Cross Timbers Royalty Trust Declares November Cash Distribution

Rhea-AI Summary

On November 19, 2021, Simmons Bank, Trustee of the Cross Timbers Royalty Trust (CRT), declared a cash distribution of $0.073000 per unit, scheduled for December 14, 2021, to unitholders of record by November 30, 2021. The current month's distribution reflects a notable fluctuation in oil and gas sales volumes, with adjustments affecting reported figures due to timing issues from XTO Energy. Excess costs tied to properties under the Texas Working Interest have increased, totaling approximately $6.3 million cumulatively after the latest distribution.

Positive

• None.

Negative

• Current month gas sales volume decreased significantly by 153,000 Mcf compared to the prior month.
• Excess costs increased by $27,000 on properties underlying the Texas Working Interest, with cumulative excess costs totaling $6.3 million.

DALLAS, Nov. 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 $0.073000 per unit, payable on December 14, 2021, to unitholders of record on November 30, 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		12,000		(153,000)		$65.42			($0.67)
Prior Month Distribution		(62,000)		8,000		$47.84			$26.98
(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.

Current Month Distribution
XTO Energy has advised the Trustee that out of period adjustments made by a remitter in the New Mexico Royalty Interest net profits interests had a significant impact on the gas sales volume and average price reported in the November 2021 distribution. XTO Energy has advised the Trustee that the remitter has indicated there will be additional adjustments affecting future distributions.

Prior Month Distribution
XTO Energy has advised the Trustee that adjustments in the Texas Working Interest net profits interests had a significant impact on the oil sales volumes and average prices reported in the October 2021 distribution. XTO Energy advised the Trustee that these adjustments were primarily a timing issue due to the Texas Working Interest net profits interests having a reversal of sales from the oil purchaser for the North Cowden Unit. XTO Energy has also advised the Trustee that it expects to receive payment for these oil sales directly from the operator, once the operator has recorded the sales in their system. This timing issue increased the excess costs on the properties underlying the Texas Working Interest net profits interests approximately $3,643,000 (approximately $2,732,000 net to the Trust).

Excess Costs
XTO Energy has advised the Trustee that excess costs increased by $27,000 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 after the current month's distribution total $6.3 million, including accrued interest of $520,000.

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-november-cash-distribution-301428928.html

SOURCE Cross Timbers Royalty Trust

FAQ

What is the cash distribution amount declared by Cross Timbers Royalty Trust in November 2021?

The declared cash distribution amount is $0.073000 per unit.

When will the cash distribution for Cross Timbers Royalty Trust be paid?

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

What was the significant impact on gas sales volume reported in the November 2021 distribution?

There was a significant decrease in gas sales volume of 153,000 Mcf due to adjustments.

What are the cumulative excess costs reported for Cross Timbers Royalty Trust?

Cumulative excess costs total approximately $6.3 million.