secwatch.observer — SEC 8-K summary
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Issuer:     SAN JUAN BASIN ROYALTY TRUST (SJT)
CIK:        0000319655
Form:       8-K
Filed at:   2026-07-21T18:51:22+00:00
Accession:  0001193125-26-310097
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/319655/000119312526310097/0001193125-26-310097-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/319655/000119312526310097/july_2026_8-k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-310097

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