{"schema_version":"secwatch.filing_event.v1","accession":"0000950170-25-022084","form_type":"8-K","ticker":"SJT","cik":"0000319655","company_name":"SAN JUAN BASIN ROYALTY TRUST","filed_at":"2025-02-18T23:59:59+00:00","discovered_at":"2026-05-14T18:03:05.954829+00:00","generated_at":"2026-05-26T17:46:57.681097+00:00","sec_items":["2.02","9.01"],"event_type":"dividend","sentiment":"negative","materiality_score":0.7,"calibrated_materiality_score":0.7,"confidence":"high","headline":"San Juan Basin Royalty Trust skips Feb 2025 distribution amid low gas prices, excess costs","bullets":["No February 2025 cash distribution to unit holders due to low natural gas prices and excess production costs.","December 2024 revenue from subject interests totaled $8.69M; production costs were $6.46M.","Cumulative excess production costs: $27.3M gross ($20.5M net to Trust), down $2.2M from prior month.","Cash reserves used to pay $139k in admin expenses; remaining $512k, with target to replenish to $2.0M.","Hilcorp's 2025 capital plan for Subject Interests estimates $9.0M expenditure on 29 projects."],"urls":{"canonical":"https://secwatch.observer/filing/0000950170-25-022084","json":"https://secwatch.observer/filing/0000950170-25-022084.json","markdown":"https://secwatch.observer/filing/0000950170-25-022084.md","text":"https://secwatch.observer/filing/0000950170-25-022084.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/319655/000095017025022084/0000950170-25-022084-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/319655/000095017025022084/sjt_february_2025_8-k_no.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-26T17:46:57.681097+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"}