SJT

San Juan Basin Royalty Trust offers limited trading utility as Henry Hub prices remain disconnected from global LNG markets due to capacity constraints in the US. Operator investments and costs have to be taken into account before SJT receives royalties, so a CAPEX cycle by the operator now is preventing royalty income. Given imminent maturities, there is an issue in that it will take some years for the underlying net proceeds to cover the big possible CAPEX burden at the operating level.

DALLAS, Oct. 20, 2026 /PRNewswire/ -- Argent Trust Company, as the trustee (the "Trustee") of the San Juan Basin Royalty Trust (the "Trust") (NYSE: SJT), today reported that it will not declare a monthly cash distribution to the holders of its units of beneficial interest (the "Unit Holders") due to excess production costs incurred during prior periods for the Trust's royalty interest burdening the subject interests ("Subject Interests"), as well as continued low natural gas pricing. Excess production costs occur when production costs and capital expenditures exceed the gross proceeds for a certain period.

DALLAS, Sept. 28, 2026 /PRNewswire/ -- Argent Trust Company, as the trustee (the "Trustee") of the San Juan Basin Royalty Trust (the "Trust") (NYSE: SJT), today is providing additional information in response to recent inquiries from holders of the Trust's units of beneficial interest ("Unit Holders").