San Juan Basin Royalty Trust
|Company Name||San Juan Basin Royalty Trust|
On August 20, 2021, the Trust announced that “it will not declare a monthly cash distribution to the holders of its Units of beneficial interest” due to “excess production costs for the June 2021 production month.” The Trust disclosed that “true-ups that occurred last month to the lease operating and capital cost categories for the January 2021 through April 2021 production months resulting in additional profits were made in error” and that “the June 2021 reporting month includes a reduction of $2,043,557.99 gross profits ($1,532,668.49 net to the Trust) due to corrections for those periods.”
On this news, the Company’s share price fell approximately 17% during intraday trading on August 20, 2021, as compared to the previous day’s close, thereby injuring investors.
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