CROSS TIMBERS ROYALTY TRUST DECLARES NOVEMBER CASH DISTRIBUTION

(Neutral)

Rhea-AI Summary

Cross Timbers Royalty Trust announced a cash distribution of $0.161024 per unit, to be paid on December 14, 2022, for unitholders of record by November 30, 2022. The current month saw sales of 12,000 barrels of oil and 93,000 Mcf of gas, with average prices of $85.47 for oil and $10.74 for gas. Compared to the prior month, oil sales remained the same, while gas sales increased slightly from 92,000 Mcf. However, excess costs rose by $67,000 in Texas and $377,000 in Oklahoma, totaling $2.0 million and $0.7 million respectively in cumulative excess costs after the distribution.

Positive

Distribution of $0.161024 per unit confirmed, providing cash payout to unitholders.
Stable oil sales at 12,000 barrels month-over-month.
Slight increase in gas sales from 92,000 to 93,000 Mcf.

Negative

Excess costs increased by $67,000 in Texas properties, impacting future distributions.
Excess costs rose by $377,000 in Oklahoma properties, raising concerns over profitability.

News Market Reaction – CRT

-4.23%

-4.23% Session move

In the trading session that priced this news, CRT declined 4.23%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

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11/18/2022 - 09:25 AM

DALLAS, Nov. 18, 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 $0.161024 per unit, payable on December 14, 2022, to unitholders of record on November 30, 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	12,000		93,000	$85.47	$10.74

Prior Month Distribution		12,000	92,000	$95.77		$10.40

(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 $67,000 on properties underlying the Texas Working Interest net profits interests, primarily due to timing of invoices. 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 $2.0 million, including accrued interest of $633,000.

XTO Energy has advised the Trustee that excess costs increased by $377,000 on properties underlying the Oklahoma Working Interest net profits interests, primarily due to drilling and recompletion 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 after the current month's distribution total $0.7 million, including accrued interest of $2,000.

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-november-cash-distribution-301682583.html

SOURCE Cross Timbers Royalty Trust

FAQ

What is the cash distribution amount for CRT in November 2022?

The cash distribution amount for Cross Timbers Royalty Trust (CRT) in November 2022 is $0.161024 per unit.

When is the payment date for the CRT distribution?

The payment date for the CRT distribution is December 14, 2022.

What were the oil and gas sales volumes for CRT in the current month?

In the current month, CRT sold 12,000 barrels of oil and 93,000 Mcf of gas.

What are the average prices for oil and gas in the current CRT distribution?

The average prices for the current CRT distribution are $85.47 per barrel for oil and $10.74 per Mcf for gas.

How much have excess costs increased for CRT properties?

Excess costs increased by $67,000 on Texas properties and $377,000 on Oklahoma properties.