SJT halts November monthly payout amid costs and low gas prices

Rhea-AI Filing Summary

San Juan Basin Royalty Trust reported that it will not declare a monthly cash distribution to holders of its units for November. The Trust explained that excess production costs related to its subject interests in prior periods, together with continued low natural gas prices, have reduced cash available for distribution. This means unitholders will not receive the usual monthly payout for this period, reflecting current cost pressures and weaker commodity pricing in the Trust’s underlying natural gas assets.

Positive

• None.

Negative

• Suspension of November distribution: The Trust will not declare a monthly cash distribution for November, directly reducing expected income for unitholders.
• Cost and pricing pressures: Excess production costs on the subject interests and continued low natural gas prices are limiting cash available for distribution.

Insights

Income-focused energy securities analyst

San Juan Basin Royalty Trust is skipping its November cash distribution due to higher costs and low gas prices.

The Trust stated it will not declare a monthly cash distribution for November because excess production costs from prior periods and continued low natural gas pricing reduced distributable cash. For a royalty trust such as San Juan Basin Royalty Trust, monthly distributions are the primary economic benefit for unitholders, so a missed month directly affects near-term income.

This development highlights the sensitivity of royalty-based cash flows to both operating costs on the underlying properties and commodity prices, particularly natural gas in this case. While no forward-looking amounts are given, the decision points to current economic pressure on the Trust’s subject interests. Future disclosures may clarify whether distributions resume on a regular basis or remain constrained by similar factors.

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 November 17, 2025

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 November 17, 2025, 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 November 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 November 17, 2025

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:	November 17, 2025	By:	/S/ NANCY WILLIS
			Nancy Willis Director of Royalty Trust Services

FAQ

What did San Juan Basin Royalty Trust (SJT) announce in this 8-K?

The Trust announced that it will not declare a monthly cash distribution for November to holders of its units of beneficial interest.

Why is San Juan Basin Royalty Trust not paying a November cash distribution?

The Trust cited excess production costs for its subject interests during prior periods and continued low natural gas pricing, which together reduced cash available for distribution.

Does the 8-K say which period’s distribution is affected for SJT unitholders?

Yes. It specifies that the Trust will not declare a monthly cash distribution for November to its unitholders.

What type of security does San Juan Basin Royalty Trust have listed and under what symbol?

The Trust has Units listed on the New York Stock Exchange under the trading symbol SJT.

How was this announcement communicated by San Juan Basin Royalty Trust?

The Trust issued a press release dated November 17, 2025, which is attached as Exhibit 99.1 and described under the results of operations and financial condition item.

Is the information about the missed distribution considered filed or furnished?

The Trust states that this information is deemed “furnished” and not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934.