10-Q · May 14, 2026
The San Juan Basin Royalty Trust's 10-Q filing for Q1 2026 indicates no revenue generation for the reporting period, consistent with prior quarters. Gross and operating margins are not available, and diluted EPS remains…
Earnings analysis · 10-Q
SJT earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
The supplied 10-Q excerpt does not include the income statement, balance sheet, cash-flow statement, segment data, or quantitative operating results, so revenue, margins, EPS, cash flow and balance-sheet trends cannot…
Read full summary
The supplied 10-Q excerpt does not include the income statement, balance sheet, cash-flow statement, segment data, or quantitative operating results, so revenue, margins, EPS, cash flow and balance-sheet trends cannot be assessed. The filing confirms effective disclosure controls as of June 30, 2026 and no material internal-control changes during the three months ended June 30, 2026. The principal disclosed concern is the Trust’s dependence on Hilcorp for accurate and timely royalty, production-cost and operating information; no material risk-factor changes or quantitative guidance were reported.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Disclosure controls deemed effective
The Trustee concluded that disclosure controls and procedures were effective at the “reasonable assurance” level as of June 30, 2026, under Rule 13a-15(f).
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Ongoing audit of Hilcorp reporting
The Trust’s compliance audit process covers Hilcorp payments, including sales revenues, production costs, capital expenditures, adjustments, actualizations and recoupments; the filing states that this process remains ongoing as of 2026.
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No material control changes
The filing reports no changes during the three months ended June 30, 2026 that materially affected, or were reasonably likely to materially affect, internal control over financial reporting.
What to watch
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Dependence on Hilcorp information
The Trust’s ability to timely and accurately report royalty income depends on Hilcorp’s timely delivery of accurate oil-and-gas revenue and production-cost information. The filing specifically identifies this dependency under Rule 13a-15(f) disclosure controls.
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Limited governance structure
The Trust has 0 directors and 0 officers and no independent audit committee; consequently, the Trustee does not review controls in concert with those governance bodies, increasing oversight and reporting-governance risk.
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Existing risks remain unchanged
Part II, Item 1A states there have been no material changes to the risk factors disclosed in the December 31, 2025 Form 10-K; therefore, the filing provides no evidence that the previously disclosed risks have diminished.
Management's outlook
No quantitative revenue or EPS outlook is provided in the supplied 10-Q text. The filing contains no forward operating guidance.
Earlier filings 4
10-K · March 27, 2026
San Juan Basin Royalty Trust reported zero Royalty Income for 2025 (Royalty Income $0) and total income of $11,887 (interest only), resulting in negative distributable income of $387,808 and distributable income per…
10-Q · November 13, 2025
San Juan Basin Royalty Trust reported effectively zero royalty revenue and only $385 of interest income for the quarter ended September 30, 2025, producing a distributable loss of $111,352 (‑$0.002389 per Unit). The…
10-Q · August 13, 2025
Q2 2025 results show the Trust received total income of $2,985 and reported a distributable loss of $(162,783) ( $(0.003493) per unit) versus distributable income of $1,065,685 ( $0.022864 per unit) in Q2 2024. Cash…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.