San Juan Basin Royalty Trust skips October distribution on low gas

San Juan Basin Royalty Trust reported it will not declare a monthly cash distribution for October.

Rhea-AI Filing Summary

San Juan Basin Royalty Trust reported it will not declare a monthly cash distribution for October. The Trust cited excess production costs for prior periods and continued low natural gas pricing as the reasons for the pause.

The announcement was made via a press release dated October 21, 2025, filed as Exhibit 99.1. The decision affects holders of the Trust’s units of beneficial interest for the October distribution cycle.

Positive

• None.

Negative

• No October cash distribution due to excess production costs and low natural gas pricing.

Insights

Energy income trusts analyst

Distribution paused for October due to cost overhang and weak gas prices.

San Juan Basin Royalty Trust said there will be no October monthly cash distribution, attributing the pause to excess production costs incurred in prior periods and ongoing low natural gas prices. For royalty trusts, distributions reflect current net proceeds after expenses; higher costs and lower commodity prices can eliminate distributable income.

The impact depends on how quickly production costs normalize and whether natural gas pricing improves. Without a stated timeline, future payouts hinge on realized pricing and reported net proceeds in subsequent months. Subsequent disclosures may clarify whether the cost overhang persists beyond October.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did SJT announce about its October distribution?

The Trust announced it will not declare a monthly cash distribution for October due to excess production costs and continued low natural gas pricing.

When was the SJT announcement made?

The announcement was made in a press release dated October 21, 2025, attached as Exhibit 99.1.

Why is San Juan Basin Royalty Trust skipping the October payout?

Excess production costs for prior periods and continued low natural gas pricing eliminated distributable income for October.

Which securities does SJT have listed and where?

Units of beneficial interest trade under the symbol SJT on the New York Stock Exchange.

Does the 8-K include financial statements?

The filing lists Exhibit 99.1, a press release; no financial statements are included in the excerpt.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 10/21/2025 - 11:36 AM Learn about SEC filing dates

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 October 21, 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 October 21, 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 October 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 October 21, 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:	October 21, 2025	By:	/S/ NANCY WILLIS
			Nancy Willis Director of Royalty Trust Services