secwatch.observer — SEC 8-K summary
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Issuer:     SAN JUAN BASIN ROYALTY TRUST (SJT)
CIK:        0000319655
Form:       8-K
Filed at:   2026-08-21T18:47:01+00:00
Accession:  0001193125-26-360880
Event type: dividend
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/319655/000119312526360880/0001193125-26-360880-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/319655/000119312526360880/august_2026_8-k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-360880

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