San Juan Basin Royalty Trust Files Quarterly Report (10-Q)
Ticker: SJT · Form: 10-Q · Filed: May 14, 2024 · CIK: 319655
Sentiment: neutral
Topics: 10-Q, San Juan Basin Royalty Trust, SJT, Quarterly Report, SEC Filing
Related Tickers: SJT
TL;DR
<b>San Juan Basin Royalty Trust submitted its Q1 2024 10-Q filing, reporting 46,608,796 units outstanding.</b>
AI Summary
SAN JUAN BASIN ROYALTY TRUST (SJT) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. The San Juan Basin Royalty Trust filed its quarterly report on Form 10-Q for the period ended March 31, 2024. The Trust is registered under the Securities Exchange Act of 1934. Its units are traded on the New York Stock Exchange under the ticker symbol SJT. The filing indicates the Trust is a smaller reporting company and not a large accelerated or accelerated filer. The Trust has 46,608,796 units of beneficial interest outstanding as of May 14, 2024.
Why It Matters
For investors and stakeholders tracking SAN JUAN BASIN ROYALTY TRUST, this filing contains several important signals. This 10-Q filing provides investors with the latest financial and operational updates for the San Juan Basin Royalty Trust, crucial for assessing its performance and future prospects. As a smaller reporting company, the Trust's disclosures may differ from larger entities, requiring careful review by investors seeking detailed financial insights.
Risk Assessment
Risk Level: low — SAN JUAN BASIN ROYALTY TRUST shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags, indicating routine disclosure.
Analyst Insight
Investors should review the detailed financial statements and management's discussion and analysis within the 10-Q to understand the Trust's performance and outlook.
Key Numbers
- 46,608,796 — Units Outstanding (As of May 14, 2024)
- 001-08032 — Commission File Number (SEC File Number for the Trust)
Key Players & Entities
- San Juan Basin Royalty Trust (company) — Filer name
- SJT (company) — Trading Symbol
- New York Stock Exchange (company) — Exchange where units are registered
- March 31, 2024 (date) — Quarterly period ended
- May 14, 2024 (date) — Date units outstanding reported
FAQ
When did SAN JUAN BASIN ROYALTY TRUST file this 10-Q?
SAN JUAN BASIN ROYALTY TRUST filed this Quarterly Report (10-Q) with the SEC on May 14, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by SAN JUAN BASIN ROYALTY TRUST (SJT).
Where can I read the original 10-Q filing from SAN JUAN BASIN ROYALTY TRUST?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by SAN JUAN BASIN ROYALTY TRUST.
What are the key takeaways from SAN JUAN BASIN ROYALTY TRUST's 10-Q?
SAN JUAN BASIN ROYALTY TRUST filed this 10-Q on May 14, 2024. Key takeaways: The San Juan Basin Royalty Trust filed its quarterly report on Form 10-Q for the period ended March 31, 2024.. The Trust is registered under the Securities Exchange Act of 1934.. Its units are traded on the New York Stock Exchange under the ticker symbol SJT..
Is SAN JUAN BASIN ROYALTY TRUST a risky investment based on this filing?
Based on this 10-Q, SAN JUAN BASIN ROYALTY TRUST presents a relatively low-risk profile. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags, indicating routine disclosure.
What should investors do after reading SAN JUAN BASIN ROYALTY TRUST's 10-Q?
Investors should review the detailed financial statements and management's discussion and analysis within the 10-Q to understand the Trust's performance and outlook. The overall sentiment from this filing is neutral.
How does SAN JUAN BASIN ROYALTY TRUST compare to its industry peers?
The San Juan Basin Royalty Trust is involved in the oil and gas industry, specifically related to royalty interests.
Are there regulatory concerns for SAN JUAN BASIN ROYALTY TRUST?
The Trust is subject to the reporting requirements of the Securities Exchange Act of 1934, including filing quarterly reports on Form 10-Q.
Industry Context
The San Juan Basin Royalty Trust is involved in the oil and gas industry, specifically related to royalty interests.
Regulatory Implications
The Trust is subject to the reporting requirements of the Securities Exchange Act of 1934, including filing quarterly reports on Form 10-Q.
What Investors Should Do
- Review the full 10-Q filing for detailed financial statements and operational data.
- Analyze the Trust's unit performance and trading activity on the NYSE.
- Monitor future filings for changes in financial condition or operational status.
Key Dates
- 2024-03-31: Quarter End — End of the reporting period for the 10-Q
- 2024-05-14: Filing Date — Date the 10-Q was filed with the SEC
Year-Over-Year Comparison
This filing represents the Trust's routine quarterly disclosure for the period ending March 31, 2024, following its previous reporting cycle.
Filing Stats: 4,431 words · 18 min read · ~15 pages · Grade level 14.4 · Accepted 2024-05-14 14:18:00
Key Financial Figures
- $130,571,755 — ies (net of accumulated amortization of $130,571,755 and $130,522,279 at March 31, 2024 and
- $130,522,279 — ulated amortization of $130,571,755 and $130,522,279 at March 31, 2024 and December 31, 2023
- $1.0 million — ch of two successive years is less than $1.0 million per year or (ii) the Unit Holders of at
- $133,275,528 — nitial carrying value of the Royalty of $133,275,528 represented Southland’s historic
- $1,037,093 — Hilcorp’s payment of the sum of $1,037,093.45, which included the accumulated inte
- $36.0 million — ditures for the Subject Interests to be $36.0 million. This plan was updated on March 6, 2024
- $2.0 m — 2024, with a reduction of approximately $2.0 million, bringing the total estimate of 2
- $34.0 million — stimate of 2024 capital expenditures to $34.0 million. Hilcorp informed the Trust that its 20
- $25.0 million — s 2024 Plan will allocate approximately $25.0 million of the 2024 Plan’s budget toward
- $8.0 million — in the Mancos formation. Approximately $8.0 million of the 2024 Plan’s budget will b
- $1,065,685.42 — Trust announced a cash distribution of $1,065,685.42 or $0.022864 per Unit, based primarily
- $0.022864 — a cash distribution of $1,065,685.42 or $0.022864 per Unit, based primarily upon producti
Filing Documents
- sjt_10-q_2024-03-31.htm (10-Q) — 350KB
- sjt-ex31.htm (EX-31) — 13KB
- sjt-ex32.htm (EX-32) — 12KB
- 0000950170-24-059354.txt ( ) — 375KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION Item 1
Financial Statements
Financial Statements 1 Item 2 Trustee’s Discussion and Analysis of Financial Condition and Results of Operations 8 Item 3
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 15 Item 4
Controls and Procedures
Controls and Procedures 15
OTHER INFORMATION
PART II. OTHER INFORMATION Item 1
Legal Proceedings
Legal Proceedings 16 Item 1A
Risk Factors
Risk Factors 16 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 16 Item 3 Defaults Upon Senior Securities 16 Item 4 Mine Safety Disclosures 16 Item 5 Other Information 16 Item 6 Exhibits 17 SIGNATURE Table of Contents SAN JUAN BASIN ROYALTY TRUST PA RT I FINANCIAL INFORMATION
Fin ancial Statements
Item 1. Fin ancial Statements. CONDENSED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS March 31, December 31, 2024 2023 (Unaudited) (Audited) ASSETS Cash and short-term investments $ 3,323,927 $ 1,574,347 Net overriding royalty interest in producing oil and gas properties (net of accumulated amortization of $130,571,755 and $130,522,279 at March 31, 2024 and December 31, 2023, respectively) 2,703,773 2,753,249 $ 6,027,700 $ 4,327,596 LIABILITIES AND TRUST CORPUS Distribution payable to Unit Holders $ 1,923,927 $ 574,347 Cash reserves 1,400,000 1,000,000 Trust corpus – 46,608,796 Units of beneficial interest authorized and outstanding 2,703,773 2,753,249 $ 6,027,700 $ 4,327,596 These Condensed Financial Statements should be read in conjunction with the accompanying
Notes to Financial Statements included herein
Notes to Financial Statements included herein. 1 Table of Contents CONDENSED STATEMENTS OF DISTRIBUTABLE INCOME (UNAUDITED) Three Months Ended March 31, 2024 2023 Royalty income $ 5,091,060 $ 36,416,704 Interest income 17,655 36,936 Total income 5,108,715 36,453,640 General and administrative expenses (1,016,171 ) (482,364 ) Distributable income $ 4,092,544 $ 35,971,276 Distributable income per Unit (46,608,796 Units) $ 0.087806 $ 0.771771 These Condensed Financial Statements should be read in conjunction with the accompanying
Notes to Financial Statements included herein
Notes to Financial Statements included herein. 2 Table of Contents CONDENSED STATEMENTS OF CHANGES IN TRUST CORPUS (UNAUDITED) Three Months Ended March 31, 2024 2023 Trust corpus, beginning of period $ 2,753,249 $ 2,968,707 Amortization of net overriding royalty interest (49,476 ) (110,615 ) Distributable income 4,092,544 35,971,276 Distributions declared (4,092,544 ) (35,971,276 ) Trust corpus, end of period $ 2,703,773 $ 2,858,092 Distributions declared (per Unit) $ 0.087806 $ 0.771771 These Condensed Financial Statements should be read in conjunction with the accompanying
Notes to Financial Statements included herein
Notes to Financial Statements included herein. 3 Table of Contents
Notes to Financial Statements
Notes to Financial Statements 1. Trust Organization and Administration The San Juan Basin Royalty Trust (the “Trust”) was established on November 1, 1980 when Southland Royalty Company (“Southland”) conveyed to the Trust a 75% net overriding royalty interest (the “Royalty”) that burdens certain oil and gas interests (the “Subject Interests”) in properties owned by Southland and located in the San Juan Basin of northwestern New Mexico. Subsequent to the conveyance of the Royalty, through a series of sales, assignments and mergers, Southland’s successor became Hilcorp San Juan L.P. (“Hilcorp”), which acquired the Subject Interests from Burlington on July 31, 2017. Through an acquisition completed on March 24, 2006, Compass Bank succeeded TexasBank as trustee of the Trust. On September 7, 2007, Compass Bancshares, Inc. was acquired by Banco Bilbao Vizcaya Argentaria, S.A. (“BBVA”) and became a wholly-owned subsidiary of BBVA. Effective June 10, 2019, Compass Bank changed its name to BBVA USA. On June 1, 2021, The PNC Financial Services Group, Inc. (“PNC”) announced that it had completed the purchase of BBVA USA Bancshares, Inc., a financial holding company, including its U.S. banking subsidiary, BBVA USA, an Alabama-chartered bank and trustee of the Trust (“BBVA USA”). On October 8, 2021, PNC Bank, an indirect wholly-owned subsidiary of PNC, succeeded BBVA USA as the trustee of the Trust following BBVA USA’s merger with and into PNC Bank. On February 15, 2024, Argent Trust Company succeeded PNC Bank as the trustee of the Trust following the resignation of PNC Bank. The defined term “Trustee” as used herein shall refer to PNC Bank for periods from October 8, 2021 through February 14, 2024, and shall refer to Argent Trust Company for periods on and after February 15, 2024. For all periods prior to October 8, 2021, use of the de
Trustee’s Discu ssion and Analysis of Financial Condition and Results of Operations. Overview
Item 2. Trustee’s Discu ssion and Analysis of Financial Condition and Results of Operations. Overview Introduction The following discussion and analysis is intended to help the reader understand the Trust’s financial condition, results of operations, liquidity and capital resources. This discussion and analysis should be read in conjunction with the Trust’s unaudited condensed financial statements and the accompanying notes included in this Quarterly Report on Form 10-Q (“Quarterly Report”) and the Trust’s audited financial statements and the accompanying notes included in the Trust’s 2023 Annual Report. Cautionary Statement Regarding Forward Looking Statements Certain information included in this Quarterly Report contains, and other materials filed or to be filed by the Trust with the SEC (as well as information included in oral statements or other written statements made or to be made by the Trust) may contain or include, forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Section 27A of the Securities Act of 1933, as amended. Such forward-looking statements may involve or may concern, among other things, the amount and variability in capital expenditures by Hilcorp, drilling activity, development activities, production efforts and volumes, hydrocarbon prices, estimated future net revenues, estimates of reserves, the results of the Trust’s activities, the differences between Hilcorp’s estimated revenue and actual revenue, and regulatory matters. Such forward-looking statements generally are accompanied by words such as “may,” “will,” “based,” “estimate,” “expect,” “predict,” “project,” “anticipate,” “believe,” “plan,” “intend,” or other words tha