CROSS TIMBERS ROYALTY TRUST DECLARES JUNE CASH DISTRIBUTION

Rhea-AI Summary

Argent Trust Company, as Trustee of Cross Timbers Royalty Trust (NYSE:CRT), declared a cash distribution of $0.030174 per unit, payable on July 15, 2024, to unitholders of record on June 28, 2024.

For June, oil sales volumes were 12,000 Bbls at $84.42 per Bbl, and gas sales volumes were 10,000 Mcf at $8.14 per Mcf. In contrast, May saw 17,000 Bbls of oil at $76.32 per Bbl and 70,000 Mcf of gas at $4.64 per Mcf.

XTO Energy reported a volume correction for Oklahoma Royalty Interest net profits interests, adjusting gas sales to 22,000 Mcf for June and 58,000 Mcf for May, with average prices of $3.57 and $5.65 per Mcf, respectively. Excess costs increased by $21,000 for Texas Working Interests and $48,000 for Oklahoma Working Interests, without impacting net proceeds.

Positive

• Cash distribution of $0.030174 per unit declared for July 15, 2024.
• Higher oil prices for the current month at $84.42 per Bbl compared to $76.32 in the prior month.
• Increase in underlying gas prices to $8.14 per Mcf from $4.64 per Mcf in the prior month.

Negative

• Decrease in oil sales volumes from 17,000 Bbls to 12,000 Bbls from the prior month.
• Significant drop in gas sales volumes from 70,000 Mcf to 10,000 Mcf from the prior month.
• Increased excess costs by $21,000 for Texas Working Interests and $48,000 for Oklahoma Working Interests.
• High cumulative excess costs remaining on Texas Working Interests net profits at $3,530,000 and Oklahoma Working Interests at $202,000.

DALLAS, June 17, 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 $0.030174 per unit, payable on July 15, 2024, to unitholders of record on June 28, 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			10,000		$84.42		$8.14
Prior Month Distribution			17,000		70,000		$76.32			$4.64
(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 of a volume only correction in the current month for underlying sales volumes recorded in the prior 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 current month and 58,000 Mcf for the prior month and the average gas price would have been $3.57 per Mcf for the current month and $5.65 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 $21,000 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 $3,530,000, including accrued interest of $956,000.

XTO Energy has advised the Trustee that excess costs increased by $48,000 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 total $202,000, including accrued interest of $10,000.

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-june-cash-distribution-302173751.html

SOURCE Cross Timbers Royalty Trust

FAQ

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

The cash distribution amount declared for June is $0.030174 per unit.

When is the cash distribution payout for CRT's June distribution?

The payout date for the June cash distribution is July 15, 2024.

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

The underlying oil sales were 12,000 Bbls, and gas sales were 10,000 Mcf for the current month.

How did CRT's current month oil prices compare to the prior month?

The current month oil prices were $84.42 per Bbl compared to $76.32 per Bbl in the prior month.

What was the average gas price for CRT in the current month?

The average gas price for the current month was $8.14 per Mcf.

How much did CRT's excess costs increase for the Texas Working Interests?

Excess costs increased by $21,000 for properties underlying Texas Working Interests.

What is the total cumulative excess cost for CRT's Texas Working Interests?

The total cumulative excess cost for Texas Working Interests is $3,530,000.

What is the total cumulative excess cost for CRT's Oklahoma Working Interests?

The total cumulative excess cost for Oklahoma Working Interests is $202,000.

Did the volume correction for Oklahoma Royalty Interest affect CRT's cash distribution?

No, the volume correction for Oklahoma Royalty Interest did not affect the cash distribution.