{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-25-208859","form_type":"8-K","ticker":"SJT","cik":"0000319655","company_name":"SAN JUAN BASIN ROYALTY TRUST","filed_at":"2025-09-19T23:59:59+00:00","discovered_at":"2026-05-14T18:02:46.045213+00:00","generated_at":"2026-05-17T06:10:05.274012+00:00","sec_items":["2.02","9.01"],"event_type":"other_material","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"San Juan Basin Royalty Trust declares no September distribution due to $10.2M net excess costs","bullets":["No monthly cash distribution for September; cumulative excess production costs $13.6M gross ($10.2M net to trust).","Hilcorp will apply all net proceeds to excess costs; no distributions until balance repaid, $2M reserve replenished, and line of credit cleared.","July 2025 revenue $5.83M ($5.70M gas, $0.13M oil); production costs $3.71M (excluding excess).","Average gas price $2.48/Mcf, up $0.24 from June; gas volumes largely flat at 2.3M Mcf.","Trust self-publishes monthly releases on website due to depleted cash reserves; line of credit balance $274k."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-25-208859","json":"https://secwatch.observer/filing/0001193125-25-208859.json","markdown":"https://secwatch.observer/filing/0001193125-25-208859.md","text":"https://secwatch.observer/filing/0001193125-25-208859.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/319655/000119312525208859/0001193125-25-208859-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/319655/000119312525208859/sjt_september_2025_8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T06:10:05.274012+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"}