administrative Expenses

Trust administrative expenses for the month totaled $91,798 .

#### Other Financials

Interest income for the month was $74 . A draw of $89,175 from the Line of Credit was used to pay the balance of Trust administrative expenses, bringing the outstanding principal balance on the Line of Credit to $476,983 . Cash reserves of $2,549 will be utilized in January 2026 to pay interest on the Line of Credit, resulting in a balance of cash reserves maintained by the Trust of $20,626 .

#### Gas Volumes

Gas volumes for the Subject Interests in November 2025 totaled 2,129,654 Mcf (2,537,395 MMBtu) . This compares to 2,297,504 Mcf (2,552,782 MMBtu) in October 2025 .

#### Average Gas Price

The average gas price for November 2025 was $2.30 per Mcf ($2.07 per MMBtu) . This represents an increase of $0.07 per Mcf ($0.06 per MMBtu) from the October 2025 average price of $2.23 per Mcf ($2.01 per MMBtu) .

#### Outlook / Guidance

San Juan Basin Royalty Trust will not declare a cash distribution for January 2026 due to excess production costs and continued low natural gas pricing . Distributions will only resume after the balance of excess production costs is repaid, a $2,000,000 reserve is replenished, and the principal and interest on the Line of Credit are repaid . The Trust is also conducting an ongoing comprehensive audit process of Hilcorp’s payments and compliance with operative Trust agreements .

### Related Stocks

- [San Juan Basin Royalty Trust (SJT.US)](https://longbridge.com/en/quote/SJT.US.md)

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