CROSS TIMBERS ROYALTY TRUST DECLARES JULY CASH DISTRIBUTION

Rhea-AI Summary

Simmons Bank, as Trustee of the Cross Timbers Royalty Trust (NYSE: CRT), declared a cash distribution of $0.191690 per unit, payable on August 12, 2022, to unitholders of record on July 29, 2022. Current month oil sales reached 15,000 Bbls with an average price of $93.55 per Bbl, while gas sales totaled 108,000 Mcf at $7.84 per Mcf. In contrast, the prior month saw oil sales of 14,000 Bbls priced at $87.02 and gas sales of 284,000 Mcf at $6.59. Cumulative excess costs of $2.1 million remain on Texas Working Interest net profits interests.

Positive

• Cash distribution of $0.191690 per unit announced.
• Current month oil sales volume increases to 15,000 Bbls.
• Average oil price rises to $93.55 per Bbl.

Negative

• Cumulative excess costs of $2.1 million remain unresolved.
• Current month gas sales decrease to 108,000 Mcf from prior month's 284,000 Mcf.

DALLAS, July 19, 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 $0.191690 per unit, payable on August 12, 2022, to unitholders of record on July 29, 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		15,000			108,000		$93.55		$7.84
Prior Month Distribution			14,000		284,000		$87.02			$6.59
(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 gas revenues attributable to non-operated properties in the New Mexico Royalty Interest net profits interests contributed to a higher cash distribution in the prior month.

Excess Costs
XTO Energy has advised the Trustee that $99,000 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 $2.1 million, including accrued interest of $597,000.

For more information on the Trust, 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-301588961.html

SOURCE Cross Timbers Royalty Trust

FAQ

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

The cash distribution amount for CRT in July 2022 is $0.191690 per unit.

When is the payment date for the July 2022 distribution of CRT?

The payment date for the July 2022 distribution of CRT is August 12, 2022.

What were the oil sales volumes for CRT in July 2022?

The oil sales volumes for CRT in July 2022 were 15,000 Bbls.

How did gas sales for CRT change from June to July 2022?

Gas sales for CRT decreased from 284,000 Mcf in June to 108,000 Mcf in July 2022.

What is the total unresolved excess costs for CRT's Texas Working Interest?

The total unresolved excess costs for CRT's Texas Working Interest amount to $2.1 million.