CROSS TIMBERS ROYALTY TRUST DECLARES AUGUST CASH DISTRIBUTION

Rhea-AI Summary

Cross Timbers Royalty Trust (CRT) announced a cash distribution of $0.230619 per unit, set for September 15, 2022, with a record date of August 31, 2022. The statement detailed the underlying oil and gas sales for the current and prior months. Current month figures include 13,000 barrels of oil and 107,000 Mcf of gas sold, with average prices of $108.03 per barrel and $9.42 per Mcf. Notably, the trustee reported a recovery of $95,000 in excess costs, but $2.0 million in cumulative excess costs remains.

Positive

• Announced cash distribution of $0.230619 per unit.
• Current month saw oil sales of 13,000 barrels and gas sales of 107,000 Mcf.
• Average prices increased to $108.03 per barrel and $9.42 per Mcf.
• Recovered $95,000 in excess costs from Texas Working Interest.

Negative

• No remaining proceeds from Texas properties for this month's distribution.
• Cumulative excess costs on Texas Working Interest net profits interests total $2.0 million.

DALLAS, Aug. 19, 2022 /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 $0.230619 per unit, payable on September 15, 2022, to unitholders of record on August 31, 2022. 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		13,000			107,000		$108.03		$9.42
Prior Month Distribution			15,000		108,000		$93.55			$7.84
(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 $95,000 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 $2.0 million, including accrued interest of $605,000.

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-august-cash-distribution-301609054.html

SOURCE Cross Timbers Royalty Trust

FAQ

What is the cash distribution amount for Cross Timbers Royalty Trust (CRT) for August 2022?

The cash distribution announced is $0.230619 per unit.

When will the cash distribution for CRT be paid?

The distribution will be paid on September 15, 2022.

What are the average oil and gas prices reported for CRT in August 2022?

Average prices are $108.03 per barrel for oil and $9.42 per Mcf for gas.

How much excess costs were recovered by CRT in August 2022?

$95,000 of excess costs were recovered on properties underlying the Texas Working Interest.

What is the total cumulative excess cost for CRT after the August 2022 distribution?

The total cumulative excess costs remaining are $2.0 million, including $605,000 in accrued interest.