secwatch.observer — SEC 8-K summary
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Issuer:     SAN JUAN BASIN ROYALTY TRUST (SJT)
CIK:        0000319655
Form:       8-K
Filed at:   2025-08-19T23:59:59+00:00
Accession:  0000950170-25-110035
Event type: other_material
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/319655/000095017025110035/0000950170-25-110035-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/319655/000095017025110035/sjt_august_2025_8-k.htm
  HTML page:      https://secwatch.observer/filing/0000950170-25-110035

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