Cross Timbers Royalty Trust Declares October Cash Distribution

Rhea-AI Summary

Simmons Bank, as Trustee of the Cross Timbers Royalty Trust (NYSE: CRT), announced a cash distribution of $0.076490 per unit, payable on November 16, 2020, to unitholders of record as of October 30, 2020. The current month saw oil sales of 20,000 Bbls and gas sales of 110,000 Mcf, with average prices at $40.32 per Bbl and $2.74 per Mcf. However, excess costs increased by $72,000 for Texas interests, totaling $2.7 million in cumulative excess costs. In contrast, Oklahoma interests had $92,000 in recovered costs, leaving $0.2 million cumulative excess costs.

Positive

• Cash distribution of $0.076490 per unit declared.
• Current month oil sales reached 20,000 Bbls, and gas sales at 110,000 Mcf.
• Average price for oil at $40.32 per Bbl and gas at $2.74 per Mcf.

Negative

• Excess costs increased by $72,000 for Texas Working Interest, totaling $2.7 million in cumulative excess costs.
• Oklahoma Working Interest showed no remaining proceeds this month after $92,000 in excess costs recovery.

DALLAS, Oct. 20, 2020 /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 $0.076490 per unit, payable on November 16, 2020, to unitholders of record on October 30, 2020. 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			20,000		110,000		$40.32		$2.74
Prior Month Distribution			15,000		113,000		$37.97			$1.65
(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 $72,000 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 $2.7 million, including accrued interest of $415,000.

XTO Energy has advised the Trustee that $92,000 of excess costs were recovered on properties underlying the Oklahoma Working Interest net profits interests. However, after the partial recovery, there were no remaining proceeds from the properties underlying the Oklahoma Working Interest net profits interest to be included in this month's distribution. Underlying cumulative excess costs remaining on the Oklahoma Working Interest net profits interests after the current month's distribution total $0.2 million, including accrued interest of $3,000.

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-october-cash-distribution-301155791.html

SOURCE Cross Timbers Royalty Trust

FAQ

What is the cash distribution for Cross Timbers Royalty Trust (CRT) announced in October 2020?

The cash distribution declared is $0.076490 per unit, payable on November 16, 2020.

When is the record date for the CRT cash distribution?

The record date for the cash distribution is October 30, 2020.

What were the oil and gas sales volumes for CRT in October 2020?

Oil sales were 20,000 Bbls, and gas sales were 110,000 Mcf.

What are the average prices for oil and gas for CRT in October 2020?

The average price for oil was $40.32 per Bbl and for gas was $2.74 per Mcf.

What are the accumulated excess costs for CRT in Texas and Oklahoma?

Cumulative excess costs total $2.7 million for Texas and $0.2 million for Oklahoma.