0001193125-23-170076.txt : 20230620 0001193125-23-170076.hdr.sgml : 20230620 20230620152425 ACCESSION NUMBER: 0001193125-23-170076 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230620 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230620 DATE AS OF CHANGE: 20230620 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SAN JUAN BASIN ROYALTY TRUST CENTRAL INDEX KEY: 0000319655 STANDARD INDUSTRIAL CLASSIFICATION: OIL ROYALTY TRADERS [6792] IRS NUMBER: 756279898 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08032 FILM NUMBER: 231024784 BUSINESS ADDRESS: STREET 1: BBVA, TRUST DEPARTMENT STREET 2: 2200 POST OAK BLVD. FLOOR 18 CITY: HOUSTON STATE: TX ZIP: 77056 BUSINESS PHONE: 713-831-5878 MAIL ADDRESS: STREET 1: BBVA, TRUST DEPARTMENT STREET 2: 2200 POST OAK BLVD. FLOOR 18 CITY: HOUSTON STATE: TX ZIP: 77056 8-K 1 d525584d8k.htm 8-K 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or

15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 20, 2023

 

 

San Juan Basin Royalty Trust

(Exact name of registrant as specified in its charter)

 

 

 

Texas   001-08032   75-6279898
(State or other jurisdiction of
incorporation)
 

(Commission

File Number)

  (IRS Employer
Identification No.)

PNC BANK, NATIONAL ASSOCIATION

PNC Asset Management Group

2200 Post Oak Blvd., Floor 18

Houston, TX 77056

(Address of principal executive offices, including zip code)

(Registrant’s telephone number, including area code): (866) 809-4553

N/A

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

Units   SJT   NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 


Item 2.02.

Results of Operations and Financial Condition.

On June 20, 2023, the San Juan Basin Royalty Trust (the “Trust”) issued a press release, a copy of which is attached hereto as Exhibit 99.1, announcing a monthly cash distribution to the holders (the “Unit Holders”) of its units of beneficial interest (the “Units”) of $791,746.81 or $0.016987 per Unit, based primarily upon the reported production of the Trust’s subject interests (the “Subject Interests”) during the month of April 2023, by the owner of the Subject Interests, Hilcorp San Juan L.P. The distribution is payable July 17, 2023, to the Unit Holders of record as of June 30, 2023.

In accordance with general instruction B.2 to Form 8-K, the information in this Form 8-K shall be deemed “furnished” and not “filed” with the Securities and Exchange Commission for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.

 

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits are filed in accordance with the provisions of Item 601 of Regulation S-K:

 

Exhibit No.   

Description

99.1    Press Release, dated June 20, 2023.

 

2


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

 

     

PNC BANK, NATIONAL ASSOCIATION,

AS TRUSTEE FOR THE SAN JUAN BASIN ROYALTY TRUST

(Registrant)

Date: June 20, 2023     By:   /s/ Ross C. Durr, RPL
            Ross C. Durr, RPL
           

Senior Vice President

Mineral Interest Director

 

3

EX-99.1 2 d525584dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

News Release

San Juan Basin Royalty Trust Declares Cash Distribution for June 2023

HOUSTON, Texas, June 20, 2023 – PNC Bank, National Association, as the trustee (the “Trustee”) of the San Juan Basin Royalty Trust (the “Trust”) (NYSE: SJT), today declared a monthly cash distribution to the holders (the “Unit Holders”) of its units of beneficial interest (the “Units”) of $791,746.81 or $0.016987 per Unit, based primarily upon the reported production of the Trust’s subject interests (the “Subject Interests”) during the month of April 2023. The distribution is payable July 17, 2023, to the Unit Holders of record as of June 30, 2023.

For the production month of April 2023, the owner of the Subject Interests, Hilcorp San Juan L.P. and the operator of the Subject Interests, Hilcorp Energy Company (collectively, “Hilcorp”), reported to the Trust net profits of $1,187,373 ($890,530 net royalty amount to the Trust).

Hilcorp reported $4,388,489 of total revenue from the Subject Interests for the production month of April 2023, consisting of $4,100,728 of gas revenues and $287,761 of oil revenues. For the Subject Interests, Hilcorp reported $3,201,117 of production costs for the production month of April 2023, consisting of $2,540,847 of lease operating expense, $596,982 of severance taxes and $63,288 of capital costs. The production cost increase was due primarily to capital costs associated with workovers and recompletes.

Based upon the information that Hilcorp provided to the Trust, gas volumes for the Subject Interests for April 2023 totaled 1,885,511 Mcf (2,095,012 MMBtu), as compared to 2,078,429 Mcf (2,309,365 MMBtu) for March 2023. The decline in April production volume was primarily due to third party plant scheduled maintenance outages.

Dividing gas revenues by production volume yielded an average gas price for April 2023 of $2.17 per Mcf ($1.96 per MMBtu), as compared to an average gas price for March 2023 of $3.00 per Mcf ($2.70 per MMBtu).

Production from the Subject Interests continues to be gathered, processed, and sold under market sensitive and customary agreements, as recommended for approval by the Trust’s Consultant. The Trustee continues to engage with Hilcorp regarding its ongoing accounting and reporting to the Trust, and the Trust’s third-party compliance auditors continue to audit payments made by Hilcorp to the Trust, inclusive of sales revenues, production costs, capital expenditures, adjustments, actualizations, and recoupments. The Trust’s auditing process has also included detailed analysis of Hilcorp’s pricing and rates charged. As previously disclosed in the Trust’s filings, these revenues and costs (along with all costs) are the subject of the Trust’s ongoing comprehensive audit process by our professional consultants and outside counsel to ensure full compliance with all the underlying operative Trust agreements and evaluating all available potential remedies in the event there is evidence of non-compliance.

 

Contact:

  

San Juan Basin Royalty Trust

  

PNC Bank, National Association

  

PNC Asset Management Group

2200 Post Oak Blvd., Floor 18

  

Houston, TX 77056

website: www.sjbrt.com

e-mail: sjt@pnc.com

  

Ross Durr, RPL, Senior Vice President & Mineral Interest Director

  

Kaye Wilke, Investor Relations, toll-free: (866) 809-4553