---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-24-138865"
form_type: "8-K"
ticker: "SJT"
cik: "0000319655"
company_name: "SAN JUAN BASIN ROYALTY TRUST"
filed_at: "2024-12-20T23:59:59+00:00"
generated_at: "2026-05-29T00:39:34.033487+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 skips December distribution; excess costs of $21.2M from Hilcorp

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-24-138865
- form_type: 8-K
- ticker: SJT
- cik: 0000319655
- company_name: SAN JUAN BASIN ROYALTY TRUST
- filed_at: 2024-12-20T23:59:59+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/319655/000095017024138865/0000950170-24-138865-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/319655/000095017024138865/copy_of_sjt_december_202.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-24-138865
- JSON: https://secwatch.observer/filing/0000950170-24-138865.json
- Plain text: https://secwatch.observer/filing/0000950170-24-138865.txt

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