{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-26-016501","form_type":"8-K","ticker":"SJT","cik":"0000319655","company_name":"SAN JUAN BASIN ROYALTY TRUST","filed_at":"2026-01-20T23:59:59+00:00","discovered_at":"2026-05-14T18:02:37.357374+00:00","generated_at":"2026-05-16T09:39:38.271855+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 January 2026 distribution due to $5.6M net excess production costs","bullets":["Cumulative excess production costs $7.5M gross ($5.6M net to Trust); deficit down $928k gross from prior month.","November 2025 revenue $5.08M; production costs $4.15M; gas volumes 2.13M Mcf, avg price $2.30/Mcf.","Distributions will not resume until deficit repaid, $2M reserve replenished, and $477k line of credit cleared.","Cash reserves now $20,626 after paying LOC interest; LOC balance rose to $476,983 with $89k draw for admin expenses.","Trust continues audit of Hilcorp's charges; third-party auditors reviewing all revenues, costs, and pricing."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-26-016501","json":"https://secwatch.observer/filing/0001193125-26-016501.json","markdown":"https://secwatch.observer/filing/0001193125-26-016501.md","text":"https://secwatch.observer/filing/0001193125-26-016501.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/319655/000119312526016501/0001193125-26-016501-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/319655/000119312526016501/sjt_january_2026_8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-16T09:39:38.271855+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"}