CROSS TIMBERS ROYALTY TRUST DECLARES FEBRUARY CASH DISTRIBUTION

Rhea-AI Summary

Cross Timbers Royalty Trust (NYSE:CRT) has announced a cash distribution of $0.114609 per unit, payable on March 14, 2023, to unitholders recorded by February 28, 2023. The underlying oil and gas sales reported for the current month show 11,000 Bbls of oil and 100,000 Mcf of gas, with average prices at $76.96 per Bbl and $7.80 per Mcf. Comparatively, the prior month saw sales of 13,000 Bbls and 618,000 Mcf, averaging $82.06 per Bbl and $4.32 per Mcf. Adjustments from XTO Energy have resulted in increased excess costs on underlying properties, totaling $1,802,000 for Texas and $997,000 for Oklahoma.

Positive

• Declared cash distribution of $0.114609 per unit.
• Significant underlying sales volumes: 11,000 Bbls of oil and 100,000 Mcf of gas.
• Upcoming distribution date is March 14, 2023.

Negative

• Sales volume of oil decreased from 13,000 Bbls in the prior month to 11,000 Bbls.
• Average oil price decreased from $82.06 to $76.96.
• Excess costs increased by $6,000 for Texas properties and $121,000 for Oklahoma properties, totaling $2,799,000 cumulatively.

News Market Reaction – CRT

-10.01%

-10.01% Session move

In the trading session that priced this news, CRT declined 10.01%, reflecting a significant negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

DALLAS, Feb. 17, 2023 /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 $0.114609 per unit, payable on March 14, 2023, to unitholders of record on February 28, 2023. 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		11,000			100,000		$76.96		$7.80
Prior Month Distribution		13,000			618,000		$82.06		$4.32

(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.

Prior Month Distribution
XTO Energy has advised the Trustee that out of period adjustments made by a remitter in the New Mexico Royalty Interest net profits interests had a significant impact on the gas sales volume and average price reported in the January 2023 distribution.

Excess Costs
XTO Energy has advised the Trustee that excess costs increased by $6,000 on properties underlying the Texas Working Interest net profits interests, primarily due to timing of receipts. 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 $1,802,000, including accrued interest of $665,000.

XTO Energy has advised the Trustee that excess costs increased by $121,000 on properties underlying the Oklahoma Working Interest net profits interests, primarily due to drilling costs from the Hewitt Unit and timing of receipts. 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 total $997,000, including accrued interest of $16,000.

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-february-cash-distribution-301748911.html

SOURCE Cross Timbers Royalty Trust

FAQ

What is the latest cash distribution for Cross Timbers Royalty Trust (CRT)?

The latest cash distribution for Cross Timbers Royalty Trust (CRT) is $0.114609 per unit, payable on March 14, 2023.

When is the record date for the latest distribution of CRT?

The record date for the latest distribution of Cross Timbers Royalty Trust (CRT) is February 28, 2023.

What were the oil and gas sales volumes for CRT in February 2023?

In February 2023, Cross Timbers Royalty Trust (CRT) reported oil sales of 11,000 Bbls and gas sales of 100,000 Mcf.

How did the average prices for oil and gas change from January to February 2023 for CRT?

The average price for oil decreased from $82.06 per Bbl in January to $76.96 per Bbl in February, while the average price for gas increased from $4.32 per Mcf to $7.80 per Mcf.