---
title: "San Juan Basin Royalty Trust | 8-K: FY2026 Q1 Revenue: USD 5.237 M"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/283391656.md"
datetime: "2026-04-20T19:00:02.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/283391656.md)
  - [en](https://longbridge.com/en/news/283391656.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/283391656.md)
generator: "portal-rs"
---

# San Juan Basin Royalty Trust | 8-K: FY2026 Q1 Revenue: USD 5.237 M

Revenue: As of FY2026 Q1, the actual value is USD 5.237 M.

EBIT: As of FY2026 Q1, the actual value is USD -566.98 K.

#### Operational Metrics

San Juan Basin Royalty Trust announced that it would not declare a monthly cash distribution to the holders of its units of beneficial interest for April 2026, primarily due to excess production costs for the Trust’s subject interests during prior periods and continued low natural gas pricing .

#### Excess Production Costs

-   The balance of cumulative excess production costs is approximately $6,631,825 gross, or $4,973,869 net to the San Juan Basin Royalty Trust .
-   This represents an increase in the deficit of $445,006 gross, or $333,755 net to the San Juan Basin Royalty Trust, from the previous month’s reporting period .

#### Total Revenue from Subject Interests (February 2026)

-   Total revenue from the Subject Interests was $5,237,354 .
-   This consisted of $5,108,104 from gas revenues and $129,250 from oil revenues .

#### Production Costs (February 2026)

-   Total production costs for the Subject Interests were $5,682,360, excluding the balance of excess production costs .
-   These costs included $3,652,552 for lease operating expenses, $597,086 for severance taxes, and $1,432,722 for capital costs .

#### Trust Administrative Expenses

-   Trust administrative expenses totaled $126,748 .
-   Interest income amounted to $117 .
-   A draw of $121,741 from the Line of Credit was used to pay the balance of Trust administrative expenses for January .

#### Line of Credit

-   The outstanding principal balance on the Line of Credit is $872,254 .

#### Cash Reserves

-   Cash reserves in the amount of $4,890 were utilized to pay interest on the Line of Credit in April 2026 .
-   This brought the balance of cash reserves maintained by the San Juan Basin Royalty Trust to $9,367 .

#### Gas Volumes and Pricing

-   Gas volumes for the Subject Interests in February 2026 totaled 1,891,801 Mcf (2,102,001 MMBtu) .
-   This compares to 2,104,891 Mcf (2,338,767 MMBtu) in January 2026 .
-   The average gas price for February 2026 was $2.70 per Mcf ($2.43 per MMBtu) .
-   This represents a decrease of $0.26 per Mcf ($0.23 per MMBtu) from the average gas price of $2.96 per Mcf ($2.66 per MMBtu) in January 2026 .

#### Outlook / Guidance

San Juan Basin Royalty Trust will not declare a monthly cash distribution for April 2026 due to excess production costs incurred during prior periods and continued low natural gas pricing, indicating an expectation of ongoing challenging market conditions . Distributions will resume only after the balance of excess production costs is repaid, a $2,000,000 reserve is replenished, and the principal and interest on the Trust’s line of credit are repaid . Until the balance of excess production costs is paid in full, the Trust will not receive royalty income, as all net proceeds will be applied to this balance .

### Related Stocks

- [SJT.US](https://longbridge.com/en/quote/SJT.US.md)

## Related News & Research

- [SJT: No distributions were made as excess production costs and low gas prices drove negative income](https://longbridge.com/en/news/295833730.md)
- [SAN JUAN BASIN ROYALTY TRUST Q2 2026: Revenue $0 EPS N/A — 10-Q Summary](https://longbridge.com/en/news/295833887.md)
- [San Juan Basin Royalty Trust is Now Oversold (SJT)](https://longbridge.com/en/news/281421759.md)

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**