Cross Timbers Royalty Trust Declares March Cash Distribution

Rhea-AI Summary

Simmons Bank, as Trustee of the Cross Timbers Royalty Trust (NYSE: CRT), announced a cash distribution of $0.037301 per unit, payable on April 14, 2021. Unitholders of record by March 31, 2021 will be eligible for this payment. Current month distributions include sales of 11,000 Bbls of oil and 91,000 Mcf of gas, with average prices of $49.16 per Bbl for oil and $4.57 per Mcf for gas. Previous month sales were 12,000 Bbls and 175,000 Mcf with lower average prices. There are outstanding cumulative excess costs amounting to $2.7 million in Texas and $0.3 million in Oklahoma.

Positive

• Declared cash distribution of $0.037301 per unit.
• Current month sales volumes show significant oil and gas production.
• Average oil price increased to $49.16 per Bbl.

Negative

• Decrease in oil sales from previous month (12,000 Bbls to 11,000 Bbls).
• Cumulative excess costs of $2.7 million in Texas and $0.3 million in Oklahoma affecting future distributions.

DALLAS, March 19, 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 $0.037301 per unit, payable on April 14, 2021, to unitholders of record on March 31, 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		11,000		91,000		$49.16		$4.57
Prior Month Distribution		12,000		175,000		$43.96			$3.79
(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 $13,000 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 $2.7 million, including accrued interest of $451,000.

XTO Energy has advised the Trustee that excess costs increased by $6,000 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 after the current month's distribution total $0.3 million, including accrued interest of $6,000.

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-march-cash-distribution-301250882.html

SOURCE Cross Timbers Royalty Trust

FAQ

What is the cash distribution amount for CRT in March 2021?

The cash distribution amount for March 2021 is $0.037301 per unit.

When will the CRT cash distribution be paid?

The cash distribution will be paid on April 14, 2021.

How much oil and gas did CRT sell in the current month?

In the current month, CRT sold 11,000 Bbls of oil and 91,000 Mcf of gas.

What are the average prices for oil and gas in the current distribution?

The average price for oil was $49.16 per Bbl and for gas was $4.57 per Mcf.

What are the excess costs reported for CRT?

Cumulative excess costs reported are $2.7 million for Texas and $0.3 million for Oklahoma.