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 $0.137129 per unit, payable on January 14, 2022, to unitholders recorded by December 31, 2021. The December distribution reflects oil sales of 12,000 Bbls and gas sales of 109,000 Mcf, with average prices of $73.31 per Bbl for oil and $6.50 per Mcf for gas. Prior adjustments by XTO Energy impacted gas volumes significantly. Additionally, $6.3 million in cumulative excess costs remain unrecovered from Texas Working Interest properties.

Positive

• Declaring a cash distribution of $0.137129 per unit signals ongoing returns for unitholders.
• Stable oil sales volume of 12,000 Bbls in the current month indicates consistent operational performance.

Negative

• Prior month adjustments affected gas sales volume and average price, indicating volatility in revenue.
• Cumulative excess costs of $6.3 million for Texas Working Interest may impact future distributions.

DALLAS, Dec. 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 $0.137129  per unit, payable on January 14, 2022, to unitholders of record on December 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		12,000		109,000		$73.31			$6.50
Prior Month Distribution		12,000		(153,000)		$65.42			($0.67)
(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.

Prior Month Distribution
XTO Energy has advised the Trustee that out of period adjustments made by a remitter in the New Mexico Royalty Interest net profits interests had a significant impact on the gas sales volume and average price reported in the November 2021 distribution. XTO Energy has advised the Trustee that the remitter has indicated there will be additional adjustments affecting future distributions.

Excess Costs
XTO Energy has advised the Trustee that $45,000 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 $6.3 million, including accrued interest of $537,000.

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

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SOURCE Cross Timbers Royalty Trust

FAQ

What is the cash distribution amount declared by Cross Timbers Royalty Trust in December 2021?

The cash distribution declared is $0.137129 per unit.

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

The distribution will be paid on January 14, 2022.

What were the oil and gas sales volumes reported in December 2021 by CRT?

In December 2021, the Trust reported oil sales of 12,000 Bbls and gas sales of 109,000 Mcf.

How did prior month adjustments affect the December distribution for CRT?

Prior adjustments impacted the gas sales volume and average price, indicating revenue volatility.

What is the total amount of unrecovered excess costs reported for Texas Working Interest?

The total unrecovered excess costs for Texas Working Interest amount to $6.3 million.