---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-117027"
form_type: "8-K"
ticker: "SJT"
cik: "0000319655"
company_name: "SAN JUAN BASIN ROYALTY TRUST"
filed_at: "2026-03-20T23:59:59+00:00"
generated_at: "2026-05-15T09:32:24.874778+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# San Juan Basin Royalty Trust declares no March 2026 distribution; excess costs, low gas prices

## Summary
- No monthly distribution for March 2026 due to ~$4.64M net excess production costs and continued low natural gas pricing.
- January 2026 average gas price $2.96/Mcf, down from $3.29/Mcf in December 2025; gas volumes 2,104,891 Mcf.
- Cumulative excess production costs net to Trust: $4,640,115, a $1.54M decrease from prior month.
- Hilcorp 2026 capex plan ~$14M for 32 projects; completion costs for 6 new horizontal wells deferred to 2027 plan.
- Line of credit outstanding $750,513; cash reserves reduced to $14,257 after March interest payment.

## SEC filing metadata
- accession: 0001193125-26-117027
- form_type: 8-K
- ticker: SJT
- cik: 0000319655
- company_name: SAN JUAN BASIN ROYALTY TRUST
- filed_at: 2026-03-20T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/319655/000119312526117027/0001193125-26-117027-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/319655/000119312526117027/sjt_march_2026_8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-117027
- JSON: https://secwatch.observer/filing/0001193125-26-117027.json
- Plain text: https://secwatch.observer/filing/0001193125-26-117027.txt

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