---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-053633"
form_type: "8-K"
ticker: "SJT"
cik: "0000319655"
company_name: "SAN JUAN BASIN ROYALTY TRUST"
filed_at: "2026-02-17T23:59:59+00:00"
generated_at: "2026-05-16T02:36:36.675088+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.95
calibrated_materiality_score: 0.95
confidence: "high"
source: SEC EDGAR
---

# San Juan Basin Royalty Trust suspends Feb distribution; excess cost deficit hits $6.2M net

## Summary
- No cash distribution declared for February 2026 due to cumulative excess production costs of $8.2M gross ($6.2M net).
- Deficit increased $727K gross ($545K net) month-over-month; Hilcorp will apply all net proceeds to balance.
- December 2025 gas volumes 2.12M Mcf; avg gas price $3.29/Mcf, up from $2.30/Mcf in November.
- Trust drew $89,865 from line of credit for admin expenses; outstanding principal now $566,848.
- Cash reserves reduced to $17,558 after using $3,068 for interest; distributions will not resume until deficit cleared.

## SEC filing metadata
- accession: 0001193125-26-053633
- form_type: 8-K
- ticker: SJT
- cik: 0000319655
- company_name: SAN JUAN BASIN ROYALTY TRUST
- filed_at: 2026-02-17T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.95
- calibrated_materiality_score: 0.95
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/319655/000119312526053633/0001193125-26-053633-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/319655/000119312526053633/sjt_february_2026_8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-053633
- JSON: https://secwatch.observer/filing/0001193125-26-053633.json
- Plain text: https://secwatch.observer/filing/0001193125-26-053633.txt

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