<span item_type="fundamental" item_id="da4f1533f2171d007a07651f03aa8eea" counter_id="ST/US/SJT" env="prod"></span><span item_type="announcement" item_id="595398095767344129" env="prod"></span><p>Revenue: As of FY2025 Q4, the actual value is USD 5.302 M.</p><p>EBIT: As of FY2025 Q4, the actual value is USD 1.932 M.</p><p></p><h3>Financial Metrics Summary</h3><h4>Operational Metrics</h4><ul><li>The San Juan Basin Royalty Trust announced that it would not declare a monthly cash distribution for December due to excess production costs for the Trust’s subject interests during prior periods 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/319655/000119312525326039/sjt_december_2025_8-k.htm"></span></li></ul><h4>Revenue and Production Costs</h4><ul><li><strong>Total Revenue</strong>: Hilcorp reported $5,302,314 of total revenue from the Subject Interests for the production month of October 2025, consisting of $5,120,863 of gas revenues and $181,451 of oil revenues.<span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/319655/000119312525326039/sjt-ex99_1.htm"></span></li><li><strong>Production Costs</strong>: For the Subject Interests, Hilcorp reported $3,288,829 of production costs for October 2025, consisting of $2,870,986 of lease operating expenses, $265,067 of severance taxes, and $152,776 of capital costs.<span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/319655/000119312525326039/sjt-ex99_1.htm"></span></li></ul><h4>Operational Metrics</h4><ul><li><strong>Excess Production Costs</strong>: The balance of cumulative excess production costs is approximately $8,438,536 gross ($6,328,902 net to the Trust), a decrease of $2,013,485 gross ($1,510,114 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/319655/000119312525326039/sjt-ex99_1.htm"></span></li></ul><h4>Cash Flow</h4><ul><li><strong>Line of Credit</strong>: A draw of $81,134 from the Line of Credit was used to pay the balance of Trust administrative expenses for November, bringing the outstanding principal balance on the Line of Credit to $387,808.<span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/319655/000119312525326039/sjt-ex99_1.htm"></span></li></ul><h4>Unique Metrics</h4><ul><li><strong>Gas Volumes and Pricing</strong>: Gas volumes for October 2025 totaled 2,297,504 Mcf (2,552,782 MMBtu), with an average gas price of $2.23 per Mcf ($2.01 per MMBtu), an increase from September 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/319655/000119312525326039/sjt-ex99_1.htm"></span></li></ul><h4>Outlook / Guidance</h4><ul><li>The Trust’s decision not to declare a cash distribution reflects ongoing financial challenges, including excess production costs and low natural gas prices, which are expected to continue impacting financial performance.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/319655/000119312525326039/sjt_december_2025_8-k.htm"></span></li><li>Future distributions will resume once net proceeds are sufficient to repay the balance of excess production costs, replenish a reserve, and repay the principal and interest on the Trust’s line of credit.<span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/319655/000119312525326039/sjt-ex99_1.htm"></span></li></ul>

San Juan Basin Royalty Trust | 8-K: FY2025 Q4 Revenue: USD 5.302 M