---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-25-019941"
form_type: "8-K"
ticker: "SJT"
cik: "0000319655"
company_name: "SAN JUAN BASIN ROYALTY TRUST"
filed_at: "2025-02-13T23:59:59+00:00"
generated_at: "2026-05-26T22:28:07.469083+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# San Juan Basin Royalty Trust operator Hilcorp slashes 2025 capex to ~$9M vs $34M in 2024

## Summary
- 2025 capital plan estimates $9.0M in expenditures, down from 2024's projected $34.0M.
- Includes 7 new vertical drill projects ($4.0M) in Dakota/Mesaverde and 22 recompletions/workovers ($4.5M) in Fruitland Coal.
- 2024 actual capex through Nov totalled $33.6M, including $24.6M on two horizontal Mancos wells.
- No new horizontal Mancos drilling planned for 2025; focus shifts to vertical wells and workovers.
- Capital plan subject to revision; actual costs may vary from estimates.

## SEC filing metadata
- accession: 0000950170-25-019941
- form_type: 8-K
- ticker: SJT
- cik: 0000319655
- company_name: SAN JUAN BASIN ROYALTY TRUST
- filed_at: 2025-02-13T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/319655/000095017025019941/0000950170-25-019941-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/319655/000095017025019941/sjt-20250213.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-25-019941
- JSON: https://secwatch.observer/filing/0000950170-25-019941.json
- Plain text: https://secwatch.observer/filing/0000950170-25-019941.txt

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