CROSS TIMBERS ROYALTY TRUST DECLARES APRIL CASH DISTRIBUTION

Rhea-AI Summary

On April 18, 2023, Argent Trust Company announced a cash distribution of $0.244670 per unit for holders of Cross Timbers Royalty Trust (NYSE:CRT). This payment is scheduled for May 12, 2023, to unitholders recorded as of April 28, 2023. The report detailed underlying sales, revealing current month oil sales of 14,000 Bbls and gas sales of 98,000 Mcf. The average price per barrel of oil was $75.27, while gas was $16.37. In comparison, the prior month recorded 19,000 Bbls of oil and 93,000 Mcf of gas with higher average prices of $81.55 for oil and $10.25 for gas. Despite an increase in excess costs by $139,000, these did not impact the net proceeds from the remaining conveyances significantly.

Positive

• Declared cash distribution of $0.244670 per unit for April 2023.
• Current month oil sales at 14,000 Bbls with a price of $75.27.
• Gas sales at 98,000 Mcf with an average price of $16.37.
• April distribution reflects solid cash flow despite previous month performance.

Negative

• Decrease in oil sales volume from 19,000 Bbls in the prior month.
• Increased excess costs by $139,000 could impact future distributions.
• No remaining proceeds from Oklahoma properties for this month's distribution.

DALLAS, April 18, 2023 /PRNewswire/ -- 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 $0.244670 per unit, payable on May 12, 2023, to unitholders of record on April 28, 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		14,000			98,000		$75.27		$16.37
Prior Month Distribution			19,000		93,000		$81.55			$10.25
(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 $139,000 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 $1,998,000, including accrued interest of $688,000.

XTO Energy has advised the Trustee that $108,000 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 $508,000, including accrued interest of $26,000.

For more information on the Trust, please visit our website at www.crt-crosstimbers.com.

View original content:https://www.prnewswire.com/news-releases/cross-timbers-royalty-trust-declares-april-cash-distribution-301800015.html

SOURCE Cross Timbers Royalty Trust

FAQ

What is the cash distribution amount for Cross Timbers Royalty Trust (CRT) in April 2023?

The cash distribution amount is $0.244670 per unit.

When will the cash distribution for CRT be paid?

The cash distribution will be paid on May 12, 2023.

What were the average prices for oil and gas for CRT in the current month?

The average price for oil was $75.27 per barrel, and for gas, it was $16.37 per Mcf.

How did the current month's oil and gas sales compare to the prior month for CRT?

Oil sales decreased from 19,000 Bbls to 14,000 Bbls, while gas sales increased from 93,000 Mcf to 98,000 Mcf.

What are the excess costs reported for CRT's properties?

Excess costs increased by $139,000, with cumulative excess costs remaining at $1,998,000 for Texas properties.