---
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"
generated_at: "2026-07-21T18:52:06.142197+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# San Juan Basin Royalty Trust declares no July distribution; excess production costs $9.6M

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-310097
- JSON: https://secwatch.observer/filing/0001193125-26-310097.json
- Plain text: https://secwatch.observer/filing/0001193125-26-310097.txt

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