---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-24-127840"
form_type: "8-K"
ticker: "SJT"
cik: "0000319655"
company_name: "SAN JUAN BASIN ROYALTY TRUST"
filed_at: "2024-11-18T23:59:59+00:00"
generated_at: "2026-05-29T23:22:56.653900+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# San Juan Basin Royalty Trust declares no November cash distribution; excess production costs of $13.4M net

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-24-127840
- form_type: 8-K
- ticker: SJT
- cik: 0000319655
- company_name: SAN JUAN BASIN ROYALTY TRUST
- filed_at: 2024-11-18T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/319655/000095017024127840/0000950170-24-127840-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/319655/000095017024127840/sjt_november_2024_8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-24-127840
- JSON: https://secwatch.observer/filing/0000950170-24-127840.json
- Plain text: https://secwatch.observer/filing/0000950170-24-127840.txt

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