Cross Timbers Royalty Trust Declares December Cash Distribution

Rhea-AI Summary

On December 18, 2020, Simmons Bank, as Trustee of the Cross Timbers Royalty Trust (CRT), announced a cash distribution of $0.062137 per unit, payable on January 15, 2021, to unitholders of record by December 31, 2020. The report highlights underlying oil sales of 14,000 Bbls and gas sales of 88,000 Mcf for the current month, with average prices of $38.91 per barrel and $1.63 per Mcf. Additionally, excess costs increased by $22,000 for Texas properties, totaling $2.7 million in cumulative excess costs.

Positive

• Declared a cash distribution of $0.062137 per unit.
• Underlying oil sales volume increased to 14,000 Bbls.
• Average price per Bbl rose to $38.91.

Negative

• Excess costs increased by $22,000 for Texas properties.
• Cumulative excess costs remaining totaled $2.7 million.

DALLAS, Dec. 18, 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 $0.062137 per unit, payable on January 15, 2021, to unitholders of record on December 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			14,000		88,000		$38.91			$1.63
Prior Month Distribution			16,000		96,000		$39.93			$2.40
(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 $22,000 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 $2.7 million, including accrued interest of $429,000.

XTO Energy has advised the Trustee that $14,000 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 interest 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 $0.2 million, including accrued interest of $4,000.

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-december-cash-distribution-301196028.html

SOURCE Cross Timbers Royalty Trust

FAQ

What is the cash distribution declared by CRT for December 2020?

The Cross Timbers Royalty Trust declared a cash distribution of $0.062137 per unit for December 2020.

When will the cash distribution for CRT be paid?

The cash distribution will be paid on January 15, 2021.

What were the underlying oil sales volumes for CRT in December 2020?

The underlying oil sales volumes for December 2020 were 14,000 Bbls.

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

Excess costs increased by $22,000 on properties underlying the Texas Working Interest.

What are the total cumulative excess costs remaining for CRT?

The total cumulative excess costs remaining for CRT are $2.7 million.