CROSS TIMBERS ROYALTY TRUST DECLARES JANUARY CASH DISTRIBUTION

Rhea-AI Summary

Cross Timbers Royalty Trust (CRT) announced a cash distribution of $0.125725 per unit for January 2022, payable on February 14, 2022, to unitholders of record on January 31, 2022. Current oil sales volumes reached 85,000 Bbls at an average price of $55.83 per barrel, while gas sales were 94,000 Mcf at $7.35 per Mcf. In contrast, the prior month saw oil sales of 12,000 Bbls at $73.31 per barrel and gas at 109,000 Mcf at $6.50 per Mcf. Notably, there are $2.6 million in cumulative excess costs remaining from the Texas Working Interest net profits interests.

Positive

• Announced cash distribution of $0.125725 per unit.
• Current oil sales volumes increased to 85,000 Bbls.
• Average oil price per barrel rose to $55.83.

Negative

• Prior month's oil sales significantly decreased to 12,000 Bbls.
• Average price per barrel dropped from $73.31 to $55.83.
• Cumulative excess costs remaining total $2.6 million.

DALLAS, Jan. 21, 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 $0.125725 per unit, payable on February 14, 2022, to unitholders of record on January 31, 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		85,000		94,000		$55.83		$7.35
Prior Month Distribution		12,000		109,000		$73.31			$6.50
(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.

Current 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 $3,749,000 of excess costs were recovered on properties underlying the Texas Working Interest net profits interests primarily due to receipt of oil sales from the operator of the North Cowden Unit that had been reversed by the oil purchaser in the October 2021 distribution. 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 $2.6 million, including accrued interest of $555,000.

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

 

View original content:https://www.prnewswire.com/news-releases/cross-timbers-royalty-trust-declares-january-cash-distribution-301465586.html

SOURCE Cross Timbers Royalty Trust

FAQ

What is the cash distribution amount for CRT in January 2022?

The cash distribution amount for Cross Timbers Royalty Trust in January 2022 is $0.125725 per unit.

When is the CRT cash distribution payable?

The CRT cash distribution is payable on February 14, 2022.

What were the average oil prices for CRT in January 2022?

The average oil price for CRT in January 2022 was $55.83 per barrel.

What are the remaining cumulative excess costs for CRT?

The remaining cumulative excess costs for CRT total $2.6 million.

How much oil was sold by CRT in the current month?

CRT sold 85,000 Bbls of oil in the current month.