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Name | Symbol | Market | Type |
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San Juan Basin Royalty Trust | NYSE:SJT | NYSE | Trust |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 16, 2024
San Juan Basin Royalty Trust
(Exact name of registrant as specified in its charter)
Texas | 001-08032 | 75-6279898 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
Argent Trust Company
3838 Oak Lawn Ave
Suite 1720
Dallas, TX 75219
(Address of principal executive offices, including zip code)
(Registrants telephone number, including area code): (855) 588-7839
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Units | SJT | NYSE |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 | Results of Operations and Financial Condition. |
On February 16, 2024, the San Juan Basin Royalty Trust (the Trust) issued a press release, a copy of which is attached hereto as Exhibit 99.1, announcing a monthly cash distribution to the holders (the Unit Holders) of its units of beneficial interest (the Units) of $1,410,308.78 or $0.030258 per Unit, based primarily upon the reported production of the Trusts subject interests (the Subject Interests) during the month of December 2023, by the owner of the Subject Interests, Hilcorp San Juan L.P. The distribution is payable March 14, 2024, to the Unit Holders of record as of February 29, 2024.
In accordance with general instruction B.2 to Form 8-K, the information in this Form 8-K shall be deemed furnished and not filed with the Securities and Exchange Commission for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.
Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
Exhibit |
Description | |
99.1 | Press Release dated February 16, 2024. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
ARGENT TRUST COMPANY, AS TRUSTEE FOR THE SAN JUAN BASIN ROYALTY TRUST (Registrant) | ||||||
Date: February 16, 2024 | By: | /S/ NANCY WILLIS | ||||
Nancy Willis | ||||||
Director of Royalty Trust Services |
Exhibit 99.1
News Release
San Juan Basin Royalty Trust
Announces February Cash Distribution and Hilcorps 2024 Capital Plan
DALLAS, Texas, February 16, 2024 Argent Trust Company, 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 $1,410,308.78 or $0.030258 per Unit, based primarily upon the reported production of the Trusts subject interests (the Subject Interests) during the month of December 2023. The distribution is payable March 14, 2024, to the Unit Holders of record as of February 29, 2024.
For the production month of December 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 $2,227,411 gross ($1,670,558 net royalty amount to the Trust).
Hilcorp reported $5,870,154 of total revenue from the Subject Interests for the production month of December 2023, consisting of $5,710,019 of gas revenues and $160,135 of oil revenues. For the Subject Interests, Hilcorp reported $3,642,743 of production costs for the production month of December 2023, consisting of $2,411,535 of lease operating expense, $786,192 of severance taxes and $445,016 of capital costs.
Based upon information provided to the Trust by Hilcorp, gas volumes for the subject interests for December 2023 totaled 1,909,007 Mcf (2,121,119 MMBtu), as compared to 1,877,464 Mcf (2,086,071 MMBtu) for November 2023. Dividing gas revenues by production volume yielded an average gas price for December 2023 of $2.99 per Mcf ($2.69 per MMBtu), as compared to an average gas price for November 2023 of $2.96 per Mcf ($2.67 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 Trusts Consultant. The Trustee continues to engage with Hilcorp regarding its ongoing accounting and reporting to the Trust, and the Trusts 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 Trusts auditing process has also included detailed analysis of Hilcorps pricing and rates charged. As previously disclosed in the Trusts filings, these revenues and costs (along with all costs) are the subject of the Trusts 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.
Hilcorp has also provided the Trust with its 2024 capital project plan for the Subject Interests (the 2024 Plan), and Hilcorp has estimated its 2024 capital expenditures for the Subject Interests to be $36.0 million.
Hilcorp informed the Trust that the 2024 Plan for the Subject Interests includes 39 projects. Approximately $27.0 million of the $36.0 million budget in the 2024 Plan will be allocated to three new drill projects, including one well planned to be dually completed in the Dakota/Mesaverde formations and two new wells planned to be completed in the Mancos formation. Approximately $8.0 million of the $36.0 million budget will be allocated to 36 projects for recompletions and workovers in the Mesaverde and Fruitland Coal formations, and approximately $1.0 million of the $36.0 million budget will be allocated to facilities projects related to natural gas compression and other facility projects. Hilcorp further informed the Trust that its planned project status for 2024 is subject to revision if Hilcorp revises its assumptions underlying the 2024 Plan, and that actual capital costs may vary from these estimates.
Hilcorps actual capital expenditures during its 2023 accounting period (which corresponds to the Trusts distribution months of March 2023 through February 2024) totaled approximately $2.2 million. These capital expenditures were allocated to 20 recompletion and workover projects completed during the period.
Forward Looking Statements. Except for historical information contained in this news release, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements generally are accompanied by words such as estimates, anticipates, could, plan, or other words that convey the uncertainty of future events or outcomes. Forward-looking statements and the business prospects of San Juan Basin Royalty Trust are subject to a number of risks and uncertainties that may cause actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, certain information provided to the Trust by Hilcorp, volatility of oil and gas prices, governmental regulation or action, litigation, and uncertainties about estimates of reserves. These and other risks are described in the Trusts reports and other filings with the Securities and Exchange Commission.
Contact: | San Juan Basin Royalty Trust |
Argent Trust Company, Trustee
Nancy Willis, Director of Royalty Trust Services
Toll-free: (855) 588-7839 or (866) 809-4553
Fax: (214) 559-7010
Website: www.sjbrt.com
Email: royaltytrustgroup@argenttrust.com
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