San Juan Basin Royalty Trust
- Market Cap (Float-Adj) (Float-adjusted market cap computed by the low-float screener — matches the screener row. May differ from the standard cap (price × all shares outstanding) reported elsewhere.)
- $177.6M
- Price
- $3.81
- % Change (Daily % change from the live per-ticker quote feed.)
- +0.53%
- Volume
- 493.9K
About
The San Juan Basin Royalty Trust is a Texas-based express trust, established in 1980 and headquartered in Houston. Its core operation revolves around a substantial 75% net overriding royalty interest, which was carved out of oil and natural gas holdings previously owned by Southland. These underlying assets, collectively known as the "Subject Interests," are situated in the San Juan Basin across San Juan, Rio Arriba, and Sandoval Counties in northwestern New Mexico. The Subject Interests themselves encompass various energy rights, including working interests, royalty interests, overriding royalty interests, and other contractual agreements, covering 119,000 net producing acres and involving 1,140 net wells. BBVA USA acts as the appointed trustee for the organization.
Quick stats
Shares outstanding46.6M
Computed float39.1M
Float / shares83.9%
Key info
SectorEnergy
IndustryOil & Gas Exploration & Production
CIK (Central Index Key — the unique ID the SEC assigns to every filer. Use it to look up the company's filings on EDGAR.)0000319655
Websitehttps://www.sjbrt.com
AI Summary
AI-generated1/3
minormixedoperations update
San Juan Basin Royalty Trust Provides Update on Operations and Liquidity
The San Juan Basin Royalty Trust's trustee, Argent Trust Company, issued a broad update responding to unit-holder inquiries covering administrative expenses, a joint interest audit, Hilcorp capital spending, liquidity, and investor communications.
G&A expenses fell approximately $976,000 year-over-year, mostly from one-time 2024 trustee-transition costs that have not recurred, and the Trustee will break out expense categories in future filings.
On liquidity, the Trust has a $2 million Texas Bank credit facility maturing May 21, 2027, with about $1,075,400 outstanding as of September 18, 2026; the Trustee is in discussions on an extension, renewal, or replacement and is evaluating other financing sources.
The Trustee also confirmed it has no authority over Hilcorp's capital program and will restore national newswire distribution of monthly releases starting with the October 2026 report.
Red flags
- Trustee has no authority to direct or veto Hilcorp's capital program and lacks visibility into well-level economics
- Roughly half of the $2M credit facility is drawn, with the facility maturing May 2027 and no renewal secured
- Trustee declined to pursue further recovery on the 2017-2020 joint interest audit adjustment, judging cost of dispute outweighed potential recovery