CROSS TIMBERS ROYALTY TRUST DECLARES APRIL CASH DISTRIBUTION

Rhea-AI Summary

Cross Timbers Royalty Trust (CRT) announced a cash distribution of $0.156943 per unit, payable on May 13, 2022, to unitholders on record as of April 29, 2022. The current month distribution reflects 15,000 barrels of oil and 126,000 Mcf of gas sold. Average oil prices were $83.31 per barrel and $6.80 per Mcf for the current distribution period. Excess costs totaling $63,000 were recovered on Texas properties, with remaining cumulative excess costs at $2.4 million. Oklahoma properties recovered $72,000 in excess costs.

Positive

• Declared cash distribution of $0.156943 per unit
• Current month sales include 15,000 Bbls of oil and 126,000 Mcf of gas
• Average prices for oil and gas are higher than prior month

Negative

• No remaining proceeds from Texas properties for this distribution
• Cumulative excess costs remain high at $2.4 million in Texas

DALLAS, April 19, 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 $0.156943 per unit, payable on May 13, 2022, to unitholders of record on April 29, 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		15,000			126,000		$83.31		$6.80
Prior Month Distribution (b)			16,000		71,000		$72.74			$5.21
(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. (b)  Average oil price per Bbl has been revised to $72.74, which had no impact on the unitholder distribution.

Excess Costs             
XTO Energy has advised the Trustee that $63,000 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 $2.4 million, including accrued interest of $575,000.

XTO Energy has advised the Trustee that excess costs of $72,000, including accrued interest of $1,000, were fully recovered on properties underlying the Oklahoma Working Interest net profits interests.

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-april-cash-distribution-301527964.html

SOURCE Cross Timbers Royalty Trust

FAQ

What is the Cross Timbers Royalty Trust cash distribution for April 2022?

The Cross Timbers Royalty Trust declared a cash distribution of $0.156943 per unit for April 2022.

When will the Cross Timbers Royalty Trust distribution be paid?

The distribution will be paid on May 13, 2022, to unitholders of record on April 29, 2022.

What were the oil and gas sales volumes for CRT in April 2022?

In April 2022, the Trust reported sales of 15,000 barrels of oil and 126,000 Mcf of gas.

How much excess costs were recovered on Texas properties?

In Texas, $63,000 of excess costs were recovered, with remaining cumulative excess costs totaling $2.4 million.

What were the average prices for oil and gas for CRT in April 2022?

The average prices for April 2022 were $83.31 per barrel for oil and $6.80 per Mcf for gas.