Hugoton Royalty Trust 2025年度报告

FORM 10-K ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the fiscal year endedDecember 31, 2025or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934 For the transition period fromto.Commission File No. 1-10476 Hugoton Royalty Trust(Exact name of registrant as specified in its charter) 58-6379215(I.R.S. Employer Identification No.) Texas(State or other jurisdiction ofincorporation or organization) c/o The Corporate Trustee:Argent Trust Company3838 Oak Lawn Ave, Suite 1720Dallas, Texas 75219-4518(Address of principal executive offices) (Zip Code)Registrant’s telephone number, including area code (at the office of the Corporate Trustee)(855) 588-7839 Securities registered pursuant to Section 12(b) of the Act: None Securities registered pursuant to Section 12(g) of the Act: Name of each exchange on which registeredOTCQB Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes®No˛ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.Yes®No˛ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities ExchangeAct 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 every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant wasrequired to submit such files).Yes®No® Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reportingcompany,” and “emerging growth company” in Rule 12b-2 of the Exchange Act: ☐Accelerated filer˛Smaller reporting companyEmerging growth company Large accelerated filerNon-accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith 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 of itsinternal 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 financial 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 §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˛The aggregate market value of units of beneficial interest held by non-affiliates of the registrant at June 30, 2025 (the last business day ofthe registrant’s most recently completed second fiscal quarter) was approximately $16.0 million.The number of units of beneficial interest outstanding as of March 31, 2026, was 40,000,000. HUGOTON ROYALTY TRUST2025 ANNUAL REPORT ON FORM 10-K TABLE OF CONTENTS ...............................................................................................................................................................Glossary of Terms1 Part I Item 1...............................................................................................................................................................Business2Item1A..........................................................................................................................................................Risk Factors3Item 1B................................................................................................................................Unresolved Staff Comments9Item 1C.......................................................................................................................................................Cybersecurity9Item 2.............................................................................................................................................................Properties9Item 3...................................