Cross Timbers Royalty Trust Declares February Cash Distribution

Rhea-AI Summary

On February 16, 2021, Simmons Bank, as Trustee of Cross Timbers Royalty Trust (CRT), announced a cash distribution of $0.086656 per unit, payable on March 12, 2021, to unitholders of record as of February 26, 2021. The current month's reported volumes include 12,000 Bbls of oil and 175,000 Mcf of gas, with average prices of $43.96 per Bbl and $3.79 per Mcf. Cumulative excess costs total $2.7 million for Texas and $0.3 million for Oklahoma, impacting future distributions.

Positive

• Declared cash distribution of $0.086656 per unit, indicating ongoing financial activity.

Negative

• Cumulative excess costs of $2.7 million in Texas and $0.3 million in Oklahoma may impact future distributions.

News Market Reaction

+4.81%

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+4.81% News Effect

On the day this news was published, CRT gained 4.81%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

DALLAS, Feb. 16, 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 $0.086656 per unit, payable on March 12, 2021, to unitholders of record on February 26, 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		12,000		175,000		$43.96		$3.79
Prior Month Distribution		12,000		173,000		$39.28			$3.57

(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 $2,000 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 $2.7 million, including accrued interest of $444,000.

XTO Energy has advised the Trustee that excess costs increased by $49,000 on properties underlying the Oklahoma 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 Oklahoma Working Interest net profits interests after the current month's distribution total $0.3 million, including accrued interest of $5,000.

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-february-cash-distribution-301228044.html

SOURCE Cross Timbers Royalty Trust

FAQ

What is the cash distribution amount declared by Cross Timbers Royalty Trust (CRT) for February 2021?

The cash distribution amount is $0.086656 per unit.

When will the cash distribution for CRT be payable?

The cash distribution will be payable on March 12, 2021.

What are the reported volumes of oil and gas for CRT in February 2021?

The reported volumes are 12,000 Bbls of oil and 175,000 Mcf of gas.

What are the average prices for oil and gas reported by CRT for February 2021?

The average price for oil is $43.96 per Bbl, and for gas, it is $3.79 per Mcf.

What are the cumulative excess costs reported for CRT properties?

Cumulative excess costs total $2.7 million for Texas and $0.3 million for Oklahoma.