secwatch.observer — SEC 8-K summary
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Issuer:     SAN JUAN BASIN ROYALTY TRUST (SJT)
CIK:        0000319655
Form:       8-K
Filed at:   2026-01-20T23:59:59+00:00
Accession:  0001193125-26-016501
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 January 2026 distribution due to $5.6M net excess production costs
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/319655/000119312526016501/0001193125-26-016501-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/319655/000119312526016501/sjt_january_2026_8-k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-016501

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