---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-24-108273"
form_type: "8-K"
ticker: "SJT"
cik: "0000319655"
company_name: "SAN JUAN BASIN ROYALTY TRUST"
filed_at: "2024-09-20T23:59:59+00:00"
generated_at: "2026-05-31T03:21:24.287471+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# San Juan Basin Royalty Trust declares no September cash distribution as production costs exceed revenue

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-24-108273
- form_type: 8-K
- ticker: SJT
- cik: 0000319655
- company_name: SAN JUAN BASIN ROYALTY TRUST
- filed_at: 2024-09-20T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/319655/000095017024108273/0000950170-24-108273-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/319655/000095017024108273/sjt_september_8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-24-108273
- JSON: https://secwatch.observer/filing/0000950170-24-108273.json
- Plain text: https://secwatch.observer/filing/0000950170-24-108273.txt

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