Cross Timbers Royalty Trust : Results of Operations and Financial Condition - Form 8-K
March 21, 2023 at 04:41 pm
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[NEWS RELEASE LETTERHEAD OF CROSS TIMBERS ROYALTY TRUST APPEARS HERE]
CROSS TIMBERS ROYALTY TRUST
DECLARES MARCH CASH DISTRIBUTION
Dallas, Texas, March 21, 2023 - Argent Trust Company, as Trustee of the Cross Timbers Royalty Trust (the "Trust") (NYSE:CRT), today declared a cash distribution to the holders of its units of beneficial interest of $0.179256 per unit, payable on April 14, 2023, to unitholders of record on March 31, 2023. The following table shows underlying oil and gas sales and average prices attributable to the current month and prior month distributions.
Underlying Sales
Volumes (a)
Average Price
Oil
(Bbls)
Gas
(Mcf)
Oil
(per Bbl)
Gas
(per Mcf)
Current Month Distribution
19,000
93,000
$
81.55
$
10.25
Prior Month Distribution
11,000
100,000
$
76.96
$
7.80
(a)
Sales volumes are recorded in the month the Trust receives the related net profits income. Because of this, sales volumes may fluctuate from month to month based on the timing of cash receipts.
Excess Costs
XTO Energy has advised the Trustee that excess costs increased by $34,000 on properties underlying the Texas Working Interest net profits interests, primarily due to timing of receipts. However, these excess costs did not reduce net proceeds from the remaining conveyances. Underlying cumulative excess costs remaining on the Texas Working Interest net profits interests total $1,847,000, including accrued interest of $676,000.
XTO Energy has advised the Trustee that $391,000 of excess costs were recovered on properties underlying the Oklahoma Working Interest net profits interests. However, after the partial recovery, there were no remaining proceeds from the properties underlying the Oklahoma Working Interest net profits interests to be included in this month's distribution. Underlying cumulative excess costs remaining on the Oklahoma Working Interest net profits interests total $612,000, including accrued interest of $22,000.
For more information on the Trust, please visit our website at www.crt-crosstimbers.com.
Cross Timbers Royalty Trust published this content on 21 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 March 2023 16:40:12 UTC.
Cross Timbers Royalty Trust (the Trust) is an express trust. The net profits interests are the principal asset of the Trust. The Trust receives net profits income from the net profit interests generally on the last business day of each month. The net profits interest comprises approximately 90% net profits interests which are carved from producing royalty and overriding royalty interest properties in Texas, Oklahoma and New Mexico; 11.11% nonparticipating royalty interests in nonproducing properties located primarily in Texas and Oklahoma, and the 75% net profits interests which are carved from working interests in four properties in Texas and three properties in Oklahoma. Its underlying royalties, underlying nonproducing royalties, and underlying working interest properties are owned by XTO Energy. The underlying properties include over 2,900 producing properties with established production histories in Texas, Oklahoma and New Mexico and also include certain nonproducing properties.