{"schema_version":"secwatch.filing_event.v1","accession":"0000950170-25-043109","form_type":"8-K","ticker":"SJT","cik":"0000319655","company_name":"SAN JUAN BASIN ROYALTY TRUST","filed_at":"2025-03-21T23:59:59+00:00","discovered_at":"2026-05-14T18:03:05.955057+00:00","generated_at":"2026-05-24T09:25:26.746561+00:00","sec_items":["2.02","9.01"],"event_type":"other_material","sentiment":"negative","materiality_score":0.7,"calibrated_materiality_score":0.7,"confidence":"high","headline":"San Juan Basin Royalty Trust Declares No March Distribution; Excess Production Costs Continue","bullets":["No March 2025 cash distribution; $4,153,693 net proceeds applied to excess production costs from Hilcorp's two new horizontal wells in 2024.","Cumulative excess production costs balance is approximately $16,304,960 net to Trust; distributions suspended until fully repaid.","Hilcorp reported Jan 2025 total revenue of $10,152,016; gas volumes 2,689,216 Mcf at avg price $3.74/Mcf, up from $3.14/Mcf in Dec 2024.","Trust administrative expenses for Jan were $255,657; cash reserves now ~$258,521; Trustee evaluating credit options to cover expenses.","Hilcorp's 2025 capital plan for Subject Interests estimated at $9.0M, including 7 new vertical wells ($4.0M) and 22 recompletions/workovers ($4.5M)."],"urls":{"canonical":"https://secwatch.observer/filing/0000950170-25-043109","json":"https://secwatch.observer/filing/0000950170-25-043109.json","markdown":"https://secwatch.observer/filing/0000950170-25-043109.md","text":"https://secwatch.observer/filing/0000950170-25-043109.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/319655/000095017025043109/0000950170-25-043109-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/319655/000095017025043109/sjt_march_2025_8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-24T09:25:26.746561+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"}