<span item_type="fundamental" item_id="f976b73cecdf26cda78995b71e9ce454" counter_id="ST/US/SJT" env="prod"></span><span item_type="announcement" item_id="583824717132796929" env="prod"></span><p>Revenue: As of FY2025 Q4, the actual value is USD 4.726 M.</p><p>EBIT: As of FY2025 Q4, the actual value is USD 1.159 M.</p><p></p><h3>Financial Metrics Summary</h3><h4>Revenue and Operational Metrics</h4><ul><li>The San Juan Basin Royalty Trust announced that it would not declare a monthly cash distribution for November due to excess production costs and continued low natural gas pricing.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/319655/000119312525284245/sjt_november_2025_8-k.htm"></span></li></ul><h4>Revenue</h4><ul><li>Total revenue from the Subject Interests for September 2025 was $4,725,794, consisting of $4,608,663 from gas revenues and $117,131 from oil revenues.<span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/319655/000119312525284245/sjt-ex99_1.htm"></span></li></ul><h4>Production Costs</h4><ul><li>Production costs for September 2025 were $3,547,190, which included $3,051,095 in lease operating expenses, $328,764 in severance taxes, and $167,331 in capital costs.<span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/319655/000119312525284245/sjt-ex99_1.htm"></span></li></ul><h4>Cash Flow</h4><ul><li>The Trust reported no cash distribution for November 2025 due to excess production costs and low natural gas pricing. The cumulative excess production costs were approximately $10,452,021 gross ($7,839,016 net to the Trust), a decrease of $1,178,604 gross ($883,953 net to the Trust) from the previous month.<span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/319655/000119312525284245/sjt-ex99_1.htm"></span></li></ul><h4>Administrative Expenses</h4><ul><li>Trust administrative expenses for November 2025 totaled $21,200. Interest income of $98 and a draw of $13,234 from the Line of Credit were used to pay these expenses, bringing the outstanding principal balance on the Line of Credit to $306,674.<span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/319655/000119312525284245/sjt-ex99_1.htm"></span></li></ul><h4>Cash Reserves</h4><ul><li>Cash reserves were used to pay interest on the Line of Credit, reducing the cash reserves to $25,208.<span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/319655/000119312525284245/sjt-ex99_1.htm"></span></li></ul><h4>Unique Metrics</h4><ul><li>The decision to withhold the cash distribution was influenced by excess production costs for the Trust’s subject interests during prior periods.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/319655/000119312525284245/sjt_november_2025_8-k.htm"></span></li></ul><h4>Outlook / Guidance</h4><ul><li>The Trust’s decision not to declare a cash distribution reflects ongoing challenges with low natural gas prices and excess production costs, indicating a cautious outlook for future distributions.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/319655/000119312525284245/sjt_november_2025_8-k.htm"></span> The Trust will not receive royalty income until the balance of excess production costs is paid in full, a reserve of $2,000,000 is replenished, and the Line of Credit is repaid. The Trust continues to engage with Hilcorp regarding accounting and reporting, and audits are ongoing to ensure compliance with Trust agreements.<span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/319655/000119312525284245/sjt-ex99_1.htm"></span></li></ul>

San Juan Basin Royalty Trust | 8-K: FY2025 Q4 Revenue: USD 4.726 M