--- title: "San Juan Basin Royalty Trust | 10-Q: FY2026 Q1 Revenue: USD 0" type: "News" locale: "en" url: "https://longbridge.com/en/news/286439861.md" datetime: "2026-05-14T15:31:30.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286439861.md) - [en](https://longbridge.com/en/news/286439861.md) - [zh-HK](https://longbridge.com/zh-HK/news/286439861.md) generator: "portal-rs" --- # San Juan Basin Royalty Trust | 10-Q: FY2026 Q1 Revenue: USD 0 Revenue: As of FY2026 Q1, the actual value is USD 0. EPS: As of FY2026 Q1, the actual value is USD -0.0078. #### Distributable Income San Juan Basin Royalty Trust reported a distributable loss of - $362,706 for the three months ended March 31, 2026, which is a decrease from $0 for the same period in 2025. This resulted in a distributable loss per Unit of - $0.007782 for the three months ended March 31, 2026, compared to $0 in the prior year period. #### Royalty Income The Trust received no Royalty Income for the three months ended March 31, 2026, or 2025. #### Total Gross Proceeds from Subject Interests Total Gross Proceeds from Subject Interests decreased by approximately $8.6 million, or 36.3%, to $15,100,926 for the three months ended March 31, 2026, from $23,720,413 for the same period in 2025. **Natural Gas Gross Proceeds**: Totaled $18,091,551 for Q1 2026, down from $23,206,718 for Q1 2025. **Oil Gross Proceeds**: Totaled $481,603 for Q1 2026, down from $513,695 for Q1 2025. **Other Gross Proceeds**: Included a - $3,472,228 (gross) / - $2,604,171 (net to Trust) prior period adjustment for 2017-2020 in Q1 2026. #### Total Production Costs Total Production Costs decreased to $12,849,209 for the three months ended March 31, 2026, from $24,212,351 for the same period in 2025. **Capital Expenditures**: Decreased significantly by approximately $13,288,790 to $758,570 for Q1 2026, from $14,047,360 for Q1 2025. **Lease Operating Expense and Property Tax**: Increased by $2.26 million, or 28.4%, to $10,222,348 for Q1 2026, compared to $7,958,418 for Q1 2025. **Severance Taxes**: Decreased by approximately $0.3 million, or 15%, for Q1 2026, compared to Q1 2025. #### Excess Production Costs As of March 31, 2026, the balance of Cumulative Excess Production Costs was $6,186,819 gross ($4,640,115 net to the Trust), down from $8,438,536 gross ($6,328,902 net to the Trust) as of December 31, 2025. Net proceeds of $2,251,717 were applied to recover these costs during Q1 2026. #### Other Income and Expenses - **Interest Income**: Decreased to $201 for Q1 2026 from $8,238 for Q1 2025. - **General and Administrative Expenses**: Decreased by $138,812 (27%) to - $371,825 for Q1 2026, from - $510,636 for Q1 2025. #### Liquidity and Cash Reserves Cash and Short-Term Investments totaled $14,380 as of March 31, 2026, down from $23,298 as of December 31, 2025. Cash reserves totaled $14,380 as of March 31, 2026. The outstanding balance on the line of credit was $750,514 as of March 31, 2026, up from $387,808 as of December 31, 2025. #### Production Volumes and Prices - **Natural Gas Production (Subject Interests)**: Decreased by 1,269,106 Mcf (17%) to 6,351,787 Mcf for Q1 2026, compared to 7,620,893 Mcf for Q1 2025. - **Natural Gas Production (Royalty)**: Increased by 3,141,219 Mcf (193%) to 1,514,001 Mcf for Q1 2026, compared to - 1,627,218 Mcf for Q1 2025. - **Oil Production (Subject Interests)**: Increased by 1,358 Bbls (16.3%) to 9,706 Bbls for Q1 2026, compared to 8,348 Bbls for Q1 2025. - **Oil Production (Royalty)**: Increased by 2,199 Bbls (68.7%) to 5,400 Bbls for Q1 2026, compared to 3,201 Bbls for Q1 2025. - **Average Natural Gas Price**: Decreased to $2.85 per Mcf for Q1 2026, from $2.99 per Mcf for Q1 2025. - **Average Oil Price**: Decreased to $49.62 per Bbl for Q1 2026, from $61.97 per Bbl for Q1 2025. #### Future Outlook and Strategy Hilcorp’s 2026 capital expenditures for the Subject Interests are estimated at $14.0 million for 32 projects, with $11.5 million allocated to new vertical and horizontal drill projects, and an additional $2.0 million for recompletion and workover projects. San Juan Basin Royalty Trust will not make cash distributions to Unit Holders until Excess Production Costs are extinguished, Trust liabilities are paid, and cash reserves are replenished to at least $2,000,000. The anticipated deficit in income raises substantial doubt about the Trust’s ability to continue as a going concern within one year after the financial statements’ issuance date. ### 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) - [Short Interest in Mfs Muni Inc Tr (NYSE:MFM) Declines By 42.7%](https://longbridge.com/en/news/296123614.md) - [BHP FY26 earnings attributable to shareholders rise 9% to US$9.83 billion; revenue climbs 15% to US$58.76 billion](https://longbridge.com/en/news/296182760.md) - [US, Canadian trade teams to meet again as tariffs deadline looms](https://longbridge.com/en/news/296623698.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**