secwatch.observer — SEC 8-K summary
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Issuer:     SAN JUAN BASIN ROYALTY TRUST (SJT)
CIK:        0000319655
Form:       8-K
Filed at:   2026-02-17T23:59:59+00:00
Accession:  0001193125-26-053633
Event type: other_material
Sentiment:  negative
Materiality: 0.95
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/319655/000119312526053633/0001193125-26-053633-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/319655/000119312526053633/sjt_february_2026_8-k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-053633

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