San Juan Basin Royalty Trust Announces No July Distribution; Hilcorp 2026 Plan Update

What Happened
On July 21, 2026, San Juan Basin Royalty Trust (SJT) issued a press release (Exhibit 99.1) announcing it will not declare a monthly cash distribution for July. The Trust cited excess production costs for its subject interests and continued low natural gas pricing as the reasons. The filing also notes that Hilcorp San Juan L.P. provided the Trust with an update to Hilcorp’s 2026 development plan. The 8-K was furnished (Items 2.02 and 7.01) and not filed for Section 18 liability purposes.

Key Details

• Date: July 21, 2026 — press release attached as Exhibit 99.1.
• Distribution: No monthly cash distribution will be declared for July 2026.
• Reasons given: excess production costs for the Trust’s subject interests and continued low natural gas prices.
• Operator update: Hilcorp San Juan L.P. provided an update to its 2026 development plan to the Trust.
• Administrative: Report furnished by Argent Trust Company as Trustee; signed by Nancy Willis, Director of Royalty Trust Services.

Why It Matters
For unit holders, the immediate impact is no cash payment for the July distribution period, reducing expected short-term income. The stated causes—production costs outpacing receipts and weak natural gas prices—are operational and market factors that can affect future monthly distributions. The Hilcorp 2026 development-plan update is material because operator plans influence future production and thus future royalty receipts, but the filing provides no new distribution forecast or specific production/financial numbers.