CROSS TIMBERS ROYALTY TRUST DECLARES APRIL CASH DISTRIBUTION

Rhea-AI Summary

Cross Timbers Royalty Trust (NYSE: CRT) has declared an April cash distribution of $0.032110 per unit, payable on May 14, 2025, to unitholders of record on April 30, 2025.

The Trust's underlying sales showed oil volumes of 12,000 Bbls at $69.99 per barrel and gas volumes of 78,000 Mcf at $5.86 per Mcf for the current distribution, compared to prior month's 19,000 Bbls at $73.40 and 97,000 Mcf at $5.05 respectively.

XTO Energy reported a $136,000 increase in excess costs on Texas Working Interest properties, with cumulative excess costs reaching $4,567,000, including $1,223,000 in accrued interest. The Trustee is withholding $50,000 monthly to build a cash reserve of $1,500,000.

Positive

• Gas price increased to $5.86 per Mcf from $5.05 in the prior month
• Monthly distribution maintained at $0.032110 per unit

Negative

• Oil sales volume decreased 37% from 19,000 to 12,000 Bbls
• Gas sales volume declined 20% from 97,000 to 78,000 Mcf
• Oil price decreased from $73.40 to $69.99 per barrel
• Excess costs increased by $136,000 on Texas Working Interest properties
• $50,000 monthly withholding reduces current distributions to unitholders

Insights

Energy Royalty Trust Analyst

April distribution shows declining production and increased excess costs, but prudent reserve building indicates responsible trust management despite challenges.

Cross Timbers Royalty Trust has declared an April cash distribution of $0.032110 per unit, payable May 14, 2025. The distribution comes amid concerning operational trends that unitholders should monitor carefully.

The underlying sales data reveals significant production declines: oil volumes dropped 37% from 19,000 to 12,000 barrels, while gas volumes fell 20% from 97,000 to 78,000 Mcf. Oil pricing also weakened by 4.6% to $69.99 per barrel. The only bright spot was gas prices increasing 16% to $5.86 per Mcf, though this couldn't offset overall volume declines.

The excess costs situation warrants attention. Excess costs on Texas Working Interest properties increased by $136,000, bringing cumulative excess costs to $4,567,000 including $1,223,000 in accrued interest. These mounting costs represent obligations that must be recovered before these properties contribute to distributable income.

The Trustee's decision to continue withholding $50,000 monthly to build reserves to $1,500,000 represents prudent management in the face of operational volatility, ensuring the Trust maintains liquidity for potential contingencies. This conservative approach provides some stability despite production challenges and accumulated excess costs.

DALLAS, April 17, 2025 /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 $0.032110 per unit, payable on May 14, 2025, to unitholders of record on April 30, 2025. 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			78,000		$69.99		$5.86
Prior Month Distribution																															19,000		97,000		$73.40			$5.05

(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 $136,000 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 $4,567,000, including accrued interest of $1,223,000.

Cash Reserves
In accordance with Section 3.08 of the Cross Timbers Royalty Trust Indenture, the Trustee has withheld $50,000 from this month's distribution to increase the amount of cash in the reserve account. The Trustee intends to continue to withhold $50,000 from distributable funds per month until the cash reserve has reached $1,500,000.

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-april-cash-distribution-302431018.html

SOURCE Cross Timbers Royalty Trust

FAQ

What is the April 2025 distribution amount for Cross Timbers Royalty Trust (CRT)?

Cross Timbers Royalty Trust (CRT) declared a distribution of $0.032110 per unit, payable on May 14, 2025, to unitholders of record on April 30, 2025.

How have CRT's oil and gas sales volumes changed from the previous month?

Oil sales decreased from 19,000 Bbls to 12,000 Bbls, and gas sales declined from 97,000 Mcf to 78,000 Mcf compared to the prior month.

What is the current status of excess costs for CRT's Texas Working Interest properties?

Excess costs increased by $136,000, with total cumulative excess costs reaching $4,567,000, including $1,223,000 in accrued interest.

How much is CRT withholding for its cash reserve and what is the target amount?

The Trust is withholding $50,000 monthly from distributions until reaching a target cash reserve of $1,500,000.