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San Juan Basin Royalty Trust (SJT) investor relations material
San Juan Basin Royalty Trust Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
No distributable income for Q2 2025 due to excess production costs and increased capital expenditures, resulting in a net loss and no cash distribution to unit holders for the period.
Trust drew on a new $2 million line of credit to cover administrative expenses as cash reserves were depleted.
Excess production costs stemmed from significant lease operating expenses and capital spending on two new horizontal wells.
Gross proceeds and natural gas production volumes increased year-over-year, but higher costs offset these gains.
Substantial doubt exists about the Trust's ability to continue as a going concern within one year.
Financial highlights
Gross proceeds from subject interests rose 72.3% to $19.4M for Q2 2025 compared to Q2 2024, driven by higher gas prices and production.
Royalty income was $0 for Q2 2025, down from $1.85M in Q2 2024; distributable income per unit was $(0.00349) vs. $0.022864 year-over-year.
Capital expenditures increased $1.68M for Q2 2025 and $14.74M for the six months ended June 30, 2025, compared to prior year periods.
Cash reserves fell to $32,968 as of June 30, 2025, from $760,920 at year-end 2024.
Outstanding balance on the line of credit was $162,783 at quarter-end.
Outlook and guidance
No distributions will be made until excess production costs are recovered, cash reserves are replenished to $2M, and the line of credit is repaid.
Hilcorp's 2025 capital plan includes $9M in projects, with $5.76M spent as of June 30, 2025; actual costs may vary.
Future distributions depend on commodity prices, production volumes, and the pace of cost recovery.
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