---
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"
generated_at: "2026-05-26T17:46:57.681097+00:00"
event_type: "dividend"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# San Juan Basin Royalty Trust skips Feb 2025 distribution amid low gas prices, excess costs

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: dividend
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-25-022084
- JSON: https://secwatch.observer/filing/0000950170-25-022084.json
- Plain text: https://secwatch.observer/filing/0000950170-25-022084.txt

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