secwatch.observer — SEC 8-K summary
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Issuer:     SAN JUAN BASIN ROYALTY TRUST (SJT)
CIK:        0000319655
Form:       8-K
Filed at:   2026-06-18T17:59:23+00:00
Accession:  0001193125-26-275535
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

San Juan Basin Royalty Trust suspends June distribution; excess production costs rise to $9.3M
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/319655/000119312526275535/0001193125-26-275535-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/319655/000119312526275535/june_2026_8-k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-275535

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