Cross Timbers Royalty Trust Declares June Cash Distribution

Rhea-AI Summary

Simmons Bank, Trustee of the Cross Timbers Royalty Trust (CRT), announced a cash distribution of $0.104054 per unit, payable on July 15, 2021. This distribution is for unitholders of record as of June 30, 2021. The current month saw oil sales of 13,000 Bbls and gas sales of 47,000 Mcf, with average prices of $78.77 per Bbl for oil and $7.15 per Mcf for gas. Meanwhile, XTO Energy reported an increase in excess costs by $77,000, though these did not affect net proceeds, which remain at $2.8 million.

Positive

• The cash distribution amount of $0.104054 per unit reflects ongoing financial health.
• Stable oil and gas sales volumes indicate consistent revenue generation.

Negative

• Excess costs increased by $77,000, potentially signaling operational inefficiencies.
• Cumulative excess costs total $2.8 million, representing a financial burden.

DALLAS, June 18, 2021 /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 $0.104054 per unit, payable on July 15, 2021, to unitholders of record on June 30, 2021. 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		13,000		47,000		$78.77		$7.15
Prior Month Distribution		13,000		67,000		$57.03			$5.46
(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 $77,000 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 $2.8 million, including accrued interest of $473,000.

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-301315326.html

SOURCE Cross Timbers Royalty Trust

FAQ

What is the cash distribution amount declared by Cross Timbers Royalty Trust (CRT) for June 2021?

The cash distribution amount for June 2021 is $0.104054 per unit.

When will the cash distribution for CRT be paid out?

The cash distribution will be paid on July 15, 2021.

What were the oil and gas sales volumes for CRT in the current month?

In the current month, CRT reported oil sales of 13,000 Bbls and gas sales of 47,000 Mcf.

What are the average prices for oil and gas sales in June 2021?

The average prices were $78.77 per Bbl for oil and $7.15 per Mcf for gas.

What is the total of cumulative excess costs reported by XTO Energy for CRT?

The cumulative excess costs reported total $2.8 million.