Cross Timbers Royalty Trust Declares May Cash Distribution

Rhea-AI Summary

Simmons Bank, Trustee of the Cross Timbers Royalty Trust (NYSE:CRT), announced a cash distribution of $0.077704 per unit, payable on June 14, 2021. Unitholders of record on May 28, 2021 will receive this payout. Current month underlying sales included 13,000 barrels of oil and 67,000 Mcf of gas, with average prices of $57.03 per barrel and $5.46 per Mcf. In contrast, prior month sales were 23,000 barrels and 104,000 Mcf, showing a decline. Additionally, $31,000 of excess costs were recovered, leaving cumulative excess costs of $2.7 million.

Positive

• Cash distribution announced at $0.077704 per unit.
• Current underlying oil sales at 13,000 barrels show recovery potential.
• Average price for oil increased to $57.03 per barrel.

Negative

• Decrease in oil sales from 23,000 barrels to 13,000 barrels compared to the prior month.
• Total cumulative excess costs remain high at $2.7 million, which could affect future distributions.

DALLAS, May 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 $0.077704 per unit, payable on June 14, 2021, to unitholders of record on May 28, 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		67,000		$57.03			$5.46
Prior Month Distribution		23,000		104,000		$45.28			$3.93
(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 $31,000 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 $466,000.

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-may-cash-distribution-301293847.html

SOURCE Cross Timbers Royalty Trust

FAQ

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

The cash distribution declared is $0.077704 per unit, payable on June 14, 2021.

What are the underlying sales figures for Cross Timbers Royalty Trust in May 2021?

In May 2021, the trust reported sales of 13,000 barrels of oil and 67,000 Mcf of gas.

How do the May 2021 oil sales compare to the prior month for CRT?

May 2021 oil sales decreased significantly from 23,000 barrels in the prior month to 13,000 barrels.

What are the reported cumulative excess costs for CRT?

The cumulative excess costs remaining for CRT are $2.7 million, including accrued interest.