{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-26-228303","form_type":"8-K","ticker":"SJT","cik":"0000319655","company_name":"SAN JUAN BASIN ROYALTY TRUST","filed_at":"2026-05-18T15:16:22+00:00","discovered_at":"2026-05-18T15:17:00.307252+00:00","generated_at":"2026-05-18T15:19:29.172814+00:00","sec_items":["2.02","9.01"],"event_type":"earnings","sentiment":"negative","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"San Juan Basin Royalty Trust: No May distribution as deficit grows to $6.36M, gas price drops to $1.20/Mcf","bullets":["Cumulative excess production costs net to Trust $6,363,112, up $1,389,243 from prior month.","March 2026 gas volumes 2,077,611 Mcf; avg price $1.20/Mcf vs $2.70/Mcf in Feb.","No distributions until deficit repaid, $2M reserve restored, and $895,689 line of credit cleared.","Admin expenses $28,959; line of credit draw $23,435; cash reserves at $3,891 after interest payment.","Excess costs from two Hilcorp horizontal wells in 2024; Trust continues audit of Hilcorp payments."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-26-228303","json":"https://secwatch.observer/filing/0001193125-26-228303.json","markdown":"https://secwatch.observer/filing/0001193125-26-228303.md","text":"https://secwatch.observer/filing/0001193125-26-228303.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/319655/000119312526228303/0001193125-26-228303-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/319655/000119312526228303/may_2026_8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-18T15:19:29.172814+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":"cfa514bd5caecdc7b11c6c02de7a532eee1c815f","claim":"SAN JUAN BASIN ROYALTY TRUST reported March 2026 results: revenue $2,806,519.","evidence_excerpt":"Hilcorp reported $2,806,519 of total revenue from the Subject Interests for the production month of March 2026, consisting of $2,492,773 of gas revenues, $313,746 of oil revenues.","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/319655/000119312526228303/0001193125-26-228303-index.htm","confidence":0.95,"family_label":"Earnings Releases","details":[{"label":"Period","value":"March 2026"},{"label":"Revenue","value":"$2,806,519"},{"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"}