CROSS TIMBERS ROYALTY TRUST DECLARES JULY CASH DISTRIBUTION

Rhea-AI Summary

Cross Timbers Royalty Trust (NYSE:CRT) has declared a cash distribution of $0.096137 per unit for July, payable on August 14, 2024, to unitholders of record on July 31, 2024. The Trust reported underlying oil sales of 12,000 Bbls at an average price of $78.39 per Bbl, and gas sales of 186,000 Mcf at $4.03 per Mcf for the current month distribution.

XTO Energy advised of a volume correction for the prior month's Oklahoma Royalty Interest net profits interests, which did not affect cash distributions. Additionally, excess costs increased by $142,000 on Texas Working Interest properties, with cumulative excess costs totaling $3,696,000. On Oklahoma Working Interest properties, excess costs of $204,000 were fully recovered.

Positive

• Cash distribution of $0.096137 per unit declared for July
• Underlying oil sales maintained at 12,000 Bbls
• Gas sales volume increased significantly from 10,000 Mcf to 186,000 Mcf
• Excess costs of $204,000 fully recovered on Oklahoma Working Interest properties

Negative

• Average oil price decreased from $84.42 to $78.39 per Bbl
• Average gas price dropped from $8.14 to $4.03 per Mcf
• Excess costs increased by $142,000 on Texas Working Interest properties
• Cumulative excess costs on Texas Working Interest properties total $3,696,000

DALLAS, July 19, 2024 /PRNewswire/ -- Argent Trust Company, as Trustee of the Cross Timbers Royalty Trust (the "Trust") (NYSE:CRT), today declared a cash distribution to the holders of its units of beneficial interest of $0.096137 per unit, payable on August 14, 2024, to unitholders of record on July 31, 2024. 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			186,000		$78.39		$4.03
Prior Month Distribution			12,000		10,000		$84.42			$8.14
(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 of a volume only correction in the prior month for underlying sales volumes recorded in the previous month for the Oklahoma Royalty Interest net profits interests. Excluding this volume correction, underlying gas sales volumes would have been 22,000 Mcf for the prior month and the average gas price would have been $3.57 per Mcf for the prior month. This had no effect on the cash distribution in the current or prior month.

Excess Costs
XTO Energy has advised the Trustee that excess costs increased by $142,000 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 total $3,696,000, including accrued interest of $981,000.

XTO Energy has advised the Trustee that excess costs of $204,000, including accrued interest of $11,000, were fully recovered on properties underlying the Oklahoma Working Interest net profits interests.

For more information on the Trust, including the annual tax information, distribution amounts, and historical press releases, please visit our website at www.crt-crosstimbers.com.

View original content:https://www.prnewswire.com/news-releases/cross-timbers-royalty-trust-declares-july-cash-distribution-302201467.html

SOURCE Cross Timbers Royalty Trust

FAQ

What is the July 2024 cash distribution amount for Cross Timbers Royalty Trust (CRT)?

Cross Timbers Royalty Trust (CRT) declared a cash distribution of $0.096137 per unit for July 2024.

When is the payment date for CRT's July 2024 distribution?

The payment date for CRT's July 2024 distribution is August 14, 2024.

What were the underlying oil and gas sales volumes for CRT's current month distribution?

The underlying sales volumes for the current month distribution were 12,000 Bbls of oil and 186,000 Mcf of gas.

How much did excess costs increase on CRT's Texas Working Interest properties?

Excess costs increased by $142,000 on properties underlying the Texas Working Interest net profits interests.

What is the total amount of cumulative excess costs on CRT's Texas Working Interest properties?

The total cumulative excess costs on the Texas Working Interest properties are $3,696,000, including accrued interest of $981,000.