---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-284245"
form_type: "8-K"
ticker: "SJT"
cik: "0000319655"
company_name: "SAN JUAN BASIN ROYALTY TRUST"
filed_at: "2025-11-17T23:59:59+00:00"
generated_at: "2026-05-16T19:29:42.788126+00:00"
event_type: "dividend"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# San Juan Basin Royalty Trust Declares No Cash Distribution for November 2025

## Summary
- Excess production costs balance is approx. $10,452,021 gross ($7,839,016 net to Trust), down $1,178,604 gross from prior month.
- No distributions until excess costs repaid, $2M reserve replenished, and line of credit principal ($306,674 outstanding) and interest paid.
- Gas volumes for September 2025 were 2,206,654 Mcf at avg price $2.09/Mcf, down from $2.29/Mcf in August 2025.
- Hilcorp reported total revenue of $4,725,794 and production costs of $3,547,190 for the Subject Interests in September 2025.
- Trust drew $13,234 from line of credit for administrative expenses, bringing outstanding balance to $306,674.

## SEC filing metadata
- accession: 0001193125-25-284245
- form_type: 8-K
- ticker: SJT
- cik: 0000319655
- company_name: SAN JUAN BASIN ROYALTY TRUST
- filed_at: 2025-11-17T23:59:59+00:00
- event_type: dividend
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/319655/000119312525284245/0001193125-25-284245-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/319655/000119312525284245/sjt_november_2025_8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-284245
- JSON: https://secwatch.observer/filing/0001193125-25-284245.json
- Plain text: https://secwatch.observer/filing/0001193125-25-284245.txt

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