San Juan Basin Royalty Trust to pay no September distribution on excess costs
The San Juan Basin Royalty Trust will not declare a monthly cash distribution for September 2026, citing excess production costs from prior periods and continued low natural gas prices. The Trust's balance of excess production costs rose further, and no distributions will resume until net proceeds cover that balance, a $2,000,000 reserve, and the Trust's line of credit.
Key points
- No cash distribution declared for September 2026.
- Cumulative excess production costs of about $12.6 million gross ($9.4 million net to the Trust), up $841,976 net from the prior month.
- Average gas price for July 2026 was $2.01 per Mcf, up from $1.46 per Mcf in June 2026.
- Line of credit principal is expected to reach $1,075,400 after a September draw.
The filing
Written by AI on Nov 9, 2026, 8:51 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 18, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.