San Juan Basin Royalty Trust (NYSE: SJT) withholds January cash distribution amid low gas prices

Rhea-AI Filing Summary

San Juan Basin Royalty Trust disclosed that it will not declare a monthly cash distribution to unitholders for January. The Trust explained that excess production costs related to its subject interests from prior periods, combined with continued low natural gas prices, have eliminated distributable cash for this month. A press release dated January 20, 2026 provides additional detail and is included as an exhibit to this report.

Positive

• None.

Negative

• Suspension of January distribution: The Trust will not declare a January monthly cash distribution due to excess prior-period production costs and continued low natural gas prices, directly impacting unitholder income.

Insights

Energy income & royalty trust analyst

San Juan Basin Royalty Trust is skipping its January cash distribution due to cost overhang and weak gas prices.

The Trust states it will not declare a monthly cash distribution for January because prior-period excess production costs on its subject interests and ongoing low natural gas pricing have absorbed cash that might otherwise be paid out. For income-focused investors in royalty trusts, a missed monthly distribution is typically a meaningful development because distributions are the primary economic return.

The disclosure links the decision directly to both historical cost adjustments and current commodity pricing, underscoring the Trust’s sensitivity to operating costs and gas markets. The press release dated January 20, 2026 is cited as the detailed source, so subsequent communications from the Trust will be important for understanding whether this is a one-time effect tied to prior periods or part of a longer stretch of reduced or interrupted distributions.

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

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report January 20, 2026

SAN JUAN BASIN ROYALTY TRUST

(Exact name of Registrant as Specified in Its Charter)

Texas			001-08032	75-6279898
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
Argent Trust Company, Trustee 3838 Oak Lawn Ave. Suite 1720 Dallas, Texas 75219
(Address of Principal Executive Offices, including zip code)

Registrant’s Telephone Number, Including Area Code: (855) 588-7839

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Units		SJT		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On January 20, 2026, the San Juan Basin Royalty Trust (the "Trust") issued a press release, a copy of which is attached hereto as Exhibit 99.1, announcing that it would not declare a monthly cash distribution to the holders of its units of beneficial interest ("Units") for January due to excess production costs for the Trust’s subject interests (“Subject Interests”) during prior periods, as well as continued low natural gas pricing.

In accordance with general instruction B.2 to Form 8-K, the information in this Form 8-K shall be deemed “furnished” and not “filed” with the Securities and Exchange Commission for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.

Item 9.01 Financial Statements and Exhibits.

Exhibit No.		Description
99.1		Press Release dated January 20, 2026

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		By:	ARGENT TRUST COMPANY, AS TRUSTEE FOR THE SAN JUAN BASIN ROYALTY TRUST (Registrant)
Date:	January 20, 2026	By:	/S/ NANCY WILLIS
			Nancy Willis Director of Royalty Trust Services

FAQ

Why is San Juan Basin Royalty Trust (SJT) not paying a January distribution?

The Trust reported it will not declare a monthly cash distribution for January because excess production costs from prior periods for its subject interests, together with continued low natural gas pricing, have eliminated distributable cash for the month.

What did San Juan Basin Royalty Trust announce on January 20, 2026?

On January 20, 2026, the Trust issued a press release stating it would not declare a January monthly cash distribution to unitholders, citing excess prior-period production costs and low natural gas prices.

Does the San Juan Basin Royalty Trust 8-K include detailed financial figures?

The report explains the reason for not declaring the January distribution and references a press release as Exhibit 99.1 for additional detail, but it does not itself provide detailed financial tables.

How does low natural gas pricing affect San Juan Basin Royalty Trust distributions?

The Trust stated that continued low natural gas pricing, combined with excess production costs from prior periods, contributed to its decision not to declare a January monthly cash distribution, indicating distributions are sensitive to commodity prices.

Where can investors find more information on SJTs January 2026 decision?

Additional information is available in the press release dated January 20, 2026, which is attached as Exhibit 99.1 to the report describing the decision not to declare a January monthly cash distribution.