Cross Timbers Royalty Trust Declares August Cash Distribution

Rhea-AI Summary

Cross Timbers Royalty Trust (CRT) announced a cash distribution of $0.097254 per unit, payable on September 15, 2021, to unitholders of record as of August 31, 2021. The current month distribution is based on underlying sales of 15,000 barrels of oil and 77,000 Mcf of gas, with average prices of $62.74 per barrel and $5.00 per Mcf. Comparatively, the prior month distribution included 18,000 barrels of oil and 108,000 Mcf of gas at $57.35 and $4.55 respectively. Notably, $30,000 in excess costs were recovered, but cumulative excess costs remain at $2.7 million.

Positive

• Declaration of a cash distribution of $0.097254 per unit, providing income for unitholders.
• Current distribution supported by a significant volume of underlying oil and gas sales.

Negative

• Cumulative excess costs of $2.7 million remain despite the recovery of $30,000.
• Fluctuating sales volumes may affect future distributions.

DALLAS, Aug. 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 $0.097254 per unit, payable on September 15, 2021, to unitholders of record on August 31, 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		15,000		77,000		$62.74		$5.00
Prior Month Distribution		18,000		108,000		$57.35		$4.55

(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 $30,000 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 $488,000.

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

 

View original content:https://www.prnewswire.com/news-releases/cross-timbers-royalty-trust-declares-august-cash-distribution-301359425.html

SOURCE Cross Timbers Royalty Trust

FAQ

What is the distribution amount announced by Cross Timbers Royalty Trust for August 2021?

Cross Timbers Royalty Trust declared a distribution of $0.097254 per unit for August 2021.

When will Cross Timbers Royalty Trust's August distribution be paid?

The August distribution will be paid on September 15, 2021.

What were the sales volumes for Cross Timbers Royalty Trust in August 2021?

In August 2021, the Trust reported sales of 15,000 barrels of oil and 77,000 Mcf of gas.

How did the average prices for oil and gas change from July to August 2021 for CRT?

The average price for oil increased from $57.35 in July to $62.74 in August, while gas rose from $4.55 to $5.00.

What are the current excess costs reported by Cross Timbers Royalty Trust?

The cumulative excess costs reported by the Trust amount to $2.7 million.