CROSS TIMBERS ROYALTY TRUST DECLARES FEBRUARY CASH DISTRIBUTION

Rhea-AI Summary

On February 17, 2022, Simmons Bank, as Trustee for the Cross Timbers Royalty Trust (CRT), announced a cash distribution of $0.100915 per unit to unitholders, payable on March 14, 2022. The distribution records show current month oil sales at 16,000 Bbls and gas sales at 83,000 Mcf, with average prices of $71.53 per Bbl and $7.78 per Mcf. XTO Energy reported timing adjustments affecting January oil sales volumes and average prices. Additionally, there are $2.4 million in cumulative excess costs related to Texas interests.

Positive

• Current month distribution of $0.100915 per unit reflects ongoing income for unitholders.
• Average oil price increased to $71.53 per Bbl, showcasing favorable market conditions.

Negative

• Reported 2.4 million in cumulative excess costs related to Texas Working Interest.
• Adjustments in oil sales volumes due to timing issues may indicate potential revenue volatility.

DALLAS, Feb. 17, 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 $0.100915 per unit, payable on March 14, 2022, to unitholders of record on February 28, 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		16,000		83,000		$71.53		$7.78
Prior Month Distribution		85,000		94,000		$55.83			$7.35
(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 in the Texas Working Interest net profits interests had a significant impact on the oil sales volumes and average prices reported in the January 2022 distribution. XTO Energy has advised the Trustee that these adjustments were primarily a timing issue due to receipt of oil sales of approximately 70,000 Bbls from the operator of the North Cowden Unit that had been reversed by the oil purchaser in the October 2021 distribution. XTO Energy has advised the Trustee that the average price received for these oil sales was approximately $52.00 per Bbl.

Excess Costs
XTO Energy has advised the Trustee that $131,000 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 $2.4 million, including accrued interest of $562,000.

XTO Energy has advised the Trustee that excess costs increased by $303,000 on properties underlying the Oklahoma Working Interest net profits interests primarily because of drilling and recompletion costs from the Hewitt Unit. 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.

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 February cash distribution amount declared by Cross Timbers Royalty Trust (CRT)?

The cash distribution amount declared is $0.100915 per unit.

When will the February distribution for CRT be paid?

The distribution will be paid on March 14, 2022.

What were the underlying sales volumes for oil and gas reported for CRT in February 2022?

Current month oil sales were 16,000 Bbls and gas sales were 83,000 Mcf.

What average oil price did Cross Timbers Royalty Trust report for the current month?

The average oil price reported is $71.53 per Bbl.

What are the cumulative excess costs reported by CRT related to Texas interests?

The cumulative excess costs reported are $2.4 million.