CROSS TIMBERS ROYALTY TRUST DECLARES NOVEMBER CASH DISTRIBUTION

Rhea-AI Summary

Cross Timbers Royalty Trust (NYSE: CRT) has declared a cash distribution of $0.092742 per unit for November, payable on December 13, 2024, to unitholders of record on November 29, 2024. The underlying sales show oil volumes of 13,000 Bbls at $71.39 per Bbl and gas volumes of 86,000 Mcf at $3.54 per Mcf. XTO Energy reported an increase in excess costs of $133,000 on Texas Working Interest properties, with cumulative excess costs totaling $4,160,000, including $1,088,000 in accrued interest.

Positive

• Increased oil sales volumes from 12,000 to 13,000 Bbls
• Increased gas sales volumes from 82,000 to 86,000 Mcf

Negative

• Oil price decreased from $76.77 to $71.39 per Bbl
• Gas price decreased from $4.46 to $3.54 per Mcf
• Excess costs increased by $133,000 on Texas Working Interest properties
• Cumulative excess costs remain high at $4.16 million

Insights

Financial Analyst

The latest distribution of $0.092742 per unit represents a meaningful update for Cross Timbers Royalty Trust investors. The underlying sales data shows mixed performance - oil volumes increased by 8.3% month-over-month to 13,000 barrels, but average oil prices declined by 7% to $71.39 per barrel. Gas volumes also rose by 4.9% to 86,000 Mcf, though prices dropped significantly by 20.6% to $3.54 per Mcf.

The growing excess costs on Texas Working Interest properties, now at $4.16 million including interest, remains a concern. While these costs didn't impact distributions from other assets this month, the $133,000 increase in excess costs signals ongoing operational challenges that could affect future payouts. The Trust's ability to maintain distributions will depend on commodity price stability and cost management.

DALLAS, Nov. 18, 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 $0.092742 per unit, payable on December 13, 2024, to unitholders of record on November 29, 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		13,000			86,000		$71.39		$3.54
Prior Month Distribution			12,000		82,000		$76.77			$4.46
(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 $133,000 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 $4,160,000, including accrued interest of $1,088,000.

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-november-cash-distribution-302308159.html

SOURCE Cross Timbers Royalty Trust

FAQ

What is Cross Timbers Royalty Trust's (CRT) November 2024 distribution amount?

Cross Timbers Royalty Trust (CRT) declared a cash distribution of $0.092742 per unit for November 2024.

When is CRT's November 2024 distribution payable?

The distribution is payable on December 13, 2024, to unitholders of record on November 29, 2024.

What are CRT's current oil and gas sales volumes for the November 2024 distribution?

The current sales volumes are 13,000 barrels of oil and 86,000 Mcf of gas.

How much are the total excess costs for CRT's Texas Working Interest properties?

The cumulative excess costs total $4,160,000, including accrued interest of $1,088,000.