San Juan Basin Royalty Trust Declares No Cash Distribution for August 2024 and Announces Production Costs in Excess of Proceeds
San Juan Basin Royalty Trust Declares No Cash Distribution for August 2024 and Announces Production Costs in Excess of Proceeds
DALLAS, Aug. 20, 2024 /PRNewswire/ -- Argent Trust Company, as the trustee (the "Trustee") of the San Juan Basin Royalty Trust (the "Trust") (NYSE: SJT), today reported that it will not declare a monthly cash distribution to the holders of its Units of beneficial interest (the "Unit Holders") due to excess production costs for the Trust's subject interests ("Subject Interests") during the production month of June 2024, as well as low natural gas pricing. Excess production costs occur when production costs and capital expenditures exceed the gross proceeds for a certain period. Excess production costs for this reporting period are due primarily to significant lease operating expenses and capital expenditures associated with Hilcorp San Juan L.P.'s ("Hilcorp") 2024 capital project plan.
阿讓特信託公司作爲 San Juan 基礎設施信託 (NYSE: SJT) 的受託人 (以下簡稱「受託人」),今天報告稱,由於信託份額持有人的條件利益(「單位持有人」)在 2024 年 6 月的生產期間的關注利益(「關注利益」) 中存在的超額生產成本以及低天然氣價格,該信託不會向單位持有人宣佈月度現金分配。當生產成本和資本支出超過一定時期的總收益時就發生了超額生產成本。本報告期的超額生產成本主要是由於 Hilcorp San Juan L.P.(以下簡稱「Hilcorp」) 的 2024 年資本項目計劃所涉及的顯著租約運營費用和資本支出。
Hilcorp reported $2,851,950 of total revenue from the Subject Interests for the production month of June 2024, consisting of $2,577,981 of gas revenues and $273,969 of oil revenues. For the Subject Interests, Hilcorp reported $6,419,934 of production costs (excluding excess production costs) for the production month of June 2024, consisting of $2,444,154 of lease operating expenses, $323,890 of severance taxes, and $3,651,890 of capital costs.
2024 年 6 月關注利益總收入爲 $2,851,950。其中 $2,577,981 爲氣體收入,$273,969 爲油氣收入。對於關注利益,在 2024 年 6 月的生產期間,Hilcorp 報告的生產成本 (不包括超額生產成本) 合計 $6,419,934,其中包括租賃運作費用 $2,444,154,賦稅 $323,890 和資本支出 $3,651,890。
Hilcorp will charge the excess production costs of approximately $8,456,506 gross ($6,342,379 net to the Trust) to the next month's distribution. No cash distributions will be made by the Trust until future net proceeds are sufficient to pay then-current Trust liabilities and replenish cash reserves. This month's Trust administrative expenses totaled $187,698. The increase in administrative expenses was attributable to differences in timing of the receipt and payment of certain expenses by the Trust. Interest income received by the Trust in the amount of $6,302 will be applied to cover a portion of this month's Trust administrative expenses, with cash reserves utilized to pay the remaining administrative expenses.
Hilcorp 將對超額生產成本的近 $8,456,506 毛收入 ($6,342,379 純歸信託) 收費,用於下月的分配。在未來的淨收益足以支付當前的信託負債和補充現金儲備之前,該信託不會發放現金分配。本月的信託行政費用總計 $187,698。行政費用增加是由於信託收到和支付某些費用的時間差異所致。信託收到的利息收入 $6,302 將被用來支付本月部分信託行政費用,剩餘的部分將由現金儲備支付。
Based upon information provided to the Trust by Hilcorp, gas volumes for the subject interests for June 2024 totaled 1,828,685 Mcf (2,031,872 MMBtu), as compared to 1,970,451 Mcf (2,189,390 MMBtu) for May 2024. Dividing gas revenues by production volume yielded an average gas price for June 2024 of $1.41 per Mcf ($1.27 per MMBtu), as compared to an average gas price for May 2024 of $1.14 per Mcf ($1.02 per MMBtu).
根據 Hilcorp 提供給該信託的信息,2024 年 6 月關注利益的氣體成交量合計爲 1,828,685 Mcf(2,031,872 MMBtu),而 2024 年 5 月則爲 1,970,451 Mcf(2,189,390 MMBtu)。將氣體收入除以生產容量,得出 2024 年 6 月的平均氣價爲 $1.41/Mcf($1.27/MMBtu),而 2024 年 5 月的平均氣價爲 $1.14/Mcf($1.02/MMBtu)。
Pursuant to the Amended and Restated Royalty Trust Indenture, dated December 12, 2007 (as amended on February 15, 2024, by the First Amendment to the Amended and Restated Royalty Trust Indenture), the Trustee is authorized to retain, in its sole discretion, a cash reserve for payment of Trust liabilities that are contingent or uncertain or otherwise not currently due and payable. To cover Trust expenses during any period of revenue shortfall, which has resulted and may continue to result from lower commodity prices and increased capital expenditures and lease operating expenses under Hilcorp's 2024 capital project plan for the Subject Interests, the Trustee increased the cash reserves in March and April of 2024, such that total cash reserves were $1.8 million as of April 30, 2024. Interest income and cash reserves were utilized to pay Trust administrative expenses in each of May, June, and July of 2024. This month, cash reserves in the amount of $181,396 will be utilized to cover the balance of Trust administrative expenses which will bring the balance of cash reserves maintained by the Trustee to $1,239,141. Prior to any future distributions to Unit Holders, the Trustee plans to replenish the cash reserves and continue to increase the cash reserves to $2.0 million.
根據 2007 年 12 月 12 日修訂的修訂後的專利信託契約(根據 2024 年 2 月 15 日的《修訂後的專利信託契約第一修正案》進行修訂),受託人有權自行決定保留現金儲備,用於支付未來的信託負債,這些負債可能是有條件的、不確定的或其他當前不應付款項。爲了在任何收入短缺期間支付信託費用,這些收入短缺是由 Hilcorp 的 2024 年關注利益資本項目計劃下的商品價格下跌和資本支出和租賃運營費用的增加造成的,並且可能會繼續造成的,受託人在 2024 年 3 月和 4 月增加了現金儲備,以便在 2024 年 4 月 30 日時,總現金儲備爲 $1,800,000。利息收入和現金儲備被用於支付 2024 年 5 月、6 月和 7 月的信託行政費用。本月,將利用 $181,396 現金儲備來支付剩餘的信託行政費用,帶來受託人維護的現金儲備餘額爲 $1,239,141。在向單位持有人進行任何未來的分配之前,受託人計劃補充現金儲備,並繼續將現金儲備增加至 $2,000,000。
Production from the Subject Interests continues to be gathered, processed, and sold under market sensitive and customary agreements, as recommended for approval by the Trust's Consultant. The Trustee continues to engage with Hilcorp regarding its ongoing accounting and reporting to the Trust, and the Trust's third-party compliance auditors continue to audit payments made by Hilcorp to the Trust, inclusive of sales revenues, production costs, capital expenditures, adjustments, actualizations, and recoupments. The Trust's auditing process has also included detailed analysis of Hilcorp's pricing and rates charged. As previously disclosed in the Trust's filings, these revenues and costs (along with all costs) are the subject of the Trust's ongoing comprehensive audit process by the Trust's professional consultants and outside counsel to analyze compliance with all the underlying operative Trust agreements and evaluate potential remedies in the event there is suspected non-compliance.
客體利益的生產仍然是根據市場敏感性和慣例協議進行收集、加工和銷售,建議通過顧問批准。受託人將繼續與Hilcorp就其向信託的持續會計和報告進行溝通,信託的第三方合規核數師繼續審計由Hilcorp向信託支付的款項,包括銷售收入、生產成本、資本支出、調整、實現和收回。信託的審計過程還包括對Hilcorp的定價和費率收費進行詳細分析。正如在信託的備案文件中先前披露的那樣,這些收入和成本(連同所有成本)是受託人專業顧問和外部法律顧問進行的持續性審計程序的主題,以分析是否遵守了所有基礎運行信託協議,並評估在發現有疑點的情況下可能的救濟措施。
Forward Looking Statements. Except for historical information contained in this news release, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements generally are accompanied by words such as "estimates," "anticipates," "could," "plan," or other words that convey the uncertainty of future events or outcomes. Forward-looking statements and the business prospects of San Juan Basin Royalty Trust are subject to a number of risks and uncertainties that may cause actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, certain information provided to the Trust by Hilcorp, volatility of oil and gas prices, governmental regulation or action, litigation, and uncertainties about estimates of reserves. These and other risks are described in the Trust's reports and other filings with the Securities and Exchange Commission.
前瞻性聲明。除了本新聞發佈中所包含的歷史信息外,本新聞發佈中的所有陳述均是前瞻性聲明,是根據1995年《私人證券訴訟改革法》的安全港規定作出的。這些前瞻性陳述通常伴隨着「估計」、「預計」、「可能」之類的詞語,或者其他表達未來事件或結果的不確定性的詞彙。前瞻性聲明和San Juan Basin Royalty Trust的業務前景受到多個風險和不確定性的影響,這可能會導致未來時期的實際結果與前瞻性聲明存在實質性差異。這些風險和不確定性包括Hilcorp向信託提供的某些信息、油氣價格的波動、政府管制或行動、訴訟以及有關儲量估計的不確定性。這些和其他風險均在信託的報告和其他提交給證券交易委員會的文件中說明。
Contact: |
San Juan Basin Royalty Trust |
Argent Trust Company, Trustee |
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Nancy Willis, Director of Royalty Trust Services |
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Toll-free: (855) 588-7839 or (866) 809-4553 |
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Fax: (214) 559-7010 |
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Website: |
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Email: [email protected] |
Brian Siegel,IRC,MBA-高級管理董事,Hayden IR,電話:(346)396-8696,ir@zedge.net |
聖胡安盆地皇權信託 |
阿根特信託公司,受託人 |
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董事 Nancy Willis (Royalty Trust Services) |
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免費電話:(855)588-7839或(866)809-4553 |
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傳真:(214)559-7010 |
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網站: |
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電子郵件:[email protected] |
SOURCE San Juan Basin Royalty Trust
消息來源:聖胡安盆地皇權信託
譯文內容由第三人軟體翻譯。