Cross Timbers Royalty Trust Declares August Cash Distribution

Rhea-AI Summary

Simmons Bank, as Trustee of the Cross Timbers Royalty Trust (CRT), announced a cash distribution of $0.037954 per unit, payable on September 15, 2020, to unitholders of record by August 31, 2020. Current month sales included 16,000 Bbls of oil at an average price of $31.34 and 99,000 Mcf of gas at $2.83. Prior month sales were 11,000 Bbls of oil at $16.29 and 113,000 Mcf of gas at $2.67. Excess costs increased by $78,000 for Texas and $9,000 for Oklahoma, totaling $2.6 million and $0.3 million respectively.

Positive

• Declared cash distribution of $0.037954 per unit.
• Increase in oil sales volumes from prior month.

Negative

• Excess costs increased by $78,000 for Texas properties.
• Excess costs increased by $9,000 for Oklahoma properties.
• Cumulative excess costs total $2.6 million for Texas and $0.3 million for Oklahoma.

DALLAS, Aug. 21, 2020 /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 $0.037954 per unit, payable on September 15, 2020, to unitholders of record on August 31, 2020. 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			16,000		99,000		$31.34		$2.83
Prior Month Distribution			11,000		113,000		$16.29			$2.67
(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 $78,000 on properties underlying the Texas Working Interest net profits interests. 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 after the current month's distribution total $2.6 million, including accrued interest of $401,000.

XTO Energy has advised the Trustee that excess costs increased by $9,000 on properties underlying the Oklahoma Working Interest net profits interests. However, these excess costs did not reduce net proceeds from the remaining conveyances. Underlying cumulative excess costs remaining on the Oklahoma Working Interest net profits interests after the current month's distribution total $0.3 million, including accrued interest of $1,000.

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-august-cash-distribution-301116210.html

SOURCE Cross Timbers Royalty Trust

FAQ

What is the cash distribution amount for Cross Timbers Royalty Trust (CRT) for August 2020?

The cash distribution is $0.037954 per unit.

When will the distribution for CRT be paid?

The distribution will be paid on September 15, 2020.

What are the oil and gas sales volumes for CRT for the current month?

Current month sales include 16,000 Bbls of oil and 99,000 Mcf of gas.

How much did excess costs increase for CRT in August 2020?

Excess costs increased by $78,000 for Texas and $9,000 for Oklahoma.

What are the cumulative excess costs for CRT?

Cumulative excess costs are $2.6 million for Texas and $0.3 million for Oklahoma.