Cross Timbers Royalty Trust Declares October Cash Distribution

Rhea-AI Summary

Simmons Bank, as Trustee of the Cross Timbers Royalty Trust (CRT), announced a cash distribution of $0.067003 per unit, payable on November 15, 2021, to unitholders of record as of October 29, 2021. The current month distribution reflects 62,000 Bbls of oil and 8,000 Mcf of gas, with average prices at $47.84 per Bbl for oil and $26.98 per Mcf for gas. Noteworthy is the increase in excess costs by $3,599,000 due to adjustments affecting the Texas Working Interest. The cumulative excess costs now total $6.3 million.

Positive

• None.

Negative

• Increased excess costs by $3,599,000 related to Texas Working Interest, impacting financial clarity.
• Cumulative excess costs on the Texas Working Interest net profits now total $6.3 million.

DALLAS, Oct. 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 $0.067003 per unit, payable on November 15, 2021, to unitholders of record on October 29, 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		(62,000)		8,000		$47.84		$26.98
Prior Month Distribution		14,000		134,000		$68.14			$6.53
(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 in the Texas Working Interest and Texas Royalty Interest net profits interests had a significant impact on the oil and gas sales volumes and average prices reported in the October 2021 distribution.

Excess Costs

XTO Energy has advised the Trustee that excess costs increased by $3,599,000 on properties underlying the Texas Working Interest net profits interests due to reversal of sales from the oil purchaser for the North Cowden Unit. XTO Energy has 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. 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 $503,000.

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-october-cash-distribution-301403245.html

SOURCE Cross Timbers Royalty Trust

FAQ

What is the cash distribution for Cross Timbers Royalty Trust (CRT) in October 2021?

The cash distribution for CRT in October 2021 is $0.067003 per unit.

When is the payment date for the October 2021 distribution for CRT?

The payment date for the October 2021 distribution is November 15, 2021.

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

The current month sales volumes for CRT include 62,000 Bbls of oil and 8,000 Mcf of gas.

What were the average prices for oil and gas for CRT in October 2021?

The average price for oil was $47.84 per Bbl and for gas was $26.98 per Mcf.

What are the excess costs reported for CRT in October 2021?

Excess costs increased by $3,599,000, making total cumulative excess costs $6.3 million.