Cross Timbers Royalty Trust Declares June Cash Distribution

Rhea-AI Summary

Simmons Bank, as Trustee of the Cross Timbers Royalty Trust (CRT), announced a cash distribution of $0.042667 per unit for June, payable on July 14, 2020. Unitholders of record by June 30, 2020 will receive this distribution. The press release detailed underlying sales volumes, with current month oil sales at 18,000 Bbls and gas at 86,000 Mcf, translating to average prices of $23.63 per Bbl for oil and $2.38 per Mcf for gas. It was noted that excess costs increased but did not affect net proceeds from conveyances.

Positive

• Declared a cash distribution of $0.042667 per unit.
• Current month oil and gas sales volumes indicate stable revenue streams.

Negative

• Excess costs rose by $130,000 for Texas properties.
• Excess costs increased by $195,000 for Oklahoma properties.

DALLAS, June 19, 2020 /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 $0.042667 per unit, payable on July 14, 2020, to unitholders of record on June 30, 2020. 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		18,000		86,000		$23.63		$2.38
Prior Month Distribution		19,000		85,000		$38.31		$2.51

(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 $130,000 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 $2.5 million, including accrued interest of $387,000.

XTO Energy has advised the Trustee that excess costs increased by $195,000 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.

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-june-cash-distribution-301079894.html

SOURCE Cross Timbers Royalty Trust

FAQ

What is the cash distribution amount for Cross Timbers Royalty Trust (CRT) in June 2020?

The cash distribution amount for June 2020 is $0.042667 per unit.

When will the cash distribution for CRT be paid?

The cash distribution for CRT will be paid on July 14, 2020.

What are the underlying oil and gas sales volumes for CRT in June 2020?

For June 2020, oil sales were 18,000 Bbls and gas sales were 86,000 Mcf.

What are the average prices for oil and gas for CRT in June 2020?

The average price for oil in June 2020 was $23.63 per Bbl and for gas was $2.38 per Mcf.

What excess costs were reported for CRT in June 2020?

Excess costs increased by $130,000 for Texas properties and $195,000 for Oklahoma properties.