secwatch.observer — SEC 8-K summary
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Issuer:     SAN JUAN BASIN ROYALTY TRUST (SJT)
CIK:        0000319655
Form:       8-K
Filed at:   2024-12-20T23:59:59+00:00
Accession:  0000950170-24-138865
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

San Juan Basin Royalty Trust skips December distribution; excess costs of $21.2M from Hilcorp
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/319655/000095017024138865/0000950170-24-138865-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/319655/000095017024138865/copy_of_sjt_december_202.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-138865

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