Sabine Royalty Trust (SBR) Q3 2026 earnings summary

Executive summary

• Q3 2026 distributable income was $19.05M, or $1.31 per unit, down from $24.75M and $1.70 per unit in Q3 2025.

• Nine-month distributable income was $52.94M, or $3.63 per unit, versus $60.69M and $4.16 per unit in 9M 2025.

Financial highlights

• Q3 royalty income was $19.72M, down ~23% YoY; lower oil and gas production and gas prices were partly offset by higher oil prices.

• 9M royalty income was $55.60M, down ~12% YoY; lower production and a one-time $0.7M miscellaneous receipt in Q1 2025 were partly offset by higher commodity prices.

• Q3 G&A expenses declined to $772,686 from $925,998 YoY; 9M expenses fell to $2.94M from $3.20M.

• At September 30, cash and short-term investments were $7.97M; total assets were $8.03M and trust corpus was $7.33M.

Outlook and guidance

• Future distributions depend on royalty receipts, which are sensitive to oil and gas prices and production; price movements and future cash distributions are difficult to predict.

• As of October 27, NYMEX oil was $103.37/bbl and Henry Hub gas was $2.48/Mcf; these prices may not predict future realized prices.