Quarterly ResultMay 14, 2026, 11:36 AM
San Juan Basin Royalty Trust Q1 Loss; Going Concern Doubt
AI Summary
San Juan Basin Royalty Trust reported a distributable loss of $(362,706) for the three months ended March 31, 2026, compared to zero distributable income in the prior year. The Trust also disclosed substantial doubt about its ability to continue as a going concern due to insufficient income to cover liabilities. No cash distributions were declared for the period, and Hilcorp applied a significant negative prior period adjustment of $2.6 million net to the Trust.
Key Highlights
- Distributable income was a loss of $(362,706) for Q1 2026, down from $0 in Q1 2025.
- Distributable income per Unit was $(0.007782) for Q1 2026, compared to $0 in Q1 2025.
- Cash and short-term investments decreased to $14,380 as of March 31, 2026.
- Line of Credit utilization increased to $750,514 as of March 31, 2026.
- Trust corpus decreased to $1,927,103 as of March 31, 2026.
- Hilcorp applied a negative prior period adjustment of $2,604,171 net to the Trust for 2017-2020.
- Cumulative Excess Production Costs were $4,640,115 net to the Trust as of March 31, 2026.
- Hilcorp's 2026 capital project plan for Subject Interests is estimated at $14.0 million.