Cross Timbers Royalty Trust Declares September Cash Distribution

Rhea-AI Summary

Simmons Bank, Trustee of the Cross Timbers Royalty Trust (NYSE:CRT), announced a cash distribution of $0.032047 per unit to unitholders of record as of September 30, 2020. This distribution will be paid on October 15, 2020. Current month underlying oil sales reached 15,000 barrels and gas sales totaled 113,000 Mcf, with average prices of $37.97 per barrel and $1.65 per Mcf. In comparison, prior month sales were 16,000 barrels and 99,000 Mcf. Noticeably, cumulative excess costs remain at $2.6 million for Texas and $0.3 million for Oklahoma interests.

Positive

• Declaring a cash distribution of $0.032047 per unit indicates consistent returns for unitholders.
• Current month oil and gas sales volumes were strong at 15,000 Bbls and 113,000 Mcf, respectively.

Negative

• Cumulative excess costs of $2.6 million in Texas and $0.3 million in Oklahoma indicate financial pressure.
• Current month oil sales decreased compared to the prior month, signaling potential revenue concerns.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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DALLAS, Sept. 18, 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 $0.032047 per unit, payable on October 15, 2020, to unitholders of record on September 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			15,000		113,000		$37.97		$1.65
Prior Month Distribution			16,000		99,000		$31.34			$2.83
(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 $20,000 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 after the current month's distribution total $2.6 million, including accrued interest of $408,000.

XTO Energy has advised the Trustee that $20,000 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 interest to be included in this month's distribution. Underlying cumulative excess costs remaining on the Oklahoma Working Interest net profits interests after the current month's distribution total $0.3 million, including accrued interest of $2,000.

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-september-cash-distribution-301133813.html

SOURCE Cross Timbers Royalty Trust

FAQ

What is the Cross Timbers Royalty Trust distribution for September 2020?

The Cross Timbers Royalty Trust declared a distribution of $0.032047 per unit for September 2020.

When will the September 2020 distribution be paid to CRT unitholders?

The distribution will be paid on October 15, 2020, to unitholders of record on September 30, 2020.

What were the oil and gas sales volumes for CRT in September 2020?

In September 2020, oil sales were 15,000 barrels and gas sales were 113,000 Mcf.

How do the September 2020 sales volumes compare to the prior month for CRT?

September 2020 oil sales decreased to 15,000 barrels from 16,000 barrels in the prior month.

What are the cumulative excess costs reported by CRT for September 2020?

The cumulative excess costs are $2.6 million for Texas and $0.3 million for Oklahoma net profits interests.