San Juan Basin Royalty Trust 2025年度报告

Form 10-K Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) hasbeen subject to such filing requirements for the past 90 days.Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every InteractiveData File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months(or for such shorter period that the registrant was required to submit and post such files).Yes☐No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness ofits internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered publicaccounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to Section 240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes☐No☑ Aggregate market value of the Units held by non-affiliates of the registrant as of June 30, 2025 (the last business day of its most recentlycompleted second fiscal quarter), was approximately $278,720,600 based on the closing price as quoted on the New York Stock Exchange. As ofMarch 27, 2026, there were 46,608,796 Units of the registrant outstanding. DOCUMENTS INCORPORATED BY REFERENCE None. GLOSSARY OF OIL AND NATURAL GAS TERMSiPART I1ITEM 1.BUSINESS1ITEM 1A.RISK FACTORS4ITEM 1B.UNRESOLVED STAFF COMMENTS11ITEM 1C.CYBERSECURITY11ITEM 2.PROPERTIES12ITEM 3.LEGAL PROCEEDINGS20ITEM 4.MINE SAFETY DISCLOSURES20PART II21ITEM 5.MARKET FOR REGISTRANT’S UNITS, RELATED UNIT HOLDER MATTERSAND ISSUER PURCHASES OF UNITS21ITEM 6.RESERVED21ITEM 7.TRUSTEE’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESULTS OF OPERATIONS21ITEM 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK28ITEM 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA28ITEM 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ONACCOUNTING AND FINANCIAL DISCLOSURE38ITEM 9A.CONTROLS AND PROCEDURES38ITEM 9B.OTHER INFORMATION39ITEM 9C.DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENTINSPECTIONS39PART III39ITEM 10.DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT39ITEM 11.EXECUTIVE COMPENSATION39ITEM 12.SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS ANDMANAGEMENT AND RELATED SECURITY HOLDER MATTERS39ITEM 13.CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTORINDEPENDENCE40ITEM 14.PRINCIPAL ACCOUNTANT FEES AND SERVICES40PART IV41ITEM 15.EXHIBITS AND FINANCIAL STATEMENT SCHEDULES41 Information Regarding Forward-Looking Statements Certain information included in this Annual Report on Form 10-K contains, and other materials filed or to befiled by the San Juan Basin Royalty Trust (the “Trust”) with the Securities and Exchange Commission (the “SEC”)(as well as information included in oral statements or other written statements made or to be made by the Trust) maycontain or include forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of1934, as amended (the “Exchange Act”) and Section 27A of the Securities Act of 1933, as amended (the “SecuritiesAct”). Such forward-looking statements may be or may concern, among other things, capital expenditures, drillingactivity, development activities, production efforts and volumes, hydrocarbon prices, estimated future net revenues,estimates of reserves, the results of the Trust’s activities, and regulatory matters. Such forward-looking statementsgenerally are accompanied by words such as “may,” “will,” “estimate,” “expect,” “predict,” “project,” “anticipate,”“should,” “assume,” “believe,” “plan,” “intend,” or other wor