CROSS TIMBERS ROYALTY TRUST DECLARES OCTOBER CASH DISTRIBUTION

Rhea-AI Summary

Simmons Bank, as Trustee of the Cross Timbers Royalty Trust (CRT), has declared a cash distribution of $0.149149 per unit, payable on November 15, 2022. Unitholders of record on October 31, 2022 will receive this distribution. Current oil sales totaled 12,000 Bbls while gas sales were 92,000 Mcf, with average prices of $95.77 per barrel and $10.40 per Mcf, respectively. Notably, cumulative excess costs of $1.9 million for Texas and $0.4 million for Oklahoma were reported, affecting distributions.

Positive

• Declared cash distribution of $0.149149 per unit.
• Current oil sales volume increased to 12,000 Bbls.
• Average oil price per barrel rose to $95.77.

Negative

• Cumulative excess costs total $1.9 million for Texas and $0.4 million for Oklahoma, which may impact future distributions.
• Excess costs increased by $370,000 for Oklahoma due to drilling and recompletion.

DALLAS, Oct. 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 $0.149149 per unit, payable on November 15, 2022, to unitholders of record on October 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		12,000		92,000		$95.77		$10.40
Prior Month Distribution		13,000		107,000		$104.88		$9.55
(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 $74,000 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 $1.9 million, including accrued interest of $624,000.

XTO Energy has advised the Trustee that excess costs increased by $370,000 on properties underlying the Oklahoma Working Interest net profits interests primarily because of drilling and recompletion costs from the Hewitt Unit. 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 $0.4 million.

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

 

View original content:https://www.prnewswire.com/news-releases/cross-timbers-royalty-trust-declares-october-cash-distribution-301655414.html

SOURCE Cross Timbers Royalty Trust

FAQ

What is the cash distribution declared by Cross Timbers Royalty Trust (CRT) for October 2022?

The cash distribution declared is $0.149149 per unit.

When will the cash distribution for CRT be paid out?

The payment will be made on November 15, 2022.

What are the current month sales volumes for oil and gas for CRT?

Current oil sales are 12,000 Bbls and gas sales are 92,000 Mcf.

What are the average prices for oil and gas for CRT for October 2022?

Average prices are $95.77 per Bbl for oil and $10.40 per Mcf for gas.

How much are the cumulative excess costs reported by CRT?

Cumulative excess costs total $1.9 million for Texas and $0.4 million for Oklahoma.