CROSS TIMBERS ROYALTY TRUST DECLARES MARCH CASH DISTRIBUTION

Rhea-AI Summary

On March 21, 2023, Cross Timbers Royalty Trust (NYSE:CRT) announced a cash distribution of $0.179256 per unit for its unitholders, payable on April 14, 2023, to those on record by March 31, 2023. Current month sales showed 19,000 Bbls of oil and 93,000 Mcf of gas, with average prices at $81.55 per Bbl and $10.25 per Mcf. Compared to the previous month, oil volumes increased from 11,000 Bbls while gas volumes rose from 100,000 Mcf. However, excess costs increased by $34,000 for Texas properties, although this did not affect net proceeds significantly.

Positive

• Distribution of $0.179256 per unit reflects ongoing cash flow generation.
• Increase in oil volumes from previous month indicates operational stability.

Negative

• Excess costs rose by $34,000 impacting profitability outlook.
• No proceeds from Oklahoma properties included this month.

DALLAS, March 21, 2023 /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 $0.179256 per unit, payable on April 14, 2023, to unitholders of record on March 31, 2023. 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		19,000			93,000		$81.55		$10.25
Prior Month Distribution			11,000		100,000		$76.96			$7.80
(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 $34,000 on properties underlying the Texas Working Interest net profits interests, primarily due to timing of receipts. 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 $1,847,000, including accrued interest of $676,000.

XTO Energy has advised the Trustee that $391,000 of excess costs were recovered on properties underlying the Oklahoma Working Interest net profits interests. However, after the partial recovery, there were no remaining proceeds from the properties underlying the Oklahoma Working Interest net profits interests to be included in this month's distribution. Underlying cumulative excess costs remaining on the Oklahoma Working Interest net profits interests total $612,000, including accrued interest of $22,000.

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-march-cash-distribution-301777107.html

SOURCE Cross Timbers Royalty Trust

FAQ

What is the cash distribution amount for Cross Timbers Royalty Trust in March 2023?

The cash distribution amount for March 2023 is $0.179256 per unit.

When will the cash distribution for CRT be paid?

The cash distribution will be paid on April 14, 2023.

What are the sales volumes for oil and gas in March 2023 for CRT?

In March 2023, CRT reported sales of 19,000 Bbls of oil and 93,000 Mcf of gas.

How did the average prices for oil and gas change in March 2023 for CRT?

In March 2023, the average price for oil was $81.55 per Bbl and $10.25 per Mcf for gas.

What excess costs were reported by CRT in the March 2023 press release?

Excess costs increased by $34,000 for Texas properties.