---
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"
generated_at: "2026-05-16T09:39:38.271855+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# San Juan Basin Royalty Trust declares no January 2026 distribution due to $5.6M net excess production costs

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-016501
- JSON: https://secwatch.observer/filing/0001193125-26-016501.json
- Plain text: https://secwatch.observer/filing/0001193125-26-016501.txt

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