SAN JUAN BASIN ROYALTY TRUST

ITEM 1. BUSINESS The Trust is an express trust created under the laws of the State of Texas by the San Juan Basin Royalty Trust Indenture entered into on November 1, 1980, between Southland Royalty Company (“Southland”) and The Fort Worth National Bank. Effective as of September 30, 2002, the original indenture was amended and restated, and, effective as of December 12, 2007, the restated indenture was amended and restated (such amended and restated indenture, as further amended by the First Amendment to the Amended and Restated Royalty Trust Indenture dated February 15, 2024, the “Indenture”). As a result of a series of mergers and other transactions, PNC Bank, National Association (“PNC…

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ITEM 1A. RISK FACTORS Although risk factors are described throughout this Annual Report on Form 10-K, the following is a summary of the principal risks associated with an investment in Units of the Trust. BUSINESS AND OPERATING RISKS Oil and gas prices fluctuate due to a number of factors, and lower prices will reduce net proceeds to the Trust and distributions to Unit Holders. The Trust’s monthly distributions are highly dependent upon the prices realized from the sale of gas and, to a lesser extent, oil. Oil and gas prices can fluctuate widely in response to a variety of factors that are beyond the control of the Trust and Hilcorp. Factors that contribute to price fluctuation include,…

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