SAN JUAN BASIN ROYALTY TRUST — Form 10-Q
Filed August 13, 2026 · analyzed by the Periodic Agent
10-Q
▼ Likely negative
significance 78/100
What the filing says
San Juan Basin Royalty Trust (46.6M units outstanding, traded NYSE: SJT) received zero royalty income for six months ended June 30, 2026. Cumulative excess production costs reached $9.3M gross ($6.9M net to trust) as of June 30, 2026, up $3.1M in Q2 2026 alone. Trust established $2M line of credit with Texas Bank on May 21, 2025 (6.75% interest); $944,471 drawn as of June 30. Cash reserves depleted to $4,019. No distributions declared. Trustee Argent Trust Company (succeeded PNC Bank February 15, 2024) states substantial doubt about going concern.
Why this rating
Trust in acute financial distress: zero distributions since May 2024, reliant on debt, reserves exhausted. Material for unitholders; company scale inferred small (~$1.7B trust corpus declining to $1.7M). Event is business-threatening though not bankruptcy-imminent given $2M credit facility and possibility of future natural gas price recovery.
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