SJT | Jotup

San Juan Basin Royalty Trust Confirms Resignation of PNC Bank as Trustee and Appointment of Argent Trust Company as Successor Trustee

Retrieved on:

Thursday, February 15, 2024

Professional Services, Mining, Minerals, Oil, Gas, Natural Resources, Energy, Finance, Banking, Acquisition, PNC Financial Services, Trustee, SJT, BBVA, Trust, Royalty trust, PNC

San Juan Basin Royalty Trust (the “Trust”) (NYSE:SJT) announced today that the resignation of PNC Bank (“PNC”) as Trustee of the Trust and appointment of Argent Trust Company, a Tennessee chartered trust company (“Argent”) as successor Trustee is effective as of February 15, 2024.

Key Points:

San Juan Basin Royalty Trust (the “Trust”) (NYSE:SJT) announced today that the resignation of PNC Bank (“PNC”) as Trustee of the Trust and appointment of Argent Trust Company, a Tennessee chartered trust company (“Argent”) as successor Trustee is effective as of February 15, 2024.
PNC has appreciated the opportunity to serve as Trustee of the San Juan Basin Royalty Trust over the past two years and will continue to collaborate with Argent in the transition as successor trustee.
The Trust will be administered by Argent’s Royalty Trust division, which currently administers seven other publicly traded royalty trusts, in addition to the Trust.
"Argent is excited to expand its Royalty Trust service offerings to the Trust," said Reid Harrell, CEO of Argent Trust Company.

San Juan Basin Royalty Trust Declares Cash Distribution for January 2024

Retrieved on:

Friday, January 19, 2024

The distribution is payable February 14, 2024, to the Unit Holders of record as of January 31, 2024.

Key Points:

The distribution is payable February 14, 2024, to the Unit Holders of record as of January 31, 2024.
For the production month of November 2023, the owner of the Subject Interests, Hilcorp San Juan L.P. and the operator of the Subject Interests, Hilcorp Energy Company (collectively, “Hilcorp”), reported to the Trust net profits of $1,283,023 gross ($962,267 net royalty amount to the Trust).
Hilcorp reported $5,693,664 of total revenue from the Subject Interests for the production month of November 2023, consisting of $5,564,175 of gas revenues and $129,489 of oil revenues.
Forward-looking statements and the business prospects of San Juan Basin Royalty Trust are subject to a number of risks and uncertainties that may cause actual results in future periods to differ materially from the forward-looking statements.

San Juan Basin Royalty Trust Announces Argent Trust Company as Successor Trustee and Amendments to its Indenture

Retrieved on:

Tuesday, January 16, 2024

Professional Services, Mining, Minerals, Oil, Gas, Natural Resources, Energy, Finance, Banking, Trust, PNC Financial Services, National Association, Trustee, Special, SJT

San Juan Basin Royalty Trust (NYSE:SJT) (the “Trust”) today announced that, at the Special Meeting of the Trust’s Unit Holders held on January 16, 2024, the Unit Holders of the Trust voted to approve the appointment of Argent Trust Company, a Tennessee chartered trust company (“Argent”) as successor Trustee to PNC Bank, National Association, the current trustee of the Trust.

Key Points:

San Juan Basin Royalty Trust (NYSE:SJT) (the “Trust”) today announced that, at the Special Meeting of the Trust’s Unit Holders held on January 16, 2024, the Unit Holders of the Trust voted to approve the appointment of Argent Trust Company, a Tennessee chartered trust company (“Argent”) as successor Trustee to PNC Bank, National Association, the current trustee of the Trust.
Unit Holders also approved two separate proposals amending the Indenture, the governing document of the Trust.
The proposals approved and adopted by the Unit Holders included amendments (i) permitting a successor trustee to be a bank or trust company having a capital, surplus and undivided profits (as of the end of its last fiscal year prior to its appointment) of at least $15,000,000, (ii) an amendment that would clarify the word “Trustee” to include former trustees for indemnification purposes.
The resignation of PNC Bank, National Association as trustee and the appointment of Argent as successor trustee is expected to take place on February 15, 2024.

San Juan Basin Royalty Trust Declares Cash Distribution for December 2023

Retrieved on:

Monday, December 18, 2023

The distribution is payable January 16, 2024, to the Unit Holders of record as of December 29, 2023.

Key Points:

The distribution is payable January 16, 2024, to the Unit Holders of record as of December 29, 2023.
For the production month of October 2023, the owner of the Subject Interests, Hilcorp San Juan L.P. and the operator of the Subject Interests, Hilcorp Energy Company (collectively, “Hilcorp”), reported to the Trust net profits of $869,465 gross ($652,099 net royalty amount to the Trust).
Based upon information provided to the Trust by Hilcorp, gas volumes for the subject interests for October 2023 totaled 1,997,743 Mcf (2,219,715 MMBtu), as compared to 1,905,945 Mcf (2,117,717 MMBtu) for September 2023.
Forward-looking statements and the business prospects of San Juan Basin Royalty Trust are subject to a number of risks and uncertainties that may cause actual results in future periods to differ materially from the forward-looking statements.

San Juan Basin Royalty Trust Announces Adjournment of Special Meeting

Retrieved on:

Friday, December 1, 2023

Professional Services, Mining, Minerals, Oil, Gas, Natural Resources, Energy, Finance, Banking, SJT, Webcast, Central Time, NYSE, Special, PNC Financial Services, National Association, Unit, Security (finance), Trust

San Juan Basin Royalty Trust (NYSE: SJT) (the “Trust”) today announced that the Special Meeting of the Trust’s Unit Holders held on December 1, 2023, for the purpose of obtaining Unit Holder approval of the appointment of Argent Trust Company, a Tennessee chartered trust company (“Argent”), as successor trustee to PNC Bank, National Association, the trustee of the Trust (the “Trustee”), together with two additional proposed amendments to the San Juan Basin Royalty Trust Indenture, was adjourned due to the lack of the requisite quorum.

Key Points:

San Juan Basin Royalty Trust (NYSE: SJT) (the “Trust”) today announced that the Special Meeting of the Trust’s Unit Holders held on December 1, 2023, for the purpose of obtaining Unit Holder approval of the appointment of Argent Trust Company, a Tennessee chartered trust company (“Argent”), as successor trustee to PNC Bank, National Association, the trustee of the Trust (the “Trustee”), together with two additional proposed amendments to the San Juan Basin Royalty Trust Indenture, was adjourned due to the lack of the requisite quorum.
The Special Meeting has been adjourned until January 16, 2024 at 10:00 a.m. Central Time, to be held in person at 2200 Post Oak Blvd., Floor 19, Houston, Texas 77056 and virtually via webcast at www.virtualshareholdermeeting.com/SJT2023SM .
The record date for Unit Holders entitled to vote at the Special Meeting remains the close of business on October 2, 2023.
Unit Holders who have already voted on the proposals do not need to take any further action.

San Juan Basin Royalty Trust Declares Cash Distribution for November 2023

Retrieved on:

Friday, November 17, 2023

The distribution is payable December 14, 2023, to the Unit Holders of record as of November 30, 2023.

Key Points:

The distribution is payable December 14, 2023, to the Unit Holders of record as of November 30, 2023.
For the production month of September 2023, the owner of the Subject Interests, Hilcorp San Juan L.P. and the operator of the Subject Interests, Hilcorp Energy Company (collectively, “Hilcorp”), reported to the Trust net profits of $1,293,944 gross ($970,458 net royalty amount to the Trust).
Based upon information provided to the Trust by Hilcorp, gas volumes for the subject interests for September 2023 totaled 1,905,945 Mcf (2,117,717 MMBtu), as compared to 2,076,932 Mcf (2,307,702 MMBtu) for August 2023.
Forward-looking statements and the business prospects of San Juan Basin Royalty Trust are subject to a number of risks and uncertainties that may cause actual results in future periods to differ materially from the forward-looking statements.

San Juan Basin Royalty Trust Declares Cash Distribution for October 2023

Retrieved on:

Friday, October 20, 2023

The distribution is payable November 14, 2023, to the Unit Holders of record as of October 31, 2023.

Key Points:

The distribution is payable November 14, 2023, to the Unit Holders of record as of October 31, 2023.
For the production month of August 2023, the owner of the Subject Interests, Hilcorp San Juan L.P. and the operator of the Subject Interests, Hilcorp Energy Company (collectively, “Hilcorp”), reported to the Trust net profits of $3,148,582 gross ($2,361,436 net royalty amount to the Trust).
Based upon information provided to the Trust by Hilcorp, gas volumes for the subject interests for August 2023 totaled 2,076,932 Mcf (2,307,702 MMBtu), as compared to 1,986,071 Mcf (2,206,745 MMBtu) for July 2023.
Forward-looking statements and the business prospects of San Juan Basin Royalty Trust are subject to a number of risks and uncertainties that may cause actual results in future periods to differ materially from the forward-looking statements.

San Juan Basin Royalty Trust Declares Cash Distribution for September 2023

Retrieved on:

Tuesday, September 19, 2023

The distribution is payable October 16, 2023, to the Unit Holders of record as of September 29, 2023.

Key Points:

The distribution is payable October 16, 2023, to the Unit Holders of record as of September 29, 2023.
For the production month of July 2023, the owner of the Subject Interests, Hilcorp San Juan L.P. and the operator of the Subject Interests, Hilcorp Energy Company (collectively, “Hilcorp”), reported to the Trust net profits of $3,586,018 ($2,689,513 net royalty amount to the Trust).
Based upon the information that Hilcorp provided to the Trust, gas volumes for the Subject Interests for July 2023 totaled 1,986,071 Mcf (2,206,745 MMBtu), as compared to 2,006,122 Mcf (2,229,024 MMBtu) for June 2023.
Forward-looking statements and the business prospects of San Juan Basin Royalty Trust are subject to a number of risks and uncertainties that may cause actual results in future periods to differ materially from the forward-looking statements.

San Juan Basin Royalty Trust Announces PNC Bank, National Association Signs an Agreement of Conditional Resignation with Argent Trust Company

Retrieved on:

Tuesday, September 12, 2023

PNC Bank, National Association (“PNC”), as the trustee (the “Trustee”) of the San Juan Basin Royalty Trust (the “Trust”) (NYSE: SJT), announced that it has entered into an Agreement of Conditional Resignation with Argent Trust Company, a Tennessee chartered trust company (“Argent”), pursuant to which the Trustee will be resigning as trustee of the San Juan Basin Royalty Trust, and will nominate Argent as successor trustee.

Key Points:

PNC Bank, National Association (“PNC”), as the trustee (the “Trustee”) of the San Juan Basin Royalty Trust (the “Trust”) (NYSE: SJT), announced that it has entered into an Agreement of Conditional Resignation with Argent Trust Company, a Tennessee chartered trust company (“Argent”), pursuant to which the Trustee will be resigning as trustee of the San Juan Basin Royalty Trust, and will nominate Argent as successor trustee.
PNC assumed the administration of the Trust in 2021 through the acquisition of BBVA USA Bancshares, Inc. PNC’s decision to resign is based on its determination that the administration of royalty trusts, such as the Trust, is not part of its long-term strategy.
PNC has appreciated the opportunity to serve as Trustee of the San Juan Basin Royalty Trust over the past two years and welcomes collaborating with Argent in the transition as successor trustee.
The Trustee’s resignation as Trustee, and Argent’s appointment as successor trustee, are subject to certain conditions set forth in the Agreement of Conditional Resignation, which include the Unit Holders’ appointment of Argent as successor trustee and the approval of any amendments to the San Juan Basin Royalty Trust Indenture necessary to permit Argent to serve as successor trustee.

San Juan Basin Royalty Trust Announces Settlement Agreement

Retrieved on:

Thursday, September 7, 2023

PNC Bank, National Association, as the trustee (the “Trustee”) of the San Juan Basin Royalty Trust (the “Trust”) (NYSE: SJT), announced that an agreement between the Trustee and Hilcorp San Juan L.P. (“Hilcorp”), the owner of the Trust’s subject interests, will result in the payment of $1,037,093.45 to the Trust by Hilcorp to resolve the 2017-2020 Disputed Expenses exceptions and enter into an amendment to the Conveyance Agreement with respect to the expenses associated with the operator’s saltwater disposal facilities.

Key Points:

PNC Bank, National Association, as the trustee (the “Trustee”) of the San Juan Basin Royalty Trust (the “Trust”) (NYSE: SJT), announced that an agreement between the Trustee and Hilcorp San Juan L.P. (“Hilcorp”), the owner of the Trust’s subject interests, will result in the payment of $1,037,093.45 to the Trust by Hilcorp to resolve the 2017-2020 Disputed Expenses exceptions and enter into an amendment to the Conveyance Agreement with respect to the expenses associated with the operator’s saltwater disposal facilities.
The Trustee engaged in extensive discussions with Hilcorp regarding these exceptions that culminated in Hilcorp’s agreement to pay the sum of $1,037,093.45, which includes the accumulated interest incurred as a result of the underpayment.
Therefore, on August 30, 2023, the Trust and Hilcorp entered into a Compromise and Settlement Agreement whereby Hilcorp would (i) pay the sum of $1,037,093.45 to resolve the 2017-2020 Disputed Expenses that resulted in the underpayment of royalties and (ii) enter into an amendment to the Conveyance Agreement with respect to the expenses associated with the operator’s saltwater disposal facilities.
The settlement amount includes the interest incurred over the time period of the underpayment.