---
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"
generated_at: "2026-05-18T15:19:29.172814+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# San Juan Basin Royalty Trust: No May distribution as deficit grows to $6.36M, gas price drops to $1.20/Mcf

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: earnings
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-228303
- JSON: https://secwatch.observer/filing/0001193125-26-228303.json
- Plain text: https://secwatch.observer/filing/0001193125-26-228303.txt

## Key facts
- Earnings Releases
  SAN JUAN BASIN ROYALTY TRUST reported March 2026 results: revenue $2,806,519.
  - Period: March 2026
  - Revenue: $2,806,519
  - Result: reported results
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/319655/000119312526228303/0001193125-26-228303-index.htm

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