CROSS TIMBERS ROYALTY TRUST DECLARES AUGUST CASH DISTRIBUTION

Rhea-AI Summary

Cross Timbers Royalty Trust (NYSE: CRT) has declared a cash distribution of $0.055175 per unit for August, payable on September 16, 2024, to unitholders of record on August 30, 2024. The Trust reported underlying oil sales of 13,000 barrels at an average price of $76.84 per barrel, and gas sales of 67,000 Mcf at an average price of $3.33 per Mcf for the current month distribution. XTO Energy recovered $26,000 of excess costs on properties underlying the Texas Working Interest net profits interests. However, cumulative excess costs on these interests still total $3,697,000, including $1,008,000 in accrued interest.

Positive

• Cash distribution declared at $0.055175 per unit
• Increase in oil sales volume from 12,000 to 13,000 barrels compared to prior month
• $26,000 of excess costs recovered on Texas Working Interest properties

Negative

• Decrease in gas sales volume from 186,000 to 67,000 Mcf compared to prior month
• Lower average prices for both oil and gas compared to prior month
• Remaining cumulative excess costs of $3,697,000 on Texas Working Interest properties
• No proceeds from Texas Working Interest properties included in this month's distribution due to excess costs

DALLAS, Aug. 20, 2024 /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 $0.055175 per unit, payable on September 16, 2024, to unitholders of record on August 30, 2024. 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			67,000		$76.84		$3.33
Prior Month Distribution			12,000		186,000		$78.39			$4.03
(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 $26,000 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 total $3,697,000, including accrued interest of $1,008,000.

For more information on the Trust, including the annual tax information, distribution amounts, and historical press releases, 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-302225879.html

SOURCE Cross Timbers Royalty Trust

FAQ

What is the August 2024 cash distribution amount for Cross Timbers Royalty Trust (CRT)?

Cross Timbers Royalty Trust (CRT) declared a cash distribution of $0.055175 per unit for August 2024.

When is the payment date for CRT's August 2024 distribution?

The payment date for CRT's August 2024 distribution is September 16, 2024.

What were the oil and gas sales volumes for CRT's current month distribution?

For the current month distribution, CRT reported oil sales of 13,000 barrels and gas sales of 67,000 Mcf.

How much excess costs were recovered on CRT's Texas Working Interest properties?

XTO Energy recovered $26,000 of excess costs on properties underlying CRT's Texas Working Interest net profits interests.

What is the total remaining cumulative excess costs on CRT's Texas Working Interest properties?

The total remaining cumulative excess costs on CRT's Texas Working Interest properties is $3,697,000, including $1,008,000 in accrued interest.