---
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"
generated_at: "2026-08-21T18:48:07.322396+00:00"
event_type: "dividend"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# San Juan Basin Royalty Trust skips August 2026 distribution on excess costs, low gas prices

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: dividend
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-360880
- JSON: https://secwatch.observer/filing/0001193125-26-360880.json
- Plain text: https://secwatch.observer/filing/0001193125-26-360880.txt

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