{"schema_version":"secwatch.filing_event.v1","accession":"0000950170-25-110035","form_type":"8-K","ticker":"SJT","cik":"0000319655","company_name":"SAN JUAN BASIN ROYALTY TRUST","filed_at":"2025-08-19T23:59:59+00:00","discovered_at":"2026-05-14T18:02:46.045003+00:00","generated_at":"2026-05-17T11:37:47.042301+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 skips August distribution as production costs exceed revenue","bullets":["No cash distribution for August 2025 due to ~$15.7M gross excess production costs and low gas prices.","June 2025: total revenue $5.27M, production costs $5.05M (excl. excess); gas price $2.24/Mcf vs $1.62 in May.","Cumulative excess production costs decreased by $218k gross from prior month; still ~$11.8M net to Trust.","Cash reserves nearly depleted at $30,397; Trust drew $19k from line of credit to pay admin expenses.","No distributions until excess costs repaid, $2M reserve replenished, and note principal repaid."],"urls":{"canonical":"https://secwatch.observer/filing/0000950170-25-110035","json":"https://secwatch.observer/filing/0000950170-25-110035.json","markdown":"https://secwatch.observer/filing/0000950170-25-110035.md","text":"https://secwatch.observer/filing/0000950170-25-110035.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/319655/000095017025110035/0000950170-25-110035-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/319655/000095017025110035/sjt_august_2025_8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T11:37:47.042301+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"}