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Sabine Royalty Trust (SBR) investor relations material
Sabine Royalty Trust Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Distributable income for Q2 2025 was $17.79 million ($1.22 per unit), down from $22.08 million ($1.51 per unit) in Q2 2024, mainly due to lower oil and gas production and oil prices, partially offset by higher natural gas prices and lower taxes and expenses.
For the six months ended June 30, 2025, distributable income was $35.94 million ($2.46 per unit), compared to $42.00 million ($2.88 per unit) in the same period of 2024.
The Trust's income and distributions are highly sensitive to commodity price fluctuations, with recent volatility driven by global supply/demand, geopolitical tensions, and weather patterns.
Financial highlights
Q2 2025 royalty income was $18.58 million, down 18% year-over-year; interest income was $119,730, and general/admin expenses were $914,305.
Six-month royalty income was $37.98 million, down 12% year-over-year; interest income was $226,690, and general/admin expenses were $2.27 million.
Distributions per unit for Q2 2025 were $1.38, compared to $1.67 in Q2 2024; for the six months, $2.57 per unit versus $2.94 in 2024.
Cash and short-term investments at June 30, 2025, were $7.89 million, down from $9.17 million at year-end 2024.
Outlook and guidance
The Trust expects continued volatility in oil and gas prices due to geopolitical events, weather, and global economic conditions, impacting future distributable income and distributions.
No material changes to risk factors or critical accounting policies are anticipated for the remainder of 2025.
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