secwatch.observer — SEC 8-K summary
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Issuer:     SAN JUAN BASIN ROYALTY TRUST (SJT)
CIK:        0000319655
Form:       8-K
Filed at:   2026-09-18T19:57:36+00:00
Accession:  0001193125-26-395495
Event type: dividend
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/319655/000119312526395495/0001193125-26-395495-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/319655/000119312526395495/september_2026_8-k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-395495

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