San Juan Basin Royalty Trust (SJT) risk factors

26 risks, 4 new, 1 dropped, 4 reworded since the prior year. The Trust added operational, accounting, and tax risks while updating operator recovery timelines and tax legislation references.

23 risks. Distributions depend heavily on volatile oil and gas prices realized by operator Hilcorp. Reserve estimates and asset depletion rates directly impact unit values and returns. Operator bankruptcies, production costs, and regulations heavily restrict operations and cash flows.