CROSS TIMBERS ROYALTY TRUST DECLARES DECEMBER CASH DISTRIBUTION

Rhea-AI Summary

Simmons Bank, as Trustee of the Cross Timbers Royalty Trust (NYSE: CRT), announced a cash distribution of $0.150335 per unit, payable on January 17, 2023, to unitholders as of December 30, 2022. The current month distribution reflects sales of 14,000 barrels of oil and 101,000 Mcf of gas, with average prices of $84.61 per barrel and $10.44 per Mcf. Additionally, the Trust reported $214,000 of excess cost recoveries, but cumulative excess costs remain at $1.8 million. A new trustee, Argent Trust Company, will replace the current trustee on December 30, 2022.

Positive

• Declared cash distribution of $0.150335 per unit.
• Current month sales include 14,000 barrels of oil and 101,000 Mcf of gas.

Negative

• Cumulative excess costs remain at $1.8 million.
• No further proceeds from properties underlying Texas and Oklahoma Working Interest net profits interests this month.

DALLAS, Dec. 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 $0.150335  per unit, payable on January 17, 2023, to unitholders of record on December 30, 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		14,000			101,000		$84.61		$10.44
Prior Month Distribution			12,000		93,000		$85.47			$10.74
(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 $214,000 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 $1.8 million, including accrued interest of $644,000.

XTO Energy has advised the Trustee that $6,000 of excess costs were recovered on properties underlying the Oklahoma Working Interest net profits interests. However, after the partial recovery, there were no remaining proceeds from the properties underlying the Oklahoma Working Interest net profits interests to be included in this month's distribution. Underlying cumulative excess costs remaining on the Oklahoma Working Interest net profits interests after the current month's distribution total $0.7 million, including accrued interest of $6,000.

New Trustee

On October 13, 2022, upon request of the Trustee and a unitholder of the Trust, the District Court of Tarrant County, Texas, 153^rd Judicial District approved an order modifying the Trust indenture so that Argent Trust Company would quality as successor trustee. The effective date of the Trustee's resignation and appointment of Argent Trust Company as successor trustee is anticipated to be December 30, 2022, subject to satisfaction or waiver of the conditions set forth in the Trustee's notice of resignation and the Trust's definitive proxy statement.

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-december-cash-distribution-301705737.html

SOURCE Cross Timbers Royalty Trust

FAQ

What is the cash distribution declared by Cross Timbers Royalty Trust (CRT) for January 2023?

Cross Timbers Royalty Trust declared a cash distribution of $0.150335 per unit, payable on January 17, 2023.

When is the record date for the Cross Timbers Royalty Trust distribution?

The record date for the distribution is December 30, 2022.

What were the oil and gas sales reported by CRT for the current month?

The Trust reported sales of 14,000 barrels of oil and 101,000 Mcf of gas.

What are the average prices for oil and gas for the current distribution period?

The average prices were $84.61 per barrel for oil and $10.44 per Mcf for gas.

Who is the new trustee for the Cross Timbers Royalty Trust?

Argent Trust Company will be the new trustee, replacing the current trustee on December 30, 2022.