secwatch.observer — SEC 8-K summary
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Issuer:     SAN JUAN BASIN ROYALTY TRUST (SJT)
CIK:        0000319655
Form:       8-K
Filed at:   2025-01-21T23:59:59+00:00
Accession:  0000950170-25-007124
Event type: dividend
Sentiment:  negative
Materiality: 0.90
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/319655/000095017025007124/0000950170-25-007124-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/319655/000095017025007124/sjt-20250121.htm
  HTML page:      https://secwatch.observer/filing/0000950170-25-007124

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