Cross Timbers Royalty Trust Declares April Cash Distribution

Rhea-AI Summary

Simmons Bank, as Trustee of the Cross Timbers Royalty Trust (CRT), announced a cash distribution of $0.096485 per unit, payable on May 14, 2021, to unitholders of record by April 30, 2021. Current month sales included 23,000 barrels of oil and 104,000 Mcf of gas, with average prices at $45.28 per barrel and $3.93 per Mcf. In contrast, the prior month reflected lower sales at 11,000 barrels and 91,000 Mcf. Additionally, XTO Energy reported excess costs recovered totaling $3,000, impacting current distributions.

Positive

• Cash distribution of $0.096485 per unit.
• Current month oil and gas sales volumes increased to 23,000 barrels and 104,000 Mcf.

Negative

• Prior month sales volumes decreased significantly to 11,000 barrels and 91,000 Mcf.
• Remaining cumulative excess costs on properties total $2.7 million.

DALLAS, April 20, 2021 /PRNewswire/ -- Simmons Bank, as Trustee of the Cross Timbers Royalty Trust (NYSE:CRT), today declared a cash distribution to the holders of its units of beneficial interest of $0.096485 per unit, payable on May 14, 2021, to unitholders of record on April 30, 2021. 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		23,000		104,000		$45.28		$3.93
Prior Month Distribution		11,000		91,000		$49.16			$4.57
(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 $3,000 of excess costs were recovered on properties underlying the Texas Working Interest net profits interests. However, after the partial recovery, there were no remaining proceeds from the properties underlying the Texas Working Interest net profits interests to be included in this month's distribution. Underlying cumulative excess costs remaining on the Texas Working Interest net profits interests after the current month's distribution total $2.7 million, including accrued interest of $458,000.

XTO Energy has advised the Trustee that excess costs of $289,000, including accrued interest of $7,000, were fully recovered on the properties underlying the Oklahoma Working Interest net profits interests.

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

View original content:http://www.prnewswire.com/news-releases/cross-timbers-royalty-trust-declares-april-cash-distribution-301272532.html

SOURCE Cross Timbers Royalty Trust

FAQ

What is the cash distribution amount for CRT in April 2021?

The cash distribution for CRT in April 2021 is $0.096485 per unit.

When will the CRT cash distribution be paid?

The CRT cash distribution will be paid on May 14, 2021.

What were the sales volumes for CRT in April 2021?

In April 2021, CRT reported sales volumes of 23,000 barrels of oil and 104,000 Mcf of gas.

How do current month sales compare to prior month for CRT?

Current month sales increased compared to the prior month, which saw 11,000 barrels of oil and 91,000 Mcf of gas.

What are the remaining cumulative excess costs for CRT?

The remaining cumulative excess costs for CRT total $2.7 million, including accrued interest.