The Trust is in a terminal decline with no path to positive cash flows under current cost and price conditions. Monitor for any filing of the overdue Q2 2026 10-Q or a potential termination/sale proposal requiring 80% unitholder approval.
Price Chart
Executive Summary
Hugoton Royalty Trust reported no September 2026 cash distribution due to excess cost positions on all three conveyances. The cash reserve decreased by $4,000 for expenses, and the Trustee does not foresee any distributions in the near term. The Trust continues to face substantial doubt about its ability to continue as a going concern, with no auditor, no 10-Q filed for Q2 2026, and units trading on the OTC Expert Market on an unsolicited quotes-only basis.
Key Facts
- No September 2026 cash distribution declared; no distributions since July 2023.
- Cash reserve decreased by $4,000 for Trust expenses.
- Cumulative excess costs: Kansas $3,408,000, Oklahoma $15,154,000, Wyoming $13,312,000.
- Trust has substantial doubt about ability to continue as a going concern.
- No independent registered public accounting firm engaged; Q2 2026 10-Q not filed.
- Trust units removed from OTCQB on July 17, 2026, now trading on Expert Market (unsolicited quotes only).
- Trustee has sought but found no interest in a sale of Trust assets.
- Underlying gas sales volumes: 670,000 Mcf at $2.92/Mcf; oil: 14,000 Bbls at $87.91/Bbl.
- Development costs $172,000, production expense $1,769,000, overhead $911,000 for current month.
Financial Impact
No distributable income; cumulative excess costs total $31,874,000 across three conveyances; cash reserve being drawn down for expenses.
Risk Factors
- Complete loss of investment if Trust terminates without proceeds for unitholders.
- No auditor and no SEC filings mean no reliable financial information for investors.
- Units trading on Expert Market with limited liquidity and price discovery.
- Trustee has found no buyer interest in Trust assets.
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-395289 |
| Document: hgt_8-k_2609_distributio.htm | 0001193125-26-395289 |
| Document: 0001193125-26-395289-index-headers.html | 0001193125-26-395289 |
| Document: 0001193125-26-395289-index.html | 0001193125-26-395289 |
| Document: 0001193125-26-395289.txt | 0001193125-26-395289 |
| 8-K Data (Synthetic) | 0001193125-26-395289 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 6d ago | 8-K | $0.0800 | awaiting T+60 | — | $0.0800 (+0.00%) |
Sep 18, 2026 5w ago | 8-K | $0.0800 | awaiting T+60 | — | $0.0800 (+0.00%) |
Aug 21, 2026 9w ago | 8-K | $0.0900 | awaiting T+60 | — | $0.0800 (+11.11%) |
Jul 21, 2026 13w ago | 8-K | $0.1800 $0.0800 | ▲ +55.56% | ▲ +59.80% | $0.0800 (+55.56%) |
Jun 18, 2026 18w ago | 8-K | $0.1900 $0.0900 | ▲ +52.63% | ▲ +54.53% | $0.0800 (+57.89%) |
May 18, 2026 23w ago | 8-K | $0.2400 $0.0900 | ▲ +62.50% | ▲ +67.35% | $0.0800 (+66.67%) |
Apr 20, 2026 27w ago | 8-K | $0.2200 $0.1600 | ▲ +27.27% | ▲ +34.05% | $0.0800 (+63.64%) |
Apr 17, 2026 27w ago | 8-K | $0.2200 $0.1600 | ▲ +27.27% | ▲ +34.05% | $0.0800 (+63.64%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers