CROSS TIMBERS ROYALTY TRUST DECLARES JUNE CASH DISTRIBUTION

Rhea-AI Summary

Cross Timbers Royalty Trust (NYSE:CRT) announced a cash distribution of $0.272187 per unit for June 2022, payable on July 15, 2022, to unitholders of record by June 30, 2022. This represents an increase from the prior month's distribution of $0.253846. The increase in gas sales volumes is attributed to non-operated properties in New Mexico, while excess costs rose by $29,000 primarily due to invoice timing, amounting to cumulative costs of $2.2 million post-distribution. For further information, visit www.crt-crosstimbers.com.

Positive

• Cash distribution increased to $0.272187 per unit from $0.253846 in prior month.
• Higher gas sales volumes reported due to non-operated properties in New Mexico.

Negative

• Excess costs rose by $29,000, totaling cumulative costs of $2.2 million post-distribution.

DALLAS, June 17, 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 $0.272187 per unit, payable on July 15, 2022, to unitholders of record on June 30, 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		14,000			284,000		$87.02		$6.59
Prior Month Distribution		13,000			115,000		$101.14		$7.36
(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 gas volumes increased from prior month primarily due to out of period revenues attributable to non-operated properties in the New Mexico Royalty Interest net profits interests. This contributed to a higher cash distribution in the current month.

Excess Costs
XTO Energy has advised the Trustee that excess costs increased by $29,000 on properties underlying the Texas Working Interest net profits interests primarily due to the timing of invoices. 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 $2.2 million, including accrued interest of $589,000.

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-june-cash-distribution-301570174.html

SOURCE Cross Timbers Royalty Trust

FAQ

What is the cash distribution amount declared by Cross Timbers Royalty Trust for June 2022?

Cross Timbers Royalty Trust declared a cash distribution of $0.272187 per unit for June 2022.

When will the cash distribution be paid to unitholders of Cross Timbers Royalty Trust?

The cash distribution will be paid on July 15, 2022, to unitholders of record on June 30, 2022.

What contributed to the increase in gas sales volumes for Cross Timbers Royalty Trust?

The increase in gas sales volumes was primarily due to non-operated properties in New Mexico.

How much did excess costs increase for Cross Timbers Royalty Trust?

Excess costs increased by $29,000, amounting to a total of $2.2 million in cumulative costs post-distribution.