CROSS TIMBERS ROYALTY TRUST DECLARES MARCH CASH DISTRIBUTION

Rhea-AI Summary

Cross Timbers Royalty Trust (CRT) announced a cash distribution of $0.054182 per unit, payable on April 14, 2022, to unitholders of record on March 31, 2022. The current month’s distribution results from oil sales of 16,000 Bbls and gas sales of 71,000 Mcf. Average prices were $81.97 per Bbl for oil and $5.21 per Mcf for gas. Notably, cumulative excess costs from Texas and Oklahoma Working Interests remain at $2.5 million and $0.1 million respectively, including accrued interest.

Positive

• Declared cash distribution of $0.054182 per unit.
• Current month oil volumes at 16,000 Bbls.
• Current month gas volumes at 71,000 Mcf.
• Average oil price increased to $81.97 per Bbl.

Negative

• Cumulative excess costs remaining at $2.5 million from Texas Working Interest, indicating potential cash flow issues.
• No remaining proceeds from both Texas and Oklahoma Working Interests to contribute to the distribution.

DALLAS, March 21, 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 $0.054182 per unit, payable on April 14, 2022, to unitholders of record on March 31, 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		16,000		71,000		$81.97		$5.21
Prior Month Distribution		16,000		83,000		$71.53			$7.78
(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 $3,000 of excess costs were recovered on properties underlying the Texas Working Interest net profits interests. However, after the partial recovery, there were no remaining proceeds from the properties underlying the Texas Working Interest net profits interests to be included in this month's distribution. 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 $568,000.

XTO Energy has advised the Trustee that $232,000 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 after the current month's distribution total $0.1 million, including accrued interest of $1,000.

For more information on the Trust, please visit our web site at www.crt-crosstimbers.com.

View original content:https://www.prnewswire.com/news-releases/cross-timbers-royalty-trust-declares-march-cash-distribution-301506252.html

SOURCE Cross Timbers Royalty Trust

FAQ

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

The distribution amount declared is $0.054182 per unit.

When is the payout date for the March distribution of CRT?

The payout date for the March distribution is April 14, 2022.

What were the oil and gas sales volumes for Cross Timbers Royalty Trust in March 2022?

In March 2022, oil sales volumes were 16,000 Bbls, and gas sales volumes were 71,000 Mcf.

What are the average prices for oil and gas reported by CRT for the current month?

The average price for oil was $81.97 per Bbl, and for gas, it was $5.21 per Mcf.

What is the status of excess costs from Texas and Oklahoma Working Interests for CRT?

Cumulative excess costs are $2.5 million from Texas and $0.1 million from Oklahoma, indicating ongoing financial obligations.