San Juan Basin Royalty Trust Skips August Distribution as Deficit Hits $11.4M
SJT sits 16% above its 52-week low of $2.37.
Summary
San Juan Basin Royalty Trust announced no August distribution as its excess production cost deficit rose to $11.4 million. Hilcorp removed five wells from its 2026 plan, and the Trust's line of credit balance increased to $1.03 million.
Key Events · Earnings and Guidance · SJT
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No August Distribution Declared
The Trust will not pay a monthly cash distribution for August 2026 due to excess production costs and low natural gas prices.
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Excess Production Cost Deficit Grows
Cumulative excess production costs reached $11,430,832 gross ($8,573,124 net), up $1,803,903 gross from last month.
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Line of Credit Balance Increases
A $31,986 draw brought the outstanding principal balance on the line of credit to $1,030,794.
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Hilcorp Cuts 2026 Well Plan
Five of nine vertical wells were removed from Hilcorp's 2026 development plan, reducing capital expenditures by approximately $450,000.
Analysis · SJT · Energy & Transportation
The Trust's excess production cost deficit grew to $11.4 million gross, up $1.8 million from last month, and it will not pay a distribution until the deficit is cleared, a $2 million reserve is replenished, and the line of credit is repaid. Hilcorp also cut five wells from its 2026 plan, reducing near-term capital spending but signaling lower future production. The Trust is drawing on its line of credit to cover administrative expenses, with the balance now over $1 million.
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At the time of this filing, SJT was trading at $2.75 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $128.2M. The 52-week trading range was $2.37 to $6.61. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.