{"filings":[{"id":487236,"accession_number":"0001193125-26-228303","cik":319655,"company_name":"SAN JUAN BASIN ROYALTY TRUST","ticker":"SJT","form_type":"8-K","filed_at":"2026-05-18T15:16:22+00:00","items":["2.02","9.01"],"status":"ready","headline":"San Juan Basin Royalty Trust: No May distribution as deficit grows to $6.36M, gas price drops to $1.20/Mcf","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Cumulative excess production costs net to Trust $6,363,112, up $1,389,243 from prior month.","March 2026 gas volumes 2,077,611 Mcf; avg price $1.20/Mcf vs $2.70/Mcf in Feb.","No distributions until deficit repaid, $2M reserve restored, and $895,689 line of credit cleared.","Admin expenses $28,959; line of credit draw $23,435; cash reserves at $3,891 after interest payment.","Excess costs from two Hilcorp horizontal wells in 2024; Trust continues audit of Hilcorp payments."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.85,"calibrated_materiality_score":0.85,"market_cap_usd":188765615.42475727,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":97966,"accession_number":"0001193125-26-163687","cik":319655,"company_name":"SAN JUAN BASIN ROYALTY TRUST","ticker":"SJT","form_type":"8-K","filed_at":"2026-04-20T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"San Juan Basin Royalty Trust declares no cash distribution for April 2026 due to excess costs, low gas prices","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Cumulative excess production costs $6.63M gross ($4.97M net to Trust), up $445K from prior month.","No distributions until excess costs, $2M reserve, and line of credit ($872K balance) are fully repaid.","Feb 2026 gas volumes 1.89M Mcf, avg price $2.70/Mcf, down $0.26/Mcf from Jan.","Total revenue $5.24M vs. production costs $5.68M (excl. excess), resulting in net deficit.","Trust drew $122K from line of credit for admin expenses; line balance now $872K."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.8,"calibrated_materiality_score":0.8,"market_cap_usd":188765615.42475727,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":113189,"accession_number":"0001193125-26-117027","cik":319655,"company_name":"SAN JUAN BASIN ROYALTY TRUST","ticker":"SJT","form_type":"8-K","filed_at":"2026-03-20T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"San Juan Basin Royalty Trust declares no March 2026 distribution; excess costs, low gas prices","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["No monthly distribution for March 2026 due to ~$4.64M net excess production costs and continued low natural gas pricing.","January 2026 average gas price $2.96/Mcf, down from $3.29/Mcf in December 2025; gas volumes 2,104,891 Mcf.","Cumulative excess production costs net to Trust: $4,640,115, a $1.54M decrease from prior month.","Hilcorp 2026 capex plan ~$14M for 32 projects; completion costs for 6 new horizontal wells deferred to 2027 plan.","Line of credit outstanding $750,513; cash reserves reduced to $14,257 after March interest payment."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.8,"calibrated_materiality_score":0.8,"market_cap_usd":188765615.42475727,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":113188,"accession_number":"0001193125-26-060515","cik":319655,"company_name":"SAN JUAN BASIN ROYALTY TRUST","ticker":"SJT","form_type":"8-K","filed_at":"2026-02-20T23:59:59+00:00","items":["7.01","9.01"],"status":"ready","headline":"Hilcorp 2026 capex plan for SJT: $14M with 15 new drill projects, up from $8.3M in 2025","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Operator Hilcorp estimates 2026 capex at ~$14M, up from actual $8.3M in 2025.","$11.5M for 15 new drill projects (9 vertical, 6 horizontal) across Mesaverde, Mancos, Dakota formations.","$2M for 17 recompletions/workovers in Fruitland Coal and Pictured Cliffs; $0.5M for facilities."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.5,"calibrated_materiality_score":0.5,"market_cap_usd":188765615.42475727,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":113187,"accession_number":"0001193125-26-053633","cik":319655,"company_name":"SAN JUAN BASIN ROYALTY TRUST","ticker":"SJT","form_type":"8-K","filed_at":"2026-02-17T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"San Juan Basin Royalty Trust suspends Feb distribution; excess cost deficit hits $6.2M net","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["No cash distribution declared for February 2026 due to cumulative excess production costs of $8.2M gross ($6.2M net).","Deficit increased $727K gross ($545K net) month-over-month; Hilcorp will apply all net proceeds to balance.","December 2025 gas volumes 2.12M Mcf; avg gas price $3.29/Mcf, up from $2.30/Mcf in November.","Trust drew $89,865 from line of credit for admin expenses; outstanding principal now $566,848.","Cash reserves reduced to $17,558 after using $3,068 for interest; distributions will not resume until deficit cleared."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.95,"calibrated_materiality_score":0.95,"market_cap_usd":188765615.42475727,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":113186,"accession_number":"0001193125-26-016501","cik":319655,"company_name":"SAN JUAN BASIN ROYALTY TRUST","ticker":"SJT","form_type":"8-K","filed_at":"2026-01-20T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"San Juan Basin Royalty Trust declares no January 2026 distribution due to $5.6M net excess production costs","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Cumulative excess production costs $7.5M gross ($5.6M net to Trust); deficit down $928k gross from prior month.","November 2025 revenue $5.08M; production costs $4.15M; gas volumes 2.13M Mcf, avg price $2.30/Mcf.","Distributions will not resume until deficit repaid, $2M reserve replenished, and $477k line of credit cleared.","Cash reserves now $20,626 after paying LOC interest; LOC balance rose to $476,983 with $89k draw for admin expenses.","Trust continues audit of Hilcorp's charges; third-party auditors reviewing all revenues, costs, and pricing."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":188765615.42475727,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":129580,"accession_number":"0001193125-25-326039","cik":319655,"company_name":"SAN JUAN BASIN ROYALTY TRUST","ticker":"SJT","form_type":"8-K","filed_at":"2025-12-19T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"San Juan Basin Royalty Trust declares no December distribution; $6.3M net excess production costs remain","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["No monthly cash distribution declared for December due to $6,328,902 net excess production costs and low gas pricing.","October 2025 revenue $5.3M ($5.12M gas, $181K oil); production costs $3.3M excluding excess balance.","Gas volumes 2,297,504 Mcf at avg price $2.23/Mcf (up $0.14 from Sept); trust admin expenses $83,250.","Line of credit principal now $387,808; cash reserves drawn to $23,175 after interest payment.","Distributions will resume only after excess costs repaid, $2M reserve replenished, and credit line cleared."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.85,"calibrated_materiality_score":0.85,"market_cap_usd":188765615.42475727,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":129579,"accession_number":"0001193125-25-284245","cik":319655,"company_name":"SAN JUAN BASIN ROYALTY TRUST","ticker":"SJT","form_type":"8-K","filed_at":"2025-11-17T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"San Juan Basin Royalty Trust Declares No Cash Distribution for November 2025","summary_kind":"llm","event_type":"dividend","confidence":"high","bullets":["Excess production costs balance is approx. $10,452,021 gross ($7,839,016 net to Trust), down $1,178,604 gross from prior month.","No distributions until excess costs repaid, $2M reserve replenished, and line of credit principal ($306,674 outstanding) and interest paid.","Gas volumes for September 2025 were 2,206,654 Mcf at avg price $2.09/Mcf, down from $2.29/Mcf in August 2025.","Hilcorp reported total revenue of $4,725,794 and production costs of $3,547,190 for the Subject Interests in September 2025.","Trust drew $13,234 from line of credit for administrative expenses, bringing outstanding balance to $306,674."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.85,"calibrated_materiality_score":0.85,"market_cap_usd":188765615.42475727,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":129578,"accession_number":"0001193125-25-244549","cik":319655,"company_name":"SAN JUAN BASIN ROYALTY TRUST","ticker":"SJT","form_type":"8-K","filed_at":"2025-10-21T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"San Juan Basin Royalty Trust declares no October distribution; excess costs $8.7M net","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["No October 2025 cash distribution due to cumulative excess production costs of $11,630,625 gross ($8,722,969 net to Trust); deficit decreased $1,963,109 gross from last month.","August 2025 production: gas volumes 2,283,656 Mcf at average price $2.29/Mcf ($2.06/MMBtu), down $0.19/Mcf from July.","Total revenue from Subject Interests $5,384,015; production costs $3,420,906 (excluding excess cost balance).","Trust admin expenses $21,200; $19,305 drawn from line of credit, bringing principal to $293,440; cash reserves $27,243.","Distributions suspended until excess costs repaid, $2M reserve replenished, and line of credit repaid."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.6,"calibrated_materiality_score":0.6,"market_cap_usd":188765615.42475727,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":146153,"accession_number":"0001193125-25-208859","cik":319655,"company_name":"SAN JUAN BASIN ROYALTY TRUST","ticker":"SJT","form_type":"8-K","filed_at":"2025-09-19T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"San Juan Basin Royalty Trust declares no September distribution due to $10.2M net excess costs","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["No monthly cash distribution for September; cumulative excess production costs $13.6M gross ($10.2M net to trust).","Hilcorp will apply all net proceeds to excess costs; no distributions until balance repaid, $2M reserve replenished, and line of credit cleared.","July 2025 revenue $5.83M ($5.70M gas, $0.13M oil); production costs $3.71M (excluding excess).","Average gas price $2.48/Mcf, up $0.24 from June; gas volumes largely flat at 2.3M Mcf.","Trust self-publishes monthly releases on website due to depleted cash reserves; line of credit balance $274k."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":188765615.42475727,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":146152,"accession_number":"0000950170-25-110035","cik":319655,"company_name":"SAN JUAN BASIN ROYALTY TRUST","ticker":"SJT","form_type":"8-K","filed_at":"2025-08-19T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"San Juan Basin Royalty Trust skips August distribution as production costs exceed revenue","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["No cash distribution for August 2025 due to ~$15.7M gross excess production costs and low gas prices.","June 2025: total revenue $5.27M, production costs $5.05M (excl. excess); gas price $2.24/Mcf vs $1.62 in May.","Cumulative excess production costs decreased by $218k gross from prior month; still ~$11.8M net to Trust.","Cash reserves nearly depleted at $30,397; Trust drew $19k from line of credit to pay admin expenses.","No distributions until excess costs repaid, $2M reserve replenished, and note principal repaid."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.8,"calibrated_materiality_score":0.8,"market_cap_usd":188765615.42475727,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":146151,"accession_number":"0000950170-25-097177","cik":319655,"company_name":"SAN JUAN BASIN ROYALTY TRUST","ticker":"SJT","form_type":"8-K","filed_at":"2025-07-21T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"San Juan Basin Royalty Trust declares no July distribution; excess production costs $15.9M","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["No monthly distribution declared for July 2025; total cumulative excess production costs $15.93M gross ($11.95M net to trust).","Excess production costs increased $1.16M gross ($0.87M net) from prior month; all net proceeds will be applied to deficit.","Average gas price $1.62/Mcf ($1.46/MMBtu) in May 2025, down from $1.87/Mcf in April.","Cash reserves nearly depleted at $31,688; $2M line of credit with Texas Bank drawn for admin expenses.","Trust will self-publish press releases on its website until cash reserves replenished to $2M."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.85,"calibrated_materiality_score":0.85,"market_cap_usd":188765615.42475727,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":164471,"accession_number":"0000950170-25-088268","cik":319655,"company_name":"SAN JUAN BASIN ROYALTY TRUST","ticker":"SJT","form_type":"8-K","filed_at":"2025-06-20T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"San Juan Basin Royalty Trust Declares No June Distribution; Excess Costs $14.8M","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["No monthly cash distribution for June 2025; net proceeds of $294,238 applied to excess production costs.","Cumulative excess production costs ~$14.8M gross ($11.1M net to trust) from Hilcorp drilling two horizontal wells in 2024.","April 2025 production: total revenue $4.56M, production costs $4.20M; avg gas price $1.87/Mcf, down from $2.82/Mcf.","Trust established $2M line of credit with Texas Bank to cover admin expenses; cash reserves only $32,959 as of May 31, 2025.","No distributions until excess costs repaid and reserves replenished to $2M; press releases to be self-published starting July 21."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.8,"calibrated_materiality_score":0.8,"market_cap_usd":188765615.42475727,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":164470,"accession_number":"0000950170-25-078490","cik":319655,"company_name":"SAN JUAN BASIN ROYALTY TRUST","ticker":"SJT","form_type":"8-K","filed_at":"2025-05-29T23:59:59+00:00","items":["1.01","2.03"],"status":"ready","headline":"San Juan Basin Royalty Trust enters $2M line of credit with Texas Bank; distributions suspended until repayment","summary_kind":"llm","event_type":"debt","confidence":"high","bullets":["Line of credit of $2M from Texas Bank, secured by all trust assets, to cover administrative expenses.","Purpose: repay excess production costs from Hilcorp's two horizontal wells drilled in 2024 and replenish $2M reserve.","Distributions will resume only after note principal, reserve, and excess costs are repaid.","Interest at prime + 1% (floor 6.5%), monthly payments starting June 21, 2025; matures May 21, 2027."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.65,"calibrated_materiality_score":0.65,"market_cap_usd":188765615.42475727,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":164469,"accession_number":"0000950170-25-074077","cik":319655,"company_name":"SAN JUAN BASIN ROYALTY TRUST","ticker":"SJT","form_type":"8-K","filed_at":"2025-05-19T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"San Juan Basin Royalty Trust declares no May 2025 distribution due to excess costs","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["No cash distribution for May 2025; net proceeds of $1,499,498 applied to excess production costs from two new horizontal wells drilled in 2024.","Cumulative excess production costs balance stands at ~$15.16M gross ($11.37M net to Trust), down $1.5M net from prior month.","March 2025 total revenue $6.98M (gas $6.90M, oil $79,973); production costs $4.99M; avg gas price $2.82/Mcf, down $0.54/Mcf from Feb.","Trust admin expenses $85,694; cash reserves will be reduced to $32,959; Trustee exploring credit options to pay future expenses.","No future distributions until excess production costs fully repaid and cash reserves replenished to $2.0M."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.85,"calibrated_materiality_score":0.85,"market_cap_usd":188765615.42475727,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":164468,"accession_number":"0000950170-25-055071","cik":319655,"company_name":"SAN JUAN BASIN ROYALTY TRUST","ticker":"SJT","form_type":"8-K","filed_at":"2025-04-17T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"San Juan Basin Royalty Trust declares no April 2025 distribution; excess costs $12.9M net","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["No distribution for April 2025; $3.4M net proceeds applied to Hilcorp's excess production costs.","Cumulative excess production costs balance $17.2M gross ($12.9M net to Trust), down $3.4M from prior month.","Feb 2025 gas volumes 2.29M Mcf at avg $3.36/Mcf vs Jan volumes 2.69M Mcf at $3.74/Mcf.","Cash reserves for admin expenses now $117.8K; Trustee targets $2M reserve and evaluating credit options.","No distributions until excess costs fully repaid and cash reserves restored."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.65,"calibrated_materiality_score":0.65,"market_cap_usd":188765615.42475727,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":182225,"accession_number":"0000950170-25-043109","cik":319655,"company_name":"SAN JUAN BASIN ROYALTY TRUST","ticker":"SJT","form_type":"8-K","filed_at":"2025-03-21T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"San Juan Basin Royalty Trust Declares No March Distribution; Excess Production Costs Continue","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["No March 2025 cash distribution; $4,153,693 net proceeds applied to excess production costs from Hilcorp's two new horizontal wells in 2024.","Cumulative excess production costs balance is approximately $16,304,960 net to Trust; distributions suspended until fully repaid.","Hilcorp reported Jan 2025 total revenue of $10,152,016; gas volumes 2,689,216 Mcf at avg price $3.74/Mcf, up from $3.14/Mcf in Dec 2024.","Trust administrative expenses for Jan were $255,657; cash reserves now ~$258,521; Trustee evaluating credit options to cover expenses.","Hilcorp's 2025 capital plan for Subject Interests estimated at $9.0M, including 7 new vertical wells ($4.0M) and 22 recompletions/workovers ($4.5M)."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.7,"calibrated_materiality_score":0.7,"market_cap_usd":188765615.42475727,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":182224,"accession_number":"0000950170-25-022084","cik":319655,"company_name":"SAN JUAN BASIN ROYALTY TRUST","ticker":"SJT","form_type":"8-K","filed_at":"2025-02-18T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"San Juan Basin Royalty Trust skips Feb 2025 distribution amid low gas prices, excess costs","summary_kind":"llm","event_type":"dividend","confidence":"high","bullets":["No February 2025 cash distribution to unit holders due to low natural gas prices and excess production costs.","December 2024 revenue from subject interests totaled $8.69M; production costs were $6.46M.","Cumulative excess production costs: $27.3M gross ($20.5M net to Trust), down $2.2M from prior month.","Cash reserves used to pay $139k in admin expenses; remaining $512k, with target to replenish to $2.0M.","Hilcorp's 2025 capital plan for Subject Interests estimates $9.0M expenditure on 29 projects."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.7,"calibrated_materiality_score":0.7,"market_cap_usd":188765615.42475727,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":182223,"accession_number":"0000950170-25-019941","cik":319655,"company_name":"SAN JUAN BASIN ROYALTY TRUST","ticker":"SJT","form_type":"8-K","filed_at":"2025-02-13T23:59:59+00:00","items":["7.01","9.01"],"status":"ready","headline":"San Juan Basin Royalty Trust operator Hilcorp slashes 2025 capex to ~$9M vs $34M in 2024","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["2025 capital plan estimates $9.0M in expenditures, down from 2024's projected $34.0M.","Includes 7 new vertical drill projects ($4.0M) in Dakota/Mesaverde and 22 recompletions/workovers ($4.5M) in Fruitland Coal.","2024 actual capex through Nov totalled $33.6M, including $24.6M on two horizontal Mancos wells.","No new horizontal Mancos drilling planned for 2025; focus shifts to vertical wells and workovers.","Capital plan subject to revision; actual costs may vary from estimates."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.7,"calibrated_materiality_score":0.7,"market_cap_usd":188765615.42475727,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":182222,"accession_number":"0000950170-25-007124","cik":319655,"company_name":"SAN JUAN BASIN ROYALTY TRUST","ticker":"SJT","form_type":"8-K","filed_at":"2025-01-21T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"San Juan Basin Royalty Trust skips January 2025 distribution on excess costs, low gas prices","summary_kind":"llm","event_type":"dividend","confidence":"high","bullets":["No cash distribution for January; excess production costs of $29.5M gross ($22.1M net) charged to future months.","November 2024 revenue $4.88M vs. production costs $13.14M; lease op. $2.63M, severance $0.6M, capital $9.91M.","Gas volumes 2.26M Mcf at avg $2.10/Mcf; up from 1.88M Mcf at $1.92/Mcf in October.","Trust cash reserves drawn to $651K; trustee targets $2.0M reserve before resuming distributions.","Hilcorp's 2024 capital plan drives elevated LOE and capex; Trust audit of Hilcorp's accounting ongoing."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.9,"calibrated_materiality_score":0.9,"market_cap_usd":188765615.42475727,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":198854,"accession_number":"0000950170-24-138865","cik":319655,"company_name":"SAN JUAN BASIN ROYALTY TRUST","ticker":"SJT","form_type":"8-K","filed_at":"2024-12-20T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"San Juan Basin Royalty Trust skips December distribution; excess costs of $21.2M from Hilcorp","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["No monthly cash distribution declared for December 2024; zero payout to unitholders.","October 2024 revenue $3.67M vs production costs $7.06M; excess costs $21.2M gross ($15.9M net to Trust).","Average gas price $1.92/Mcf ($1.72/MMBtu), up from $1.42/Mcf in September but still subdued.","Cash reserves drawn to $761k after paying admin expenses; Trustee targets $2.0M reserve before resuming distributions.","Ongoing audit of Hilcorp's accounting and costs; non-compliance with operative agreements under review."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":188765615.42475727,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":198853,"accession_number":"0000950170-24-127840","cik":319655,"company_name":"SAN JUAN BASIN ROYALTY TRUST","ticker":"SJT","form_type":"8-K","filed_at":"2024-11-18T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"San Juan Basin Royalty Trust declares no November cash distribution; excess production costs of $13.4M net","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["No cash distribution for November 2024; excess production costs of $17.9M gross ($13.4M net to Trust) charged to next month.","September 2024 revenue $2.85M vs production costs $5.57M; average gas price $1.42/Mcf, down from $1.79/Mcf in August.","Gas volumes 1.87M Mcf vs 1.92M Mcf in August; cash reserves dropped to $0.96M from $1.8M in April.","Excess costs driven by Hilcorp's 2024 capital project plan with $2.6M in capital costs and $2.6M in lease operating expenses.","Trustee will replenish cash reserves to $2.0M before resuming distributions."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":188765615.42475727,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":198852,"accession_number":"0000950170-24-115961","cik":319655,"company_name":"SAN JUAN BASIN ROYALTY TRUST","ticker":"SJT","form_type":"8-K","filed_at":"2024-10-21T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"San Juan Basin Royalty Trust declares no cash distribution for Oct 2024","summary_kind":"llm","event_type":"dividend","confidence":"high","bullets":["No cash distribution for Oct 2024; excess production costs of $15.15M gross ($11.36M net) charged to future months.","Aug 2024 revenue $3.59M, production costs $7.23M (including $4.36M capex).","Average gas price $1.79/Mcf in Aug vs $1.94/Mcf in Jun; volumes 1.92M Mcf.","Trust admin expenses $87,522; cash reserves $1.02M after $82,564 draw; plan to replenish to $2.0M.","Trustee continues auditing Hilcorp's costs and pricing; no distributions until net proceeds sufficient."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.8,"calibrated_materiality_score":0.8,"market_cap_usd":188765615.42475727,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":214896,"accession_number":"0000950170-24-108273","cik":319655,"company_name":"SAN JUAN BASIN ROYALTY TRUST","ticker":"SJT","form_type":"8-K","filed_at":"2024-09-20T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"San Juan Basin Royalty Trust declares no September cash distribution as production costs exceed revenue","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["No monthly distribution for September 2024; excess production costs of $11,517,368 gross ($8,638,026 net) carried forward.","July 2024 production costs of $6,966,097 exceeded total revenue of $3,905,235, driven by Hilcorp's 2024 capital project.","Gas volumes 1,891,889 Mcf; average gas price $1.94/Mcf, up from $1.41/Mcf in June but still low.","Trust admin expenses $145,121; cash reserves used for payment now at $1,099,699, target $2.0M before distributions resume.","No distributions until net proceeds sufficient; Trustee plans to replenish reserves and continues audit of Hilcorp."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.7,"calibrated_materiality_score":0.7,"market_cap_usd":188765615.42475727,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":214895,"accession_number":"0000950170-24-098912","cik":319655,"company_name":"SAN JUAN BASIN ROYALTY TRUST","ticker":"SJT","form_type":"8-K","filed_at":"2024-08-20T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"San Juan Basin Royalty Trust declares no August 2024 distribution due to excess production costs and low gas prices","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["June 2024 revenue was $2,851,950 vs. production costs of $6,419,934; excess costs of $8,456,506 gross ($6,342,379 net) deferred to future months.","Average gas price $1.41/Mcf ($1.27/MMBtu) for June 2024, up from $1.14/Mcf ($1.02/MMBtu) in May 2024.","Admin expenses $187,698 for August 2024; cash reserves drawn to $1,239,141 with plan to replenish to $2.0M before resuming distributions.","Hilcorp's 2024 capital project plan cited as main driver of elevated lease operating expenses and capital costs."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":188765615.42475727,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":214894,"accession_number":"0000950170-24-084795","cik":319655,"company_name":"SAN JUAN BASIN ROYALTY TRUST","ticker":"SJT","form_type":"8-K","filed_at":"2024-07-19T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"SJT declares no July 2024 distribution; May production costs exceed revenue by $4.9M","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["No monthly cash distribution for July 2024; lower gas prices and excess production costs cited.","May 2024: total revenue $2,518,037, production costs $6,183,810; excess of $4,888,522 gross ($3,666,391 net).","Average gas price fell to $1.14/Mcf ($1.02/MMBtu) from $1.24/Mcf ($1.12/MMBtu) in April 2024.","Cash reserves drawn to $1,420,537; trustee aims to replenish to $2.0 million before resuming distributions.","Hilcorp's 2024 capital plan drove higher lease operating expenses ($2.5M) and capital costs ($3.3M)."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.85,"calibrated_materiality_score":0.85,"market_cap_usd":188765615.42475727,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":234079,"accession_number":"0000950170-24-074074","cik":319655,"company_name":"SAN JUAN BASIN ROYALTY TRUST","ticker":"SJT","form_type":"8-K","filed_at":"2024-06-17T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"San Juan Basin Royalty Trust skips June 2024 distribution; production costs exceed revenue by $1.2M","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["No monthly cash distribution for June 2024 due to lower natural gas prices and production costs exceeding proceeds.","Hilcorp reported $2.47M revenue vs $3.26M production costs for April 2024, creating $1.22M gross excess costs.","Average gas price fell to $1.24/Mcf in Apr 2024 from $1.50/Mcf in Mar 2024.","Trustee increased cash reserves to $1.8M; plans to build to $2.0M before resuming distributions.","Cash reserves of $82,913 used to pay June 2024 Trust administrative expenses; balance now $1.47M."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.8,"calibrated_materiality_score":0.8,"market_cap_usd":188765615.42475727,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":234078,"accession_number":"0000950170-24-062514","cik":319655,"company_name":"SAN JUAN BASIN ROYALTY TRUST","ticker":"SJT","form_type":"8-K","filed_at":"2024-05-20T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"San Juan Basin Royalty Trust declares no May 2024 distribution on excess costs, lower gas prices","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["March 2024 production costs of $3.59M exceeded revenue of $3.16M, causing $432K gross excess costs ($324K net to Trust).","Average gas price fell to $1.50/Mcf in March 2024 from $3.06/Mcf in February 2024.","Trust used $249K of cash reserves to pay admin expenses; reserves now $1.55M, aiming for $2.0M.","No distributions until future net proceeds cover liabilities and replenish reserves.","Hilcorp's 2024 capital project plan drove a significant increase in lease operating expenses."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.85,"calibrated_materiality_score":0.85,"market_cap_usd":188765615.42475727,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":234077,"accession_number":"0000950170-24-045798","cik":319655,"company_name":"SAN JUAN BASIN ROYALTY TRUST","ticker":"SJT","form_type":"8-K","filed_at":"2024-04-19T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"SJT April distribution $0.022864/unit; Feb gas price $3.06/Mcf, down 16% from Jan","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Monthly cash distribution of $1,065,685.42 ($0.022864/unit) payable May 14 to holders of record Apr 30.","Net profits from Subject Interests for Feb 2024: $2,473,219 gross; gas revenue $5.38M, oil $75.8K.","Average gas price Feb 2024: $3.06/Mcf ($2.75/MMBtu) vs Jan 2024 $3.64/Mcf ($3.28/MMBtu), a 16% decline.","Gas volumes 1,759,503 Mcf in Feb vs 1,808,545 Mcf in Jan, down 2.7% month-over-month.","Trustee increasing cash reserve from $1.0M to $2.0M to cover potential revenue shortfalls; $400k reserved in each March/April."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.6,"calibrated_materiality_score":0.6,"market_cap_usd":188765615.42475727,"market_cap_bucket":"microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null}],"next_cursor":null}