{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-26-163687","form_type":"8-K","ticker":"SJT","cik":"0000319655","company_name":"SAN JUAN BASIN ROYALTY TRUST","filed_at":"2026-04-20T23:59:59+00:00","discovered_at":"2026-05-14T18:02:33.559731+00:00","generated_at":"2026-05-15T05:24:10.142957+00:00","sec_items":["2.02","9.01"],"event_type":"other_material","sentiment":"negative","materiality_score":0.8,"calibrated_materiality_score":0.8,"confidence":"high","headline":"San Juan Basin Royalty Trust declares no cash distribution for April 2026 due to excess costs, low gas prices","bullets":["Cumulative excess production costs $6.63M gross ($4.97M net to Trust), up $445K from prior month.","No distributions until excess costs, $2M reserve, and line of credit ($872K balance) are fully repaid.","Feb 2026 gas volumes 1.89M Mcf, avg price $2.70/Mcf, down $0.26/Mcf from Jan.","Total revenue $5.24M vs. production costs $5.68M (excl. excess), resulting in net deficit.","Trust drew $122K from line of credit for admin expenses; line balance now $872K."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-26-163687","json":"https://secwatch.observer/filing/0001193125-26-163687.json","markdown":"https://secwatch.observer/filing/0001193125-26-163687.md","text":"https://secwatch.observer/filing/0001193125-26-163687.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/319655/000119312526163687/0001193125-26-163687-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/319655/000119312526163687/sjt_april_2026_8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-15T05:24:10.142957+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"f90d1d1323168e357f010426cf413864b072217e","claim":"SAN JUAN BASIN ROYALTY TRUST reported production month of February 2026 results: revenue $5,237,354.","evidence_excerpt":"Hilcorp reported $5,237,354 of total revenue from the Subject Interests for the production month of February 2026, consisting of $5,108,104 of gas revenues, $129,250 of oil revenues.","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/319655/000119312526163687/0001193125-26-163687-index.htm","confidence":0.92,"family_label":"Earnings Releases","details":[{"label":"Period","value":"production month of February 2026"},{"label":"Revenue","value":"$5,237,354"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}