San Juan Basin Trust (NYSE: SJT) halts August distribution on high costs

Rhea-AI Filing Summary

San Juan Basin Royalty Trust reported that it will not declare a monthly cash distribution to holders of its units of beneficial interest for August. The Trust explained that excess production costs related to its subject interests during the June 2025 production month, combined with continued low natural gas pricing, meant there was no cash available to distribute. The announcement was made through a press release dated August 19, 2025, which is included as an exhibit to this report.

Positive

• None.

Negative

• August cash distribution suspended – no monthly cash distribution will be declared for August due to excess production costs for June 2025 and continued low natural gas pricing.

Insights

Income-focused energy securities analyst

Suspension of August cash distribution reflects cost pressure and weak gas prices.

San Juan Basin Royalty Trust disclosed that it will not declare a monthly cash distribution for August, citing excess production costs on its subject interests for the June 2025 production month and continued low natural gas pricing. For a royalty trust, where investors typically expect regular cash payouts, a skipped distribution directly affects the income stream.

The explanation links the absence of distributable cash to both higher production costs and unfavorable commodity pricing, indicating that operating economics for that period were strained. While this is a backward-looking disclosure, it highlights sensitivity of the Trust’s cash flows to cost spikes and natural gas prices.

Future distributions will depend on subsequent production months, cost levels, and natural gas pricing, which will be reflected in later reports and press releases. The attached press release dated August 19, 2025 provides the formal communication of this decision to unitholders.

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 August 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 August 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 August due to excess production costs for the Trust’s subject interests (“Subject Interests”) during the production month of June 2025, 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 August 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:	August 19, 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 August to holders of its units of beneficial interest. This decision is disclosed via a press release attached as Exhibit 99.1.

Why is San Juan Basin Royalty Trust not paying an August 2025 distribution?

The Trust stated it would not declare an August monthly cash distribution because of excess production costs associated with its subject interests during the June 2025 production month and continued low natural gas pricing, leaving no cash available to distribute.

Which period’s operations affected the August distribution for SJT?

The decision relates to results from the production month of June 2025, during which excess production costs on the Trust’s subject interests contributed to the absence of distributable cash.

How did San Juan Basin Royalty Trust communicate the suspension of the August distribution?

The Trust issued a press release dated August 19, 2025, which is attached to this report as Exhibit 99.1, to announce that no August monthly cash distribution will be declared.

Does this 8-K change how the information is treated under the Exchange Act?

The report states that, in accordance with a general instruction, the information provided shall be deemed “furnished” and not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934.

Who signed the report for San Juan Basin Royalty Trust?

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