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San Juan Basin Royalty Trust (SJT-3.56%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing a decrease in Royalty Income to $6,945,974 from $53,240,068 in the previous year. This decrease is attributed to lower natural gas prices and increased capital expenditures.
Total production costs for the year increased to $82,130,843 from $43,492,282, primarily due to significant capital expenditures related to Hilcorp's 2024 capital project plan.
The Trust did not make any distributions from May to December 2024 due to Excess Production Costs, which totaled $21,248,008 gross ($15,936,006 net to the Trust) as of year-end.
Cash reserves were reduced to $760,919 by the end of 2024, down from $1,574,347 at the beginning of the year, as reserves were used to cover Trust liabilities in the absence of Royalty Income.
Hilcorp has estimated its 2025 capital expenditures for the Subject Interests to be $9.0 million, with plans to allocate funds to new vertical drill projects, recompletions, and workovers.
The Trust's financial statements have been prepared assuming it will continue as a going concern, though the current financial situation raises substantial doubt about its ability to do so.
The Trust has no directors or executive officers, and is managed by Argent Trust Company. The Trust does not maintain any equity compensation plans.
The Trust's principal asset is a 75% net overriding royalty interest in properties located in the San Juan Basin, which are operated by Hilcorp.
The Trust's reserves are primarily natural gas, with 99.8% of the Trust's estimated proved reserves consisting of natural gas as of December 31, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the San Juan Basin Royalty Trust annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.