UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

HUGOTON ROYALTY TRUST

(Exact name of registrant as specified in its charter)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 17, 2025, the Registrant issued a news release that it will not declare a monthly cash distribution for the month of April 2025. A copy of the news release is furnished as Exhibit 99.1.

The information in this Current Report, including the news release attached hereto, is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liabilities of that Section.

Item 9.01 Financial Statements and Exhibits.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EX-99.1

EXHIBIT 99.1

[NEWS RELEASE LETTERHEAD OF HUGOTON ROYALTY TRUST APPEARS HERE]

HUGOTON ROYALTY TRUST

DECLARES NO APRIL CASH DISTRIBUTION

Dallas, Texas, April 17, 2025 – Argent Trust Company, as Trustee of the Hugoton Royalty Trust (the “Trust”) (OTCQB: HGTXU) announced today there would not be a cash distribution to the holders of its units of beneficial interest for April 2025 due to the excess cost positions on all three of the Trust’s conveyances of net profits interests. The Trust’s cash reserve was reduced by $103,000 for the payment of Trust expenses. To the extent net profits income is received in future months, the Trustee anticipates replenishing the cash reserve prior to declaring any future distributions to unitholders. Replenishment of the cash reserve may include any increase in the cash reserve total, as determined by the Trustee. The following table shows underlying gas and oil sales and average prices attributable to the net overriding royalty for both the current month and prior month. Underlying gas and oil sales volumes attributable to the current month were primarily produced in February.

XTO Energy has advised the Trustee that it has included six months of underlying sales volumes of approximately 18,000 Bbls and 82,000 Mcf from one new non-operated well drilled in Major County, Oklahoma and one month of underlying sales volumes of approximately 1,000 Bbls and 13,000 Mcf from four new non-operated wells drilled in Major County, Oklahoma and has deducted development costs of $4,344,000, production expense of $1,551,000, and overhead of $943,000 in determining the royalty calculation for the Trust for the current month.

The Trust has self-published this month’s press release on its website, www.hgt-hugoton.com, and the release has not been included in any wire distribution, which was the normal procedure for each monthly press release prior to April. The self-publication is due to the depletion of the Trust’s cash reserves. The Trust will continue to furnish unitholders with information through its website and Form 8‑K filings with the Securities and Exchange Commission.

Excess Costs

XTO Energy has advised the Trustee that $21,000 of excess costs were recovered on properties underlying the Kansas net profits interests. However, after the partial recovery, there were no remaining proceeds from the properties underlying the Kansas net profits interests to be included in the current month’s distribution. Underlying cumulative excess costs remaining on the Kansas net profits interests total $1,742,000, including accrued interest of $155,000.

XTO Energy has advised the Trustee that excess costs increased by $2,612,000 on properties underlying the Oklahoma net profits interests. Underlying cumulative excess costs remaining on the Oklahoma net profits interests total $4,863,000, including accrued interest of $438,000.

XTO Energy has advised the Trustee that excess costs increased by $102,000 on properties underlying the Wyoming net profits interests. Underlying cumulative excess costs remaining on the Wyoming net profits interests total $8,334,000, including accrued interest of $578,000.

Development Costs

XTO Energy has advised the Trustee of three additional non-operated wells in Major County, Oklahoma in which it has elected to participate. XTO Energy has also advised the Trustee that the combined development costs for these wells are anticipated to be approximately $4.4 million underlying ($3.5 million net to the Trust), and that drilling commenced on two of the wells in 2025 and all three are expected to be completed in 2025. However, no assurances can be made as to the estimated costs or timing to complete these non-operated wells. As of the date hereof, no development costs have been charged to the Trust for the three additional non-operated wells.

As previously disclosed, XTO Energy advised the Trustee that it elected to participate in the development of six non-operated wells in Major County, Oklahoma. As of the date hereof, $14.8 million underlying ($11.9 million net to the Trust) in development costs have been charged to the Trust for the six non-operated wells.

The Trustee and XTO Energy will continue to provide material updates on the nine non-operated wells in subsequent communications.

For more information on the Trust, including the annual tax information, distribution amounts, and historical press releases, please visit our website at www.hgt-hugoton.com.

Statements made in this press release regarding future events or conditions are forward looking statements. Actual future results, including development costs and timing, and future net profits, could differ materially due to changes in natural gas and oil prices and other economic conditions affecting the gas and oil industry and other factors described in Part I, Item 1A of the Trust's Annual Report on Form 10-K for the year ended December 31, 2024.

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