secwatch.observer — SEC 8-K summary
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Issuer:     SAN JUAN BASIN ROYALTY TRUST (SJT)
CIK:        0000319655
Form:       8-K
Filed at:   2025-10-21T23:59:59+00:00
Accession:  0001193125-25-244549
Event type: other_material
Sentiment:  negative
Materiality: 0.60
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

San Juan Basin Royalty Trust declares no October distribution; excess costs $8.7M net
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- No October 2025 cash distribution due to cumulative excess production costs of $11,630,625 gross ($8,722,969 net to Trust); deficit decreased $1,963,109 gross from last month.
- August 2025 production: gas volumes 2,283,656 Mcf at average price $2.29/Mcf ($2.06/MMBtu), down $0.19/Mcf from July.
- Total revenue from Subject Interests $5,384,015; production costs $3,420,906 (excluding excess cost balance).
- Trust admin expenses $21,200; $19,305 drawn from line of credit, bringing principal to $293,440; cash reserves $27,243.
- Distributions suspended until excess costs repaid, $2M reserve replenished, and line of credit repaid.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/319655/000119312525244549/0001193125-25-244549-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/319655/000119312525244549/sjt_october_2025_8-k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-25-244549

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