CROSS TIMBERS ROYALTY TRUST DECLARES MAY CASH DISTRIBUTION

Rhea-AI Summary

Cross Timbers Royalty Trust (NYSE: CRT) has declared a cash distribution of $0.080799 per unit, payable on June 13, 2025, to unitholders of record on May 30, 2025. The Trust reported underlying sales of 13,000 barrels of oil at $67.18/Bbl and 72,000 Mcf of gas at $5.80/Mcf. XTO Energy reported a $70,000 increase in excess costs on Texas Working Interest properties, with cumulative excess costs reaching $4.67 million. The Trustee is withholding $50,000 monthly to build a cash reserve of $1.5 million.

Positive

• Monthly distribution of $0.080799 per unit announced
• Oil sales volume increased from 12,000 to 13,000 barrels month-over-month
• Building cash reserve for financial stability

Negative

• Gas sales volume decreased from 78,000 to 72,000 Mcf month-over-month
• Oil price declined from $69.99 to $67.18 per barrel
• Gas price decreased from $5.86 to $5.80 per Mcf
• Excess costs increased by $70,000 on Texas Working Interest properties
• $50,000 monthly withholding reduces distributable funds to unitholders

Insights

Energy Royalty Trust Analyst

Cross Timbers declared a $0.080799 per unit distribution while increasing cash reserves and managing excess costs in Texas properties.

Cross Timbers Royalty Trust (CRT) has declared a monthly cash distribution of $0.080799 per unit, payable June 13 to unitholders of record as of May 30. This distribution reflects underlying sales of 13,000 barrels of oil at $67.18 per barrel and 72,000 Mcf of gas at $5.80 per Mcf.

Comparing to the prior month, there's a 8.3% increase in oil volumes (from 12,000 to 13,000 barrels) but a 7.7% decrease in gas volumes (from 78,000 to 72,000 Mcf). Both oil and gas prices declined slightly, with oil dropping from $69.99 to $67.18 per barrel (4.0% decrease) and gas from $5.86 to $5.80 per Mcf (1.0% decrease).

Two operational issues merit attention. First, excess costs on properties underlying the Texas Working Interest increased by $70,000, with cumulative excess costs now totaling $4,665,000 (including $1,251,000 in accrued interest). Importantly, these excess costs didn't reduce net proceeds from remaining conveyances.

Second, the Trustee is continuing to build cash reserves, withholding $50,000 from this month's distribution. This withholding will continue monthly until reserves reach $1,500,000, strengthening the Trust's financial stability but reducing immediate income to unitholders.

This pattern of monthly distributions with ongoing reserve building demonstrates CRT's commitment to balancing current unitholder returns with long-term sustainability, while managing the ongoing excess cost situation in their Texas properties.

DALLAS, May 19, 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 $0.080799 per unit, payable on June 13, 2025, to unitholders of record on May 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		13,000			72,000		$67.18		$5.80
Prior Month Distribution			12,000		78,000		$69.99			$5.86

(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 $70,000 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 $4,665,000, including accrued interest of $1,251,000.

Cash Reserve

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-may-cash-distribution-302458738.html

SOURCE Cross Timbers Royalty Trust

FAQ

What is the CRT dividend distribution amount for May 2025?

Cross Timbers Royalty Trust (CRT) declared a cash distribution of $0.080799 per unit for May 2025, payable on June 13, 2025.

What are the current oil and gas sales volumes for Cross Timbers Royalty Trust?

For the current distribution month, CRT reported sales of 13,000 barrels of oil and 72,000 Mcf of gas.

How much are the excess costs on CRT's Texas Working Interest properties?

The cumulative excess costs on Texas Working Interest properties total $4,665,000, including accrued interest of $1,251,000.

What is Cross Timbers Royalty Trust's cash reserve policy?

The Trustee is withholding $50,000 monthly from distributions until the cash reserve reaches $1,500,000.

What are the current oil and gas prices for CRT's production?

Current prices are $67.18 per barrel of oil and $5.80 per Mcf of gas.