---
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"
generated_at: "2026-05-27T22:37:07.510200+00:00"
event_type: "dividend"
sentiment: "negative"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# San Juan Basin Royalty Trust skips January 2025 distribution on excess costs, low gas prices

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: dividend
- sentiment: negative
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 2.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-25-007124
- JSON: https://secwatch.observer/filing/0000950170-25-007124.json
- Plain text: https://secwatch.observer/filing/0000950170-25-007124.txt

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