[Form 4] Portland General Electric Company Insider Trading Activity

Rhea-AI Filing Summary

San Juan Basin Royalty Trust (NYSE: SJT) filed an 8-K dated 21 Jul 2025 disclosing that no monthly cash distribution will be declared for July 2025. The trustee, Argent Trust Company, cites two factors: (1) excess production costs incurred on the Trust’s Subject Interests during the May 2025 production month and (2) continued low natural-gas pricing. Because production costs exceeded revenues, the net proceeds available for distribution were zero, triggering the suspension under the Trust agreement. A press release detailing the decision is furnished as Exhibit 99.1; it is considered “furnished” under Item 2.02 and not “filed” for Exchange Act liability purposes. No other financial statements, pro-forma data or exhibits were provided. The filing is not associated with any major transaction, change in control or governance matters but directly affects near-term cash flow to unitholders who rely on the monthly payout.

Positive

• None.

Negative

• Suspension of July 2025 distribution eliminates expected income for unitholders and highlights cash-flow vulnerability.
• Low natural-gas prices continue to pressure revenues, suggesting potential for further distribution shortfalls.
• Excess production costs in May 2025 exceeded revenues, indicating operational cost pressure on the Trust.

Insights

Energy Royalty Analyst

TL;DR: SJT’s July payout is zero, reflecting May cost overruns and weak gas prices—negative for income-focused holders.

The Trust’s sole value proposition is converting production revenues into monthly cash distributions. By announcing a zero payout, management signals that operating costs outstripped revenue in May, a period when Henry Hub prices remained subdued. Because SJT lacks hedging and has minimal operating discretion, distributions are directly tied to commodity price volatility. A missed payment undermines the Trust’s attractiveness to yield investors and may pressure unit price until gas prices recover or costs ease. Although one month does not alter reserves, the filing highlights ongoing margin squeeze in the San Juan Basin.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Pineda Patricia Salas

(Last) (First) (Middle)

121 SW SALMON STREET

(Street)

PORTLAND OR 97204

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PORTLAND GENERAL ELECTRIC CO /OR/ [ POR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/18/2025		A		3,873	A	$40.02	12,193	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

Remarks:

	Kristina Benson Power of Attorney on behalf of Patricia Salas Pineda	07/21/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

Why did San Juan Basin Royalty Trust (SJT) suspend its July 2025 distribution?

Because production costs for May 2025 exceeded revenues and natural-gas prices remained low, leaving no net proceeds to distribute.

What production month affected the July 2025 payout decision?

The Trust cited May 2025 production results as the period in which costs exceeded revenues.

When was the press release announcing the suspension issued?

The press release (Exhibit 99.1) was dated July 21, 2025.

Does the 8-K indicate any other material transactions or changes?

No. The filing only addresses the absence of a July distribution; no acquisitions, governance changes, or financing events were disclosed.

Is San Juan Basin Royalty Trust classified as an emerging growth company?

No. The filing’s checkbox for emerging growth company status was not selected.