Every 8-K that San Juan Basin Royalty Trust UBI (SJT) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 8-K covers material events a company has to report between its quarterly reports, so if you follow SJT and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full SJT filings page.
San Juan Basin Royalty Trust (SJT) reported that it will not declare a monthly cash distribution for September 2026 because production costs and capital expenditures on its subject interests continue to exceed gross proceeds and natural gas prices remain low. Cumulative excess production costs total $12,553,466 gross ($9,415,100 net to the Trust), increasing the deficit by $1,122,634 gross ($841,976 net) from the prior month. For July 2026 production, Hilcorp reported $4,293,096 of total revenue from the subject interests and $5,415,731 of production costs (excluding the excess-cost balance), resulting in no net royalty income. The Trust drew $44,606 on its line of credit, bringing the principal balance to $1,075,400, and will not resume cash distributions until excess production costs are fully repaid, a $2,000,000 reserve is replenished, and the line of credit (principal and interest) is repaid.
SAN JUAN BASIN ROYALTY TRUST (SJT) reported that it will not declare a cash distribution for August 2026, citing excess production costs on its Subject Interests and continued low natural gas prices. Cumulative excess production costs total $11,430,832 gross ($8,573,124 net to the Trust, an increase of $1,803,903 gross ($1,352,927 net) from the prior month. For June 2026 production, Hilcorp reported $3,181,295 of total revenue and $4,974,373 of production costs (excluding the excess cost balance), so net proceeds remain insufficient to reduce the deficit. The Trust states that no distributions will resume until future net proceeds fully repay excess production costs, replenish a $2,000,000 reserve, and repay principal and interest on the Texas Bank line of credit, whose outstanding principal will be $1,030,794 after the August draw.
San Juan Basin Royalty Trust reported that it will not declare a monthly cash distribution for July 2026. The decision reflects excess production costs from prior periods and continued low natural gas prices. Cumulative excess production costs are approximately $9,637,754 gross ($7,228,316 net to the Trust), and all net proceeds will continue to be applied to this deficit. Distributions will not resume until net proceeds fully repay this balance, replenish a $2,000,000 reserve, and repay principal and interest on the Texas Bank line of credit.
For the May 2026 production month, Hilcorp reported total revenue of $3,024,827 from the Subject Interests and production costs of $3,403,832, with gas volumes of 2,083,334 Mcf at an average price of $1.23 per Mcf. Trust administrative expenses for the month were $54,364, funded in part by a draw that brought the line of credit balance to $998,808 and left cash reserves at $3,891. Hilcorp has removed five of nine previously planned 2026 vertical wells, reducing capital spending by about $450,000, while the Trustee and independent auditors continue detailed reviews of Hilcorp’s reporting.
San Juan Basin Royalty Trust will pay no cash distribution for June 2026. The trustee reports that excess production costs and continued low natural gas prices left the Trust with a cumulative excess production cost balance of about $9.26 million gross ($6.94 million net to the Trust).
For April 2026 production, Hilcorp reported revenue from the subject interests of $3.02 million against production costs of $3.80 million (excluding the excess cost balance), so costs exceeded revenues. The average gas price was $1.28 per Mcf, slightly higher than March but still low.
All net proceeds will continue to be applied to the excess cost balance. No distributions will resume until excess costs are repaid, a $2.0 million reserve is replenished, and the Trust’s line of credit—whose outstanding principal will be $944,470 after a new draw—is fully repaid.
San Juan Basin Royalty Trust reported that it will not declare a monthly cash distribution for May 2026. Excess production costs from its royalty interests, combined with continued low natural gas prices, mean all current net proceeds are being used to cover past costs rather than pay unitholders.
Cumulative excess production costs total approximately $8.48 million gross ($6.36 million net to the Trust, up sharply from the prior month. For March 2026, revenue of about $2.81 million was outweighed by production costs of about $4.66 million, reinforcing the deficit. The Trust also continues to draw on a line of credit and use limited cash reserves to cover administrative expenses and interest.
No cash distributions will resume until future net proceeds fully repay excess production costs tied to new wells drilled in 2024, rebuild a $2 million reserve, and repay principal and interest on the Trust’s line of credit.
San Juan Basin Royalty Trust will pay no monthly cash distribution for April 2026. The Trustee cites excess production costs from prior periods on the Subject Interests and continued low natural gas prices, which together have eliminated royalty income for now.
Cumulative excess production costs stand at about $6.63 million gross ($4.97 million net to the Trust, and the deficit increased from last month. February 2026 revenues of $5.24 million were more than offset by $5.68 million of production costs, while average gas prices fell to $2.70 per Mcf.
No future distributions will be made until net proceeds fully repay excess production costs, restore a $2.0 million reserve, and repay principal and interest on the Trust’s line of credit, whose outstanding balance is $872,254. The Trust is relying on its line of credit and dwindling cash reserves to cover administrative expenses and interest.
San Juan Basin Royalty Trust reported that it will not declare a March 2026 cash distribution to unitholders. The decision stems from excess production costs on its subject interests and continued low natural gas prices. Cumulative excess production costs total about $6,186,819 gross ($4,640,115 net to the Trust), with all current net proceeds being applied to this deficit instead of royalties.
No distributions will resume until the Trust fully repays the excess production costs, replenishes a $2,000,000 reserve, and repays principal and interest on its line of credit. For January 2026, Hilcorp reported revenue of $6,352,562 and production costs of $4,301,489, but administrative expenses and deficit repayment still required additional borrowing, increasing the line of credit principal to $750,513.
San Juan Basin Royalty Trust reported that Hilcorp Energy Company has outlined a 2026 capital project plan for the Trust’s subject interests totaling approximately $14.0 million across 32 projects. Most of this budget targets new drilling in the Mesaverde, Mancos, Dakota and related formations.
About $11.5 million will fund nine new vertical wells and six new horizontal wells, $2.0 million will go to 17 recompletion and workover projects, and $0.5 million to facilities and compression. Hilcorp also reported that 2025 capital spending was approximately $8.3 million, compared with a prior projection of about $9.0 million.
San Juan Basin Royalty Trust reported that it will not declare a February 2026 cash distribution to unitholders. The Trust cited excess production costs from prior periods and continued low natural gas prices as the reasons.
Cumulative excess production costs total about $8,237,892 gross ($6,178,419 net to the Trust, and all net proceeds will be applied to this deficit until it is repaid. Before distributions can resume, future net proceeds must also replenish a $2,000,000 reserve and repay principal and interest on the Trust’s line of credit.
For December 2025 production, Hilcorp reported $3,672,728 of total revenue and $4,399,540 of production costs for the Subject Interests, resulting in no royalty income. The Trust’s line of credit balance is $566,848, and cash reserves stand at $17,558.
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.
San Juan Basin Royalty Trust reported that it will not declare a monthly cash distribution to holders of its units for December. The trustee explained that excess production costs related to the Trust’s subject interests in prior periods, together with continued low natural gas prices, left no funds available for a payout.
This means unitholders will not receive their usual monthly cash distribution for this period, reflecting how rising costs and weak gas pricing can directly reduce distributable income from the Trust’s underlying oil and gas properties.
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.
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.
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.
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.