{"schema_version":"secwatch.filing_event.v1","accession":"0000950170-25-088268","form_type":"8-K","ticker":"SJT","cik":"0000319655","company_name":"SAN JUAN BASIN ROYALTY TRUST","filed_at":"2025-06-20T23:59:59+00:00","discovered_at":"2026-05-14T18:02:50.930826+00:00","generated_at":"2026-05-19T02:06:41.209962+00:00","sec_items":["2.02","9.01"],"event_type":"other_material","sentiment":"negative","materiality_score":0.8,"calibrated_materiality_score":0.8,"confidence":"high","headline":"San Juan Basin Royalty Trust Declares No June Distribution; Excess Costs $14.8M","bullets":["No monthly cash distribution for June 2025; net proceeds of $294,238 applied to excess production costs.","Cumulative excess production costs ~$14.8M gross ($11.1M net to trust) from Hilcorp drilling two horizontal wells in 2024.","April 2025 production: total revenue $4.56M, production costs $4.20M; avg gas price $1.87/Mcf, down from $2.82/Mcf.","Trust established $2M line of credit with Texas Bank to cover admin expenses; cash reserves only $32,959 as of May 31, 2025.","No distributions until excess costs repaid and reserves replenished to $2M; press releases to be self-published starting July 21."],"urls":{"canonical":"https://secwatch.observer/filing/0000950170-25-088268","json":"https://secwatch.observer/filing/0000950170-25-088268.json","markdown":"https://secwatch.observer/filing/0000950170-25-088268.md","text":"https://secwatch.observer/filing/0000950170-25-088268.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/319655/000095017025088268/0000950170-25-088268-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/319655/000095017025088268/sjt_june_2025_8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-19T02:06:41.209962+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"}