{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-26-275535","form_type":"8-K","ticker":"SJT","cik":"0000319655","company_name":"SAN JUAN BASIN ROYALTY TRUST","filed_at":"2026-06-18T17:59:23+00:00","discovered_at":"2026-06-18T18:00:00.716059+00:00","generated_at":"2026-06-18T18:00:07.891064+00:00","sec_items":["2.02","9.01"],"event_type":"other_material","sentiment":"negative","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"San Juan Basin Royalty Trust suspends June distribution; excess production costs rise to $9.3M","bullets":["No cash distribution for June 2026; cumulative excess production costs $9,258,749 gross ($6,944,062 net), up $774,601 from prior month.","Hilcorp's two new horizontal wells in 2024 caused excess costs; all net proceeds applied to deficit until fully repaid.","April 2026 gas volumes 2,065,583 Mcf at avg $1.28/Mcf; total revenue $3.02M vs production costs $3.80M (excluding excess).","Trust admin expenses $48,800; line of credit draw $48,781 brings outstanding to $944,470; cash reserves only $3,891.","No distributions until deficit, $2M reserve, and line of credit are fully repaid; ongoing audit of Hilcorp's accounting."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-26-275535","json":"https://secwatch.observer/filing/0001193125-26-275535.json","markdown":"https://secwatch.observer/filing/0001193125-26-275535.md","text":"https://secwatch.observer/filing/0001193125-26-275535.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/319655/000119312526275535/0001193125-26-275535-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/319655/000119312526275535/june_2026_8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-18T18:00:07.891064+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":"2041bf99f1a8d7cdcc1fc969e82cdcb1d2b19930","claim":"SAN JUAN BASIN ROYALTY TRUST reported April 2026 results: revenue $3,023,335.","evidence_excerpt":"Hilcorp reported $3,023,335 of total revenue from the Subject Interests for the production month of April 2026, consisting of $2,646,258 of gas revenues, $377,077 of oil revenues.","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/319655/000119312526275535/0001193125-26-275535-index.htm","confidence":0.95,"family_label":"Earnings Releases","details":[{"label":"Period","value":"April 2026"},{"label":"Revenue","value":"$3,023,335"},{"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"}