SAN JUAN BASIN ROYALTY TRUST (SJT) Form 10-Q — Aug 13, 2026
San Juan Basin Royalty Trust filed its Q2 2026 10-Q with explicit going-concern language, disclosing substantial doubt about its ability to continue within one year after receiving no royalty income from operator Hilcorp San Juan L.P. in any month since May 2024. The Trust earned zero royalty income for the quarter as cumulative Excess Production Costs grew to $9,258,749 gross ($6,944,062 net to the Trust), cash reserves fell to just $4,019 from $1.8 million in April 2024, and the Trust drew $944,471 on its $2.0 million Texas Bank line of credit (prime plus 1%, maturing May 21, 2027) to pay administrative expenses. No distributions were declared.
Key figures
- Revenue
- 0
- Total Debt
- 944471
- Cash Position
- 4019
- Shares Outstanding
- 46608796
- Royalty Income
- $0 for Q2 and H1 2026; no royalty income received since May 2024
- Line Of Credit Rate
- prime plus 1% (6.75% at June 30, 2026)
- Gross Proceeds Q2 2025
- 19413001
- Gross Proceeds Q2 2026
- 11067208
- Line Of Credit Capacity
- 2000000
- Line Of Credit Maturity
- May 21, 2027
- Cash Reserves April2024
- 1800000
- Trust Corpus 6 30 2026
- 1733146
- Hilcorp2026 Capex Budget
- 14000000
- Trust Corpus 12 31 2025
- 2289809
- Gross Proceeds Change H1 Yo Y
- -39.3%
- Gross Proceeds Change Q2 Yo Y
- -43.0%
- Hilcorp Capex Spent H1 2026
- 4030000
- Distribution Per Unit Declared
- 0
- Required Reserve Replenishment
- 2000000
- Natural Gas Production Q2 2026 Mcf
- 6034995
- Total Income Q2 2026 interest Only
- 184
- Natural Gas Avg Price Q2 2025 per Mcf
- 2.68
- Natural Gas Avg Price Q2 2026 per Mcf
- 1.7
- Vertical Wells Removed From2026 Plan
- 5 of 9 (~$450,000 capex)
- Excess Production Costs Net July2026
- 7228316
- Excess Production Costs Net 6 30 2026
- 6944062
- Excess Production Costs Gross July2026
- 9637754
- Excess Production Costs Gross 6 30 2026
- 9258749
- Net Proceeds Applied To Excess Costs Jan2025 Mar2026
- 15061188
Price after filing
Close on the filing date to close N calendar days later (from $2.77). Historical, not a forecast.
AI analysis
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