secwatch.observer — SEC 8-K summary
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Issuer:     SAN JUAN BASIN ROYALTY TRUST (SJT)
CIK:        0000319655
Form:       8-K
Filed at:   2025-09-19T23:59:59+00:00
Accession:  0001193125-25-208859
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

San Juan Basin Royalty Trust declares no September distribution due to $10.2M net excess costs
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/319655/000119312525208859/0001193125-25-208859-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/319655/000119312525208859/sjt_september_2025_8-k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-25-208859

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