San Juan Basin Royalty Trust

Q1 FY2026 EarningsNo cash distribution was declared for July 2026 due to $9.64M in cumulative excess production costs and low natural gas pricing. May 2026 gas revenue averaged $1.23/Mcf, down $0.05/Mcf QoQ. Total revenue of $3.02M was offset by $3.40M in production costs, resulting in a monthly deficit of $0.38M. Distributions remain suspended until excess costs are repaid, a $2.00M reserve is replenished, and the $0.99M credit line is cleared.