---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-24-062514"
form_type: "8-K"
ticker: "SJT"
cik: "0000319655"
company_name: "SAN JUAN BASIN ROYALTY TRUST"
filed_at: "2024-05-20T23:59:59+00:00"
generated_at: "2026-06-01T13:28:42.492040+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# San Juan Basin Royalty Trust declares no May 2024 distribution on excess costs, lower gas prices

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-24-062514
- form_type: 8-K
- ticker: SJT
- cik: 0000319655
- company_name: SAN JUAN BASIN ROYALTY TRUST
- filed_at: 2024-05-20T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/319655/000095017024062514/0000950170-24-062514-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/319655/000095017024062514/sjt_may_8-k_-_no_xbrl.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-24-062514
- JSON: https://secwatch.observer/filing/0000950170-24-062514.json
- Plain text: https://secwatch.observer/filing/0000950170-24-062514.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.