---
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"
generated_at: "2026-05-17T11:37:47.042301+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# San Juan Basin Royalty Trust skips August distribution as production costs exceed revenue

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: other_material
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-25-110035
- JSON: https://secwatch.observer/filing/0000950170-25-110035.json
- Plain text: https://secwatch.observer/filing/0000950170-25-110035.txt

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