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Cross Timbers Royalty Trust reports recurring cash distributions to holders of its units of beneficial interest. The trust's news centers on monthly distribution declarations, underlying oil and gas sales volumes, average realized prices, and timing effects from cash receipts tied to its net profits interests.
The trust's underlying interests are derived from producing royalty, overriding royalty, and working interest properties in Texas, Oklahoma, and New Mexico. Updates also describe excess costs on Texas and Oklahoma working interest net profits interests, notices from XTO Energy, and trustee actions by Argent Trust Company.
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.
On May 5, 2022, Cross Timbers Royalty Trust (NYSE: CRT) announced the results from a special unitholder meeting held on May 4, 2022. Unitholders approved Argent Trust Company as the new trustee to replace Simmons Bank. However, proposed amendments to the Trust Agreement were not approved. The resignation of Simmons Bank will take effect once specific conditions outlined in the Trustee's notice are met, including necessary approvals from the Trust and related entities. Forward-looking statements indicate potential risks related to the trustee transition.
Cross Timbers Royalty Trust (CRT) announced a cash distribution of $0.156943 per unit, payable on May 13, 2022, to unitholders on record as of April 29, 2022. The current month distribution reflects 15,000 barrels of oil and 126,000 Mcf of gas sold. Average oil prices were $83.31 per barrel and $6.80 per Mcf for the current distribution period. Excess costs totaling $63,000 were recovered on Texas properties, with remaining cumulative excess costs at $2.4 million. Oklahoma properties recovered $72,000 in excess costs.
Cross Timbers Royalty Trust (CRT) announced the adjournment of its Special Meeting originally scheduled for April 5, 2022, due to insufficient quorum. The meeting will now convene on May 4, 2022, at 12:00 p.m. CT, in Fort Worth, TX. Unitholders who voted previously do not need to act again, while those yet to cast their votes are urged to do so. The proxy materials remain unchanged, with a record date of February 4, 2022. Forward-looking statements caution that results may vary based on new approvals and conditions.
Cross Timbers Royalty Trust (CRT) announced a cash distribution of $0.054182 per unit, payable on April 14, 2022, to unitholders of record on March 31, 2022. The current month’s distribution results from oil sales of 16,000 Bbls and gas sales of 71,000 Mcf. Average prices were $81.97 per Bbl for oil and $5.21 per Mcf for gas. Notably, cumulative excess costs from Texas and Oklahoma Working Interests remain at $2.5 million and $0.1 million respectively, including accrued interest.
On February 17, 2022, Simmons Bank, as Trustee for the Cross Timbers Royalty Trust (CRT), announced a cash distribution of $0.100915 per unit to unitholders, payable on March 14, 2022. The distribution records show current month oil sales at 16,000 Bbls and gas sales at 83,000 Mcf, with average prices of $71.53 per Bbl and $7.78 per Mcf. XTO Energy reported timing adjustments affecting January oil sales volumes and average prices. Additionally, there are $2.4 million in cumulative excess costs related to Texas interests.
Cross Timbers Royalty Trust (CRT) announced a cash distribution of $0.125725 per unit for January 2022, payable on February 14, 2022, to unitholders of record on January 31, 2022. Current oil sales volumes reached 85,000 Bbls at an average price of $55.83 per barrel, while gas sales were 94,000 Mcf at $7.35 per Mcf. In contrast, the prior month saw oil sales of 12,000 Bbls at $73.31 per barrel and gas at 109,000 Mcf at $6.50 per Mcf. Notably, there are $2.6 million in cumulative excess costs remaining from the Texas Working Interest net profits interests.
Simmons Bank, as Trustee of the Cross Timbers Royalty Trust (NYSE:CRT), announced a cash distribution of $0.137129 per unit, payable on January 14, 2022, to unitholders recorded by December 31, 2021. The December distribution reflects oil sales of 12,000 Bbls and gas sales of 109,000 Mcf, with average prices of $73.31 per Bbl for oil and $6.50 per Mcf for gas. Prior adjustments by XTO Energy impacted gas volumes significantly. Additionally, $6.3 million in cumulative excess costs remain unrecovered from Texas Working Interest properties.
On November 19, 2021, Simmons Bank, Trustee of the Cross Timbers Royalty Trust (CRT), declared a cash distribution of $0.073000 per unit, scheduled for December 14, 2021, to unitholders of record by November 30, 2021. The current month's distribution reflects a notable fluctuation in oil and gas sales volumes, with adjustments affecting reported figures due to timing issues from XTO Energy. Excess costs tied to properties under the Texas Working Interest have increased, totaling approximately $6.3 million cumulatively after the latest distribution.
Simmons Bank, as Trustee of the Cross Timbers Royalty Trust (CRT), announced a cash distribution of $0.067003 per unit, payable on November 15, 2021, to unitholders of record as of October 29, 2021. The current month distribution reflects 62,000 Bbls of oil and 8,000 Mcf of gas, with average prices at $47.84 per Bbl for oil and $26.98 per Mcf for gas. Noteworthy is the increase in excess costs by $3,599,000 due to adjustments affecting the Texas Working Interest. The cumulative excess costs now total $6.3 million.