San Juan Basin Royalty Trust (SJT) Is Running on Fumes in Q2 2026
As seen on the 24/7 Wall St. homepage on June 18, 2026.
San Juan Basin Royalty Trust suspended distributions entirely as a $9.26 million cumulative deficit from excess production costs chokes off cash flows, forcing the trust to tap its line of credit just to pay administrative bills. Cash reserves sit at just $3,891 with no payouts returning until natural gas prices recover or costs drop materially.
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San Juan Basin Royalty Trust has suspended all distributions to unitholders as a cumulative deficit from excess production costs has reached $9.26 million, effectively cutting off the cash flows the trust depends on to make payouts. The situation has grown serious enough that the trust is drawing on its line of credit simply to cover routine administrative expenses — a sign that operating stress has moved well beyond a temporary dip in natural gas prices.
The trust's cash position underscores just how stretched things have become, with reserves sitting at only $3,891. Looking at the recent earnings history, EPS turned negative in Q3 2025 at -$0.0035 and has continued to deteriorate, reaching -$0.0078 in Q2 2026 — the weakest reading in the periods shown. The last time unitholders received any payout was back in Q3 2024, when reported EPS was $0.0229.
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With no distributions on the horizon, the trust has been explicit that a return to payouts depends on either a meaningful recovery in natural gas prices or a material decline in production costs. Until one of those conditions is met, unitholders are left holding a trust that is consuming rather than generating cash.
Mentioned: SJT