San Juan Basin Royalty Trust Declares Cash Distribution for June 2023
June 20 2023 - 9:04AM
Business Wire
PNC Bank, National Association, as the trustee (the “Trustee”)
of the San Juan Basin Royalty Trust (the “Trust”) (NYSE: SJT),
today declared a monthly cash distribution to the holders (the
“Unit Holders”) of its units of beneficial interest (the “Units”)
of $791,746.81 or $0.016987 per Unit, based primarily upon the
reported production of the Trust’s subject interests (the “Subject
Interests”) during the month of April 2023. The distribution is
payable July 17, 2023, to the Unit Holders of record as of June 30,
2023.
For the production month of April 2023, the owner of the Subject
Interests, Hilcorp San Juan L.P. and the operator of the Subject
Interests, Hilcorp Energy Company (collectively, “Hilcorp”),
reported to the Trust net profits of $1,187,373 ($890,530 net
royalty amount to the Trust).
Hilcorp reported $4,388,489 of total revenue from the Subject
Interests for the production month of April 2023, consisting of
$4,100,728 of gas revenues and $287,761 of oil revenues. For the
Subject Interests, Hilcorp reported $3,201,117 of production costs
for the production month of April 2023, consisting of $2,540,847 of
lease operating expense, $596,982 of severance taxes and $63,288 of
capital costs. The production cost increase was due primarily to
capital costs associated with workovers and recompletes.
Based upon the information that Hilcorp provided to the Trust,
gas volumes for the Subject Interests for April 2023 totaled
1,885,511 Mcf (2,095,012 MMBtu), as compared to 2,078,429 Mcf
(2,309,365 MMBtu) for March 2023. The decline in April production
volume was primarily due to third party plant scheduled maintenance
outages.
Dividing gas revenues by production volume yielded an average
gas price for April 2023 of $2.17 per Mcf ($1.96 per MMBtu), as
compared to an average gas price for March 2023 of $3.00 per Mcf
($2.70 per MMBtu).
Production from the Subject Interests continues to be gathered,
processed, and sold under market sensitive and customary
agreements, as recommended for approval by the Trust’s Consultant.
The Trustee continues to engage with Hilcorp regarding its ongoing
accounting and reporting to the Trust, and the Trust’s third-party
compliance auditors continue to audit payments made by Hilcorp to
the Trust, inclusive of sales revenues, production costs, capital
expenditures, adjustments, actualizations, and recoupments. The
Trust’s auditing process has also included detailed analysis of
Hilcorp’s pricing and rates charged. As previously disclosed in the
Trust’s filings, these revenues and costs (along with all costs)
are the subject of the Trust’s ongoing comprehensive audit process
by our professional consultants and outside counsel to ensure full
compliance with all the underlying operative Trust agreements and
evaluating all available potential remedies in the event there is
evidence of non-compliance.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230620568416/en/
San Juan Basin Royalty Trust
PNC Bank, National Association PNC Asset Management Group 2200
Post Oak Blvd., Floor 18 Houston, TX 77056 website: www.sjbrt.com
e-mail: sjt@pnc.com
Ross Durr, RPL, Senior Vice President & Mineral Interest
Director Kaye Wilke, Investor Relations, toll-free: (866)
809-4553
San Juan Basin Royalty (NYSE:SJT)
Historical Stock Chart
From Apr 2024 to May 2024
San Juan Basin Royalty (NYSE:SJT)
Historical Stock Chart
From May 2023 to May 2024