San Juan Basin Royalty Trust
San Juan Basin Royalty Trust is a U.S. royalty trust that holds a net overriding royalty interest in oil and natural gas properties in the San Juan Basin of northwestern New Mexico. The trust does not operate wells itself; it receives royalty income from production on the subject interests and distributes available cash to unit holders after expenses.
Liiketoiminta
Osuus liikevaihdostaCash flows derived from the trust's royalty interest in natural gas production from the subject properties.
Cash flows derived from the trust's royalty interest in oil production from the subject properties.
Interest earned on trust cash balances and temporary reserves held by the trustee.
Asiakkaat
The trust's economic beneficiaries are its unit holders, who receive distributions from royalty income rather than purchasing a conventional product or service. The underlying cash generation depends on Hilcorp's production and marketing of oil and natural gas from the subject interests, so the trust is economically tied to energy end markets and commodity pricing. The trustee also interacts with Hilcorp for reporting, expense allocation, and royalty administration.
Investors who own trust units and receive cash distributions from royalty income.
Operator of the subject interests that produces, markets, and reports the oil and gas volumes used to calculate royalty income.
Natural gas and oil market conditions determine the value of production underlying the trust's distributions.
Strategia
The trust's structure is designed to collect royalty income, pay trust expenses, and distribute available cash to unit holders. Its strategic position is therefore not about growth investment or expansion, but about preserving the royalty stream, monitoring operator performance, and maintaining accurate reporting and expense administration.
The trust's value comes from the underlying net overriding royalty interest and the cash it generates.
Production volumes, costs, and sales data from Hilcorp determine distributable income.
Natural gas pricing, oil pricing, and production costs directly affect royalty income.
Maantiede
The trust's assets are located in the San Juan Basin of northwestern New Mexico, so its cash flows are tied to a single producing region in the United States. Production, gathering, and marketing are concentrated in that basin, making local infrastructure, line pressure, and regional pricing important to results. The trust has no operating footprint outside this U.S. asset base.
Riskit
The trust is highly exposed to commodity prices, basin-specific production trends, and the operator's cost structure because royalty income is calculated from net proceeds. It also faces concentration risk in a single asset base and reliance risk on Hilcorp's reporting, operations, and marketing decisions, which can materially affect distributions.
Royalty income depends on realized natural gas and oil prices in the San Juan Basin.
Kohdistuu: Natural gas and oil sales
The trust's principal asset is tied to one producing basin in New Mexico.
Kohdistuu: San Juan Basin
Production costs must be recovered before royalty income is again paid to the trust.
Kohdistuu: Net proceeds and distributions
Hilcorp controls production, marketing, and reporting for the subject interests.
Kohdistuu: Operational and reporting accuracy
Kirjanpito
Harkinnanvaraiset erätThe trust recognizes production during the month the related royalty income is paid, which can shift revenue between periods.
Vaikutus: Can create quarter-to-quarter volatility in reported income
Future net proceeds are applied to recover excess production costs before royalty income is paid again.
Vaikutus: Can suppress distributable income even when production exists
Reported amounts depend on Hilcorp's production, cost, and settlement reporting.
Vaikutus: Audit settlements and reporting adjustments can affect income
Interest income changes with reserve balances and cash held by the trustee.
Vaikutus: Affects distributable income when royalty income is low
Samankaltaisia listattuja yhtiöitä
Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.
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Päivitetty: 29.4.2026