San Juan Basin Royalty Trust Provides Operational Update
The San Juan Basin Royalty Trust (NYSE: SJT) has provided an update on its operations and liquidity, addressing inquiries from unit holders following a recent trustee transition. Argent Trust Company now serves as the Trustee after replacing PNC Bank in 2024. The Trust is enhancing transparency by providing more detailed disclosures regarding administrative expenses and related-party transactions. The Trust reported a year-over-year decrease of approximately $976,000 in general and administrative expenses due to one-time costs from transitioning trustees. These included legal fees, compliance costs, and professional services during the transition period. Going forward, these expenses are expected to be lower as duties have been absorbed by Argent Trust Company. The update also covers a joint interest audit adjustment for 2017–2020 that was inherited from PNC Bank in an advanced stage. The Trustee concluded it would not pursue further action due to the cost-benefit analysis favoring against additional recovery efforts.
Tickers: $SJT
Topics: administrative expenses disclosures SEC filings trustee fees