CROSS TIMBERS ROYALTY TRUST DECLARES MAY CASH DISTRIBUTION

Simmons Bank, as Trustee of the Cross Timbers Royalty Trust (NYSE: CRT), announced a cash distribution of $0.164036 per unit, payable on June 14, 2022.

Rhea-AI Summary

Simmons Bank, as Trustee of the Cross Timbers Royalty Trust (NYSE: CRT), announced a cash distribution of $0.164036 per unit, payable on June 14, 2022. The distribution is for unitholders recorded by May 31, 2022. Current month distributions include 13,000 Bbls of oil and 115,000 Mcf of gas sold at average prices of $101.14 per Bbl and $7.36 per Mcf, respectively. Additionally, XTO Energy reported $260,000 in recovered excess costs, but no proceeds from Texas Working Interest net profits were included in this distribution, with outstanding excess costs of $2.1 million.

Positive

• Declared cash distribution of $0.164036 per unit.
• 13,000 Bbls of oil sold in the current month with a favorable average price of $101.14 per Bbl.
• Recovery of $260,000 in excess costs indicates management's responsiveness.

Negative

• No proceeds from Texas Working Interest net profits included in this month's distribution.
• Outstanding cumulative excess costs on Texas Working Interest net profits total $2.1 million.

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DALLAS, May 20, 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 $0.164036 per unit, payable on June 14, 2022, to unitholders of record on May 31, 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		13,000			115,000		$101.14		$7.36
Prior Month Distribution			15,000		126,000		$83.31			$6.80

(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 $260,000 of excess costs were recovered on properties underlying the Texas Working Interest net profits interests primarily due to the timing of invoices. 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 $2.1 million, including accrued interest of $582,000.

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-may-cash-distribution-301551916.html

SOURCE Cross Timbers Royalty Trust

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the cash distribution amount for Cross Timbers Royalty Trust (CRT) announced on May 20, 2022?

The cash distribution amount is $0.164036 per unit.

When will the cash distribution for CRT be paid to unitholders?

The cash distribution will be paid on June 14, 2022.

What were the average prices for oil and gas reported in May 2022 by CRT?

Average prices were $101.14 per Bbl for oil and $7.36 per Mcf for gas.

What are the outstanding excess costs reported for CRT as of May 2022?

The outstanding excess costs total $2.1 million.