San Juan Basin Royalty Trust (SJT) halts September monthly cash distribution

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 September. The Trust explained in a press release dated September 19, 2025, that excess production costs related to its subject interests from prior periods, together with continued low natural gas prices, have eliminated funds available for distribution this month.

This means unitholders will not receive their usual September cash payment, reflecting the combined impact of higher-than-normal past operating costs and a weak pricing environment for natural gas on the Trust’s current cash flow.

Positive

• None.

Negative

• September distribution cancelled: The Trust will not declare a monthly cash distribution for September, indicating current royalty cash flow is insufficient to support its usual payout.
• Operational and pricing pressures: Excess prior-period production costs and continued low natural gas prices are reducing funds available for distribution, highlighting vulnerability to both cost overhangs and commodity price weakness.

Insights

Income-focused energy securities analyst

Trust suspends September cash payout amid cost overhang and weak gas prices.

San Juan Basin Royalty Trust disclosed it will not declare a September monthly cash distribution. The press release attributes this to excess production costs from earlier periods on its subject interests and continued low natural gas pricing, which together leave no cash available for distribution.

For an income-oriented vehicle, a missed monthly distribution is a notable signal that current royalty cash flows are under pressure. The reference to prior-period excess production costs suggests that earlier operating or capital items are still flowing through, while low commodity pricing is limiting current revenues.

Future royalty payments will depend on how quickly production costs normalize and whether natural gas prices improve, with subsequent monthly announcements likely to clarify whether this is a one-time or recurring distribution interruption.

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, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

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 September 19, 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 September 19, 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 September 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 September 19, 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:	September 19, 2025	By:	/S/ NANCY WILLIS
			Nancy Willis Director of Royalty Trust Services

FAQ

Why is San Juan Basin Royalty Trust (SJT) not paying a September 2025 distribution?

The Trust stated in a September 19, 2025 press release that it will not declare a monthly cash distribution for September because excess production costs from prior periods for its subject interests, combined with continued low natural gas prices, have eliminated cash available for distribution.

Which period’s cash distribution is affected for San Juan Basin Royalty Trust (SJT)?

The filing specifies that the Trust will not declare a monthly cash distribution for September, meaning unitholders will not receive the usual September cash payment.

What reasons did San Juan Basin Royalty Trust (SJT) give for suspending the September distribution?

The Trust cited excess production costs related to its subject interests during prior periods and continued low natural gas pricing as the reasons there is no cash available to declare a September monthly distribution.

Does the San Juan Basin Royalty Trust (SJT) filing include detailed financial statements?

No detailed financial statements are included in this report; it primarily references a press release, filed as Exhibit 99.1, announcing the absence of a September cash distribution.

What exhibit accompanies the San Juan Basin Royalty Trust (SJT) 8-K about its September distribution?

The 8-K includes Exhibit 99.1, which is a press release dated September 19, 2025, providing more detail on the decision not to declare a September monthly cash distribution.

Who signed the San Juan Basin Royalty Trust (SJT) report about the September distribution?

The report was signed on behalf of the Trust by Argent Trust Company, as Trustee, with Nancy Willis, Director of Royalty Trust Services, signing on September 19, 2025.