CROSS TIMBERS ROYALTY TRUST DECLARES JANUARY CASH DISTRIBUTION

Rhea-AI Summary

On January 20, 2023, Argent Trust Company, as Trustee of the Cross Timbers Royalty Trust (NYSE:CRT), announced a cash distribution of $0.312668 per unit, payable on February 14, 2023, to unitholders of record as of January 31, 2023. The current month's underlying oil sales were 13,000 Bbls and gas sales were 618,000 Mcf. Average prices for oil and gas were $82.06 per Bbl and $4.32 per Mcf, respectively. Compared to the prior month, oil sales dropped from 14,000 Bbls while gas sales fell from 101,000 Mcf. The Trust faced excess costs of $145 in Texas and $119,000 in Oklahoma, totaling $1,785,000 in cumulative excess costs.

Positive

• Declared cash distribution of $0.312668 per unit.
• Current oil sales volumes at 13,000 Bbls reflect continued operations.

Negative

• Decreased sales volumes for oil (from 14,000 Bbls to 13,000 Bbls) and gas (from 101,000 Mcf to 618,000 Mcf).
• Excess costs increased by $145, primarily in Texas, and $119,000 in Oklahoma.

News Market Reaction – CRT

+2.78%

+2.78% Session move

In the trading session that priced this news, CRT gained 2.78%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

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DALLAS, Jan. 20, 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 $0.312668 per unit, payable on February 14, 2023, to unitholders of record on January 31, 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	13,000			618,000		$82.06	$4.32
Prior Month Distribution	14,000			101,000		$84.61	$10.44
(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 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 $145 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 $1,785,000, including accrued interest of $654,000.

XTO Energy has advised the Trustee that excess costs increased by $119,000 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 $871,000, including accrued interest of $10,000.

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-january-cash-distribution-301726579.html

SOURCE Cross Timbers Royalty Trust

FAQ

What is the cash distribution amount for Cross Timbers Royalty Trust (CRT) announced on January 20, 2023?

The cash distribution amount is $0.312668 per unit.

When will the cash distribution for CRT be paid to unit holders?

The cash distribution will be paid on February 14, 2023.

What were the underlying oil and gas sales volumes for January 2023 for CRT?

The oil sales volumes were 13,000 Bbls and gas sales volumes were 618,000 Mcf.

What were the average prices per barrel of oil and per Mcf of gas for CRT in January 2023?

Average price was $82.06 per Bbl for oil and $4.32 per Mcf for gas.

What are the cumulative excess costs reported for CRT?

Cumulative excess costs total $1,785,000, including accrued interest.