Revenue: As of FY2026 Q1, the actual value is USD 2.807 M.

Distribution Status

San Juan Basin Royalty Trust did not declare a monthly cash distribution to its unit holders for May due to excess production costs for the Trust’s subject interests and continued low natural gas pricing .

Excess Production Costs

The cumulative balance of excess production costs is approximately $8,484,149 gross, or $6,363,112 net to the Trust . This represents an increase in the deficit of $1,852,324 gross, or $1,389,243 net to the Trust, from the previous month’s reporting period . The Trust will not receive royalty income until this balance is paid in full .

Subject Interests Revenue (March 2026)

Total revenue from the Subject Interests was $2,806,519 for the production month of March 2026 . This included $2,492,773 in gas revenues and $313,746 in oil revenues .

Subject Interests Production Costs (March 2026)

Production costs for the Subject Interests, excluding the balance of excess production costs, totaled $4,658,843 for March 2026 . These costs comprised $2,960,974 for lease operating expenses, $372,569 for severance taxes, and $1,325,300 for capital costs .

Gas Volumes and Pricing

Gas volumes for the Subject Interests in March 2026 totaled 2,077,611 Mcf (2,308,457 MMBtu), an increase from 1,891,801 Mcf (2,102,001 MMBtu) in February 2026 . The average gas price for March 2026 was $1.20 per Mcf ($1.08 per MMBtu), marking a decrease of $1.50 per Mcf ($1.35 per MMBtu) from the February 2026 average price of $2.70 per Mcf ($2.43 per MMBtu) .

Trust Administrative Expenses and Line of Credit

Trust administrative expenses for the current month totaled $28,959 . Interest income was $48 . A draw of $23,435 was made from the Line of Credit to cover administrative expenses, bringing the outstanding principal balance to $895,689 .

Cash Reserves

Cash reserves of $5,476 were utilized in May 2026 to pay interest on the Line of Credit, reducing the balance of cash reserves maintained by the Trust to $3,891 .

Outlook / Guidance

No cash distributions will be made 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 the Trust’s Line of Credit . Once these conditions are met, San Juan Basin Royalty Trust will resume royalty income distributions to its unit holders .