CROSS TIMBERS ROYALTY TRUST DECLARES MAY CASH DISTRIBUTION

Rhea-AI Summary

Cross Timbers Royalty Trust (NYSE: CRT) declared a cash distribution of $0.058252 per unit, payable on June 14, 2024, to unitholders recorded on May 31, 2024. Underlying oil and gas sales for the current month include 17,000 Bbls of oil at $76.32 per Bbl and 70,000 Mcf of gas at $4.64 per Mcf. Prior month sales were 14,000 Bbls of oil at $72.14 per Bbl and 255,000 Mcf of gas at $3.71 per Mcf. XTO Energy reported $46,000 and $366,000 of excess costs recovered from Texas and Oklahoma Working Interests, respectively, but no proceeds included in this month's distribution due to cumulative excess costs of $3,484,000 and $153,000 remaining.

Positive

• Declared cash distribution of $0.058252 per unit, payable on June 14, 2024.
• Current month oil and gas prices increased to $76.32 per Bbl and $4.64 per Mcf, respectively.
• Recovered $46,000 in excess costs on Texas Working Interests.
• Recovered $366,000 in excess costs on Oklahoma Working Interests.

Negative

• No proceeds from Texas and Oklahoma Working Interests included in this month's distribution.
• Cumulative excess costs remaining on Texas Working Interests total $3,484,000.
• Cumulative excess costs remaining on Oklahoma Working Interests total $153,000.

DALLAS, May 20, 2024 /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 $0.058252 per unit, payable on June 14, 2024, to unitholders of record on May 31, 2024. 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		17,000			70,000		$76.32		$4.64
Prior Month Distribution			14,000		255,000		$72.14			$3.71
(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 gas revenues attributable to non-operated properties in the Oklahoma Royalty Interest net profits interests contributed to a higher cash distribution in the prior month.

Excess Costs

XTO Energy has advised the Trustee that $46,000 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 total $3,484,000, including accrued interest of $931,000.

XTO Energy has advised the Trustee that $366,000 of excess costs were recovered on properties underlying the Oklahoma Working Interest net profits interests. However, after the partial recovery, there were no remaining proceeds from the properties underlying the Oklahoma Working Interest net profits interests to be included in this month's distribution. Underlying cumulative excess costs remaining on the Oklahoma Working Interest net profits interests total $153,000, including accrued interest of $9,000.

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-302149385.html

SOURCE Cross Timbers Royalty Trust

FAQ

What is the cash distribution declared by Cross Timbers Royalty Trust for May 2024?

The declared cash distribution is $0.058252 per unit, payable on June 14, 2024.

When is the payable date for Cross Timbers Royalty Trust's May 2024 distribution?

The distribution is payable on June 14, 2024.

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

The current month sales volumes are 17,000 Bbls of oil and 70,000 Mcf of gas.

What are the average prices of oil and gas for the current month distribution?

The average prices are $76.32 per Bbl for oil and $4.64 per Mcf for gas.

How much excess cost was recovered from Texas Working Interests?

$46,000 of excess costs were recovered from Texas Working Interests.

What are the cumulative excess costs remaining on Texas Working Interests?

The cumulative excess costs remaining are $3,484,000.

How much excess cost was recovered from Oklahoma Working Interests?

$366,000 of excess costs were recovered from Oklahoma Working Interests.

What are the cumulative excess costs remaining on Oklahoma Working Interests?

The cumulative excess costs remaining are $153,000.