{"schema_version":"secwatch.filing_event.v1","accession":"0000950170-25-007124","form_type":"8-K","ticker":"SJT","cik":"0000319655","company_name":"SAN JUAN BASIN ROYALTY TRUST","filed_at":"2025-01-21T23:59:59+00:00","discovered_at":"2026-05-14T18:03:05.954402+00:00","generated_at":"2026-05-27T22:37:07.510200+00:00","sec_items":["2.02","9.01"],"event_type":"dividend","sentiment":"negative","materiality_score":0.9,"calibrated_materiality_score":0.9,"confidence":"high","headline":"San Juan Basin Royalty Trust skips January 2025 distribution on excess costs, low gas prices","bullets":["No cash distribution for January; excess production costs of $29.5M gross ($22.1M net) charged to future months.","November 2024 revenue $4.88M vs. production costs $13.14M; lease op. $2.63M, severance $0.6M, capital $9.91M.","Gas volumes 2.26M Mcf at avg $2.10/Mcf; up from 1.88M Mcf at $1.92/Mcf in October.","Trust cash reserves drawn to $651K; trustee targets $2.0M reserve before resuming distributions.","Hilcorp's 2024 capital plan drives elevated LOE and capex; Trust audit of Hilcorp's accounting ongoing."],"urls":{"canonical":"https://secwatch.observer/filing/0000950170-25-007124","json":"https://secwatch.observer/filing/0000950170-25-007124.json","markdown":"https://secwatch.observer/filing/0000950170-25-007124.md","text":"https://secwatch.observer/filing/0000950170-25-007124.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/319655/000095017025007124/0000950170-25-007124-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/319655/000095017025007124/sjt-20250121.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-27T22:37:07.510200+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}