San Juan Basin Royalty Trust

San Juan Basin Royalty Trust is a passive royalty trust traded on the NYSE under ticker SJT. The Trust holds a 75% net overriding royalty interest in Hilcorp San Juan L.P.'s working interests in oil and gas properties located in the San Juan Basin of northwestern New Mexico. The Trust does not operate any properties directly; instead, Hilcorp manages operations and reports revenues and costs to the Trust. The Trust's income is derived from royalties on natural gas and oil production from the Subject Interests. Argent Trust Company serves as Trustee, administering distributions and overseeing compliance with Trust agreements. The Trust currently faces a significant cumulative excess production cost deficit resulting from Hilcorp's 2024 horizontal well drilling program, which has suspended unit holder distributions until the deficit is fully recovered and reserves are replenished. Updated Oct 20, 2026