SAN JUAN BASIN ROYALTY TRUST 8-K

What Happened

• On January 20, 2026, San Juan Basin Royalty Trust (SJT) announced via an 8-K (Exhibit 99.1 press release) that it will not declare a monthly cash distribution for January.
• The Trust cited excess production costs incurred in prior periods and continued low natural gas pricing as the reasons for withholding the distribution. The filing is furnished (not filed) under Form 8-K instruction B.2.

Key Details

• Filing date: January 20, 2026 (Form 8-K, Item 2.02).
• Action: No monthly cash distribution declared for January to holders of units of beneficial interest.
• Stated reasons: excess production costs for the Trust’s subject interests during prior periods and continued low natural gas pricing.
• Administrative: Press release attached as Exhibit 99.1; report furnished by Argent Trust Company as trustee and signed by Nancy Willis.

Why It Matters

• Unit holders will not receive the expected January cash payout, reducing near-term cash income from the Trust.
• The Trust explicitly attributes the suspension to higher production costs and weak natural gas prices—factors that directly affect distributable cash.
• Investors should note this operational update from the Trust; future distributions may depend on commodity prices and cost recovery, as described in the filing.