secwatch.observer — SEC 8-K summary
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Issuer:     SAN JUAN BASIN ROYALTY TRUST (SJT)
CIK:        0000319655
Form:       8-K
Filed at:   2026-03-20T23:59:59+00:00
Accession:  0001193125-26-117027
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/319655/000119312526117027/0001193125-26-117027-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/319655/000119312526117027/sjt_march_2026_8-k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-117027

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