San Juan Basin Royalty Trust - No Cash Distribution for December 2025

The San Juan Basin Royalty Trust will not declare a cash distribution for December 2025 due to excess production costs from prior periods and low natural gas prices. The cumulative excess production costs are approximately $8.4 million gross ($6.3 million net), a decrease from the previous month. Hilcorp will continue to apply net proceeds to this balance until it is fully repaid. Distributions will resume only after the excess costs are settled, a $2 million reserve is replenished, and the Trust's line of credit is repaid. For October 2025, the Trust reported $5.3 million in total revenue from its interests, with production costs totaling $3.3 million. Average gas prices increased slightly to $2.23 per Mcf. Trust administrative expenses were $83,250, and the outstanding balance on the line of credit is now $387,808. Cash reserves stand at $23,175 after covering interest expenses. The Trust is engaged in an ongoing audit of Hilcorp's reporting and payments to ensure compliance with trust agreements.