{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-26-360880","form_type":"8-K","ticker":"SJT","cik":"0000319655","company_name":"SAN JUAN BASIN ROYALTY TRUST","filed_at":"2026-08-21T18:47:01+00:00","discovered_at":"2026-08-21T18:48:00.223573+00:00","generated_at":"2026-08-21T18:48:07.322396+00:00","sec_items":["2.02","9.01"],"event_type":"dividend","sentiment":"negative","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"San Juan Basin Royalty Trust skips August 2026 distribution on excess costs, low gas prices","bullets":["No August 2026 cash distribution; cumulative excess production costs $11.43M gross ($8.57M net), up $1.8M gross from last month.","June 2026 revenue $3.18M (gas $2.84M, oil $0.34M) vs production costs $4.97M (LOE $2.92M, severance $0.17M, capex $1.88M).","Gas volumes 1.95M Mcf, avg price $1.46/Mcf, up $0.23/Mcf from May's $1.23.","Hilcorp removed 5 of 9 planned 2026 vertical wells (~$450k capex cut); 1 in progress, 2 completed, 1 awaiting connection.","Trust drew $31,986 on line of credit, outstanding principal now $1.03M; no distributions until excess costs, $2M reserve, and LOC repaid."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-26-360880","json":"https://secwatch.observer/filing/0001193125-26-360880.json","markdown":"https://secwatch.observer/filing/0001193125-26-360880.md","text":"https://secwatch.observer/filing/0001193125-26-360880.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/319655/000119312526360880/0001193125-26-360880-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/319655/000119312526360880/august_2026_8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-08-21T18:48:07.322396+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"}