secwatch.observer — SEC 8-K summary
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Issuer:     SAN JUAN BASIN ROYALTY TRUST (SJT)
CIK:        0000319655
Form:       8-K
Filed at:   2024-05-20T23:59:59+00:00
Accession:  0000950170-24-062514
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/319655/000095017024062514/0000950170-24-062514-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/319655/000095017024062514/sjt_may_8-k_-_no_xbrl.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-062514

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