---
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"
generated_at: "2026-05-15T05:24:10.142957+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# San Juan Basin Royalty Trust declares no cash distribution for April 2026 due to excess costs, low gas prices

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: other_material
- 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/319655/000119312526163687/0001193125-26-163687-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/319655/000119312526163687/sjt_april_2026_8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-163687
- JSON: https://secwatch.observer/filing/0001193125-26-163687.json
- Plain text: https://secwatch.observer/filing/0001193125-26-163687.txt

## Key facts
- Earnings Releases
  SAN JUAN BASIN ROYALTY TRUST reported production month of February 2026 results: revenue $5,237,354.
  - Period: production month of February 2026
  - Revenue: $5,237,354
  - Result: reported results
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/319655/000119312526163687/0001193125-26-163687-index.htm

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