Cross Timbers Royalty Trust Declares January Cash Distribution

Rhea-AI Summary

Cross Timbers Royalty Trust (CRT) has declared a cash distribution of $0.049268 per unit for January 2021, payable on February 12, 2021, to unitholders of record on January 29, 2021. The current month's distribution reflects 12,000 barrels of oil and 173,000 Mcf of gas sold at average prices of $39.28 per barrel and $3.57 per Mcf. Notably, excess costs increased by $13,000 in Texas and $40,000 in Oklahoma, but did not affect net proceeds. Cumulative excess costs total $2.7 million for Texas and $0.2 million for Oklahoma.

Positive

• Declared cash distribution of $0.049268 per unit.
• Current month's oil and gas sales indicate active production.

Negative

• Excess costs increased by $13,000 in Texas and $40,000 in Oklahoma.
• Cumulative excess costs total $2.7 million in Texas, potentially impacting future distributions.

DALLAS, Jan. 19, 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 $0.049268 per unit, payable on February 12, 2021, to unitholders of record on January 29, 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		173,000		$39.28		$3.57
Prior Month Distribution			14,000		88,000		$38.91			$1.63
(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 $13,000 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 $436,000.

XTO Energy has advised the Trustee that excess costs increased by $40,000 on properties underlying the Oklahoma 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 Oklahoma Working Interest net profits interests after the current month's distribution total $0.2 million, including accrued interest of $5,000.

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-january-cash-distribution-301209749.html

SOURCE Cross Timbers Royalty Trust

FAQ

What is the cash distribution amount for Cross Timbers Royalty Trust in January 2021?

The cash distribution amount for January 2021 is $0.049268 per unit.

When will the January cash distribution for CRT be paid?

The January cash distribution will be paid on February 12, 2021.

What are the underlying oil and gas sales for CRT in January 2021?

In January 2021, CRT reported sales of 12,000 barrels of oil and 173,000 Mcf of gas.

What are the average prices for oil and gas reported by CRT?

The average price for oil was $39.28 per barrel and $3.57 per Mcf for gas.

What are the total cumulative excess costs for CRT in Texas and Oklahoma?

Cumulative excess costs are $2.7 million for Texas and $0.2 million for Oklahoma.