San Juan Basin Royalty Trust | 8-K: FY2026 Q2 Revenue: USD 3.025 M

Revenue: As of FY2026 Q2, the actual value is USD 3.025 M.

EPS: As of FY2026 Q2, the actual value is USD 0.

EBIT: As of FY2026 Q2, the actual value is USD -433.37 K.

Cash Distribution

San Juan Basin Royalty Trust did not declare a monthly cash distribution to the holders of its units of beneficial interest for July 2026 due to excess production costs and continued low natural gas pricing .

Cumulative Excess Production Costs

The balance of cumulative excess production costs is approximately $9,637,754 gross, which is $7,228,316 net to the Trust . This represents an increase in the deficit of $379,005 gross, or $284,254 net to the Trust, from the previous month .

Total Revenue (May 2026)

Hilcorp reported total revenue of $3,024,827 from the Subject Interests for the production month of May 2026 . Gas revenues amounted to $2,572,587, and oil revenues were $452,240 .

Production Costs (May 2026)

Production costs for the Subject Interests, excluding the balance of excess production costs, totaled $3,403,832 for May 2026 . These costs included $2,875,190 for lease operating expenses, $350,286 for severance taxes, and $178,356 for capital costs .

Trust Administrative Expenses

This month’s Trust administrative expenses totaled $54,364 . Interest income amounted to $27, and a draw of $54,338 from the Line of Credit was used to cover the balance of administrative expenses . This draw increased the outstanding principal balance on the Line of Credit to $998,808 .

Cash Reserves

The balance of cash reserves maintained by the Trust is $3,891, remaining unchanged from the prior month .

Capital Expenditures

Hilcorp removed five vertical wells from its 2026 development plan for the Subject Interests, representing approximately $450,000 of total capital expenditures from the initial budget .

Gas Volumes and Pricing (May 2026)

Gas volumes for the Subject Interests for May 2026 totaled 2,083,334 Mcf (2,314,816 MMBtu), compared to 2,065,583 Mcf (2,295,092 MMBtu) for April 2026 . The average gas price for May 2026 was $1.23 per Mcf ($1.11 per MMBtu), which is a decrease of $0.05 per Mcf ($0.04 per MMBtu) from April 2026’s average price of $1.28 per Mcf ($1.15 per MMBtu) .

Development Plan Update

Hilcorp San Juan L.P. provided San Juan Basin Royalty Trust with an update to Hilcorp’s 2026 development plan .

Outlook / Guidance

San Juan Basin Royalty Trust will not make cash distributions until future net proceeds are sufficient to repay the balance of excess production costs, replenish a $2,000,000 reserve, and repay the principal and interest on its line of credit . Hilcorp will continue to apply all net proceeds towards the balance of excess production costs, meaning the Trust will not receive royalty income until this balance is paid in full . Distributions of royalty income to unitholders will resume once these conditions are met .