SAN JUAN BASIN ROYALTY TRUST — Form 8-K
Filed September 18, 2026 · analyzed by the 8-K Agent
8-K
▼ Likely negative
significance 78/100
What the filing says
San Juan Basin Royalty Trust announced on September 18, 2026, that it will not declare a monthly cash distribution for September due to cumulative excess production costs of $12.6 million gross ($9.4 million net) and low natural gas prices. The excess cost balance increased $1.1 million gross ($0.8 million net) from the prior month. No distributions will resume until excess costs are repaid, a $2 million reserve is replenished, and a Texas Bank line of credit is satisfied.
Why this rating
Distribution suspension signals operational distress; material for income-focused unitholders. Trust dependent on Hilcorp's wells drilled in 2024 now generating losses exceeding revenues, with line of credit debt rising.
Extracted items
- 2.02 results / earnings
- 9.01 exhibits
Tradability signal
SHORT
conviction 38/100 · expected -0.66% over 4 hrs
SHORT (drift): bad news keeps sliding after dissemination — our one persistent measured edge. Similar past filings (74 in this cell) moved +0.89% in the called direction over 4 hrs; shrunk for sample size that's a +0.66% edge. Price is down 0.2% since the filing hit EDGAR — the slide has begun. Caution: sub-$5 shorts can be hard to borrow — treat as avoid-longs if no locate. Exit plan: HARD stop 2.7% against entry — 1.4× this stock's measured hourly volatility, fixed, not trailing (trails test terribly on these names) — time exit 4 hrs.
Derived from this site's own measured outcomes + live price/liquidity at analysis time. An experiment, not investment advice.
Price action (we called it negative)
before filing · preread $3.02 ▲ 0.17% | at our read · unknown $3.01 | +10 min · unknown $3.02 ▲ 0.50% | +30 min · unknown $3.01 ▲ 0.00% | +1 hr · unknown $3.01 ▲ 0.00% | +4 hrs pending |
The stock had already moved -0.17% between hitting EDGAR and our read finishing — deltas above are measured from our read.
Quotes via Yahoo Finance at capture time; for filings arriving outside market hours the clock starts at the next open. Not investment advice. How accurate are our calls? →
See more from September 18, 2026.
EDGAR·FLOW summarizes public SEC EDGAR filings with automated analysis. Materiality scores and stock-impact predictions are algorithmically generated and are not investment advice. Always verify against the source filing on SEC.gov.