{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-26-310097","form_type":"8-K","ticker":"SJT","cik":"0000319655","company_name":"SAN JUAN BASIN ROYALTY TRUST","filed_at":"2026-07-21T18:51:22+00:00","discovered_at":"2026-07-21T18:52:00.635320+00:00","generated_at":"2026-07-21T18:52:06.142197+00:00","sec_items":["2.02","7.01","9.01"],"event_type":"other_material","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"San Juan Basin Royalty Trust declares no July distribution; excess production costs $9.6M","bullets":["No cash distribution for July 2026 due to cumulative excess production costs of $9,637,754 gross ($7,228,316 net to Trust).","Hilcorp removed five of nine planned vertical wells from 2026 development plan, reducing capex by ~$450,000.","May 2026 gas volumes 2,083,334 Mcf; average gas price $1.23/Mcf, down from $1.28/Mcf in April.","Total revenue $3,024,827 vs production costs $3,403,832 (excluding excess costs); line of credit balance $998,808.","No distributions until excess costs repaid, $2M reserve replenished, and line of credit repaid."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-26-310097","json":"https://secwatch.observer/filing/0001193125-26-310097.json","markdown":"https://secwatch.observer/filing/0001193125-26-310097.md","text":"https://secwatch.observer/filing/0001193125-26-310097.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/319655/000119312526310097/0001193125-26-310097-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/319655/000119312526310097/july_2026_8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-07-21T18:52:06.142197+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":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}