SAN JUAN BASIN ROYALTY TRUST 8-K

What Happened

• On May 18, 2026, San Juan Basin Royalty Trust (SJT) announced by press release (filed as Exhibit 99.1) that it will not declare a monthly cash distribution to holders of its units for May 2026. The trustee, Argent Trust Company, cited excess production costs for the Trust’s subject interests and continued low natural gas pricing as the reasons for withholding the distribution. The Form 8‑K reports this under Item 2.02 and the information is furnished (not filed) under Form 8‑K instructions.

Key Details

• Filing date: May 18, 2026 (Form 8‑K, Item 2.02).
• Action: No monthly cash distribution declared for May 2026 to holders of Units.
• Stated reasons: Excess production costs for the Trust’s subject interests and continued low natural gas prices.
• Trustee/signature: Argent Trust Company, by Nancy Willis, Director of Royalty Trust Services.

Why It Matters

• Royalty trust investors typically rely on monthly cash distributions as the primary return; a skipped distribution means no payout for May 2026 from SJT.
• The stated causes—higher production costs and low natural gas prices—reflect operational and commodity-price pressures that can reduce near-term cash flow.
• Holders should monitor future trust notices and commodity price trends for indications of when distributions may resume; this 8‑K is informational (furnished) and does not include additional financial metrics.