Cross Timbers Royalty Trust Declares November Cash Distribution

Rhea-AI Summary

Cross Timbers Royalty Trust (CRT) has declared a cash distribution of $0.051832 per unit for November 2020, payable on December 14, 2020. Unitholders of record by November 30, 2020 are eligible. The distribution follows reported underlying sales of 16,000 barrels of oil and 96,000 Mcf of gas for the current month, with oil averaging $39.93 per Bbl and gas $2.40 per Mcf. Increases in excess costs of $15,000 and $6,000 were reported for Texas and Oklahoma properties, respectively, bringing cumulative excess costs to $2.7 million and $0.2 million.

Positive

• The declaration of a cash distribution of $0.051832 per unit indicates ongoing revenue generation.
• Average oil price of $39.93 per Bbl shows a relatively stable price point.

Negative

• Total cumulative excess costs increased to $2.7 million for Texas and $0.2 million for Oklahoma, which could affect future distributions.

DALLAS, Nov. 19, 2020 /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 $0.051832 per unit, payable on December 14, 2020, to unitholders of record on November 30, 2020. 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			16,000		96,000		$39.93		$2.40
Prior Month Distribution			20,000		110,000		$40.32			$2.74
(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 $15,000 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 after the current month's distribution total $2.7 million, including accrued interest of $422,000.

XTO Energy has advised the Trustee that excess costs increased by $6,000 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 $0.2 million, including accrued interest of $4,000.

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-november-cash-distribution-301176793.html

SOURCE Cross Timbers Royalty Trust

FAQ

What is the cash distribution amount for CRT in November 2020?

The cash distribution amount for CRT in November 2020 is $0.051832 per unit.

When will the cash distribution be paid to CRT unitholders?

The cash distribution will be paid on December 14, 2020.

What were the underlying sales for oil and gas in November 2020 for CRT?

The underlying sales were 16,000 barrels of oil and 96,000 Mcf of gas.

What is the average oil price for CRT's current month distribution?

The average oil price for the current month distribution is $39.93 per Bbl.

How have the excess costs impacted CRT's financials?

Excess costs have increased by $15,000 for Texas and $6,000 for Oklahoma, totaling $2.7 million and $0.2 million respectively.