SAN JUAN BASIN ROYALTY TRUST (SJT) Form 8-K — Oct 20, 2026
San Juan Basin Royalty Trust (NYSE: SJT) announced on October 20, 2026 that it will not declare a monthly cash distribution for October, citing excess production costs and continued low natural gas pricing. Cumulative excess production costs stand at approximately $12.4 million gross ($9.3 million net to the Trust), stemming from Hilcorp's 2024 drilling of two new horizontal wells. Until this balance is repaid, a $2.0 million reserve is replenished, and the Texas Bank line of credit ($1,155,501 outstanding) is paid off, all net proceeds are being applied to those obligations and unitholders receive nothing.
Key figures
- Trust admin expenses
- 80118
- Cash reserves balance
- 3891
- Required cash reserve
- 2000000
- Line of credit balance
- 1155501
- August 2026 gas revenue
- 4688244
- August 2026 oil revenue
- 180537
- Gas volumes aug 2026 mcf
- 2057618
- Gas volumes jul 2026 mcf
- 2046556
- August 2026 capital costs
- 1521586
- August 2026 total revenue
- 4868781
- Deficit reduction net mom
- 97836
- August 2026 severance taxes
- 317045
- Deficit reduction gross mom
- 130448
- August 2026 production costs
- 4738333
- Excess production costs gross
- 12423018
- Avg gas price aug 2026 per mcf
- 2.28
- Avg gas price jul 2026 per mcf
- 2.01
- August 2026 lease operating expenses
- 2899702
- Excess production costs net to trust
- 9317264
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