---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-395495"
form_type: "8-K"
ticker: "SJT"
cik: "0000319655"
company_name: "SAN JUAN BASIN ROYALTY TRUST"
filed_at: "2026-09-18T19:57:36+00:00"
generated_at: "2026-09-18T19:59:17.102544+00:00"
event_type: "dividend"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- No cash distribution for Sept 2026; cumulative excess production costs $12.55M gross ($9.42M net), up $1.12M gross from last month.
- July 2026 revenue from Subject Interests $4.29M (gas $4.12M, oil $0.18M) vs production costs $5.42M; gas price $2.01/Mcf (up from $1.46).
- No distributions until excess costs paid, $2M reserve replenished, and $1.075M line of credit repaid (drew $44.6K in Sept).
- Trust admin expenses $44.6K for month; line of credit principal now $1.075M.

## SEC filing metadata
- accession: 0001193125-26-395495
- form_type: 8-K
- ticker: SJT
- cik: 0000319655
- company_name: SAN JUAN BASIN ROYALTY TRUST
- filed_at: 2026-09-18T19:57:36+00:00
- event_type: dividend
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/319655/000119312526395495/0001193125-26-395495-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/319655/000119312526395495/september_2026_8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-395495
- JSON: https://secwatch.observer/filing/0001193125-26-395495.json
- Plain text: https://secwatch.observer/filing/0001193125-26-395495.txt

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