CROSS TIMBERS ROYALTY TRUST : DECLARES JANUARY CASH DISTRIBUTION - Form 8-K
January 21, 2022 at 10:53 am EST
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CROSS TIMBERS ROYALTY TRUST
DECLARES JANUARY CASH DISTRIBUTION
Dallas, Texas, January 21, 2022 - 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 $0.125725 per unit, payable on February 14, 2022, to unitholders of record on January 31, 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
85,000
94,000
$
55.83
$
7.35
Prior Month Distribution
12,000
109,000
$
73.31
$
6.50
(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.
Current Month Distribution
XTO Energy has advised the Trustee that out of period adjustments in the Texas Working Interest net profits interests had a significant impact on the oil sales volumes and average prices reported in the January 2022 distribution. XTO Energy has advised the Trustee that these adjustments were primarily a timing issue due to receipt of oil sales of approximately 70,000 Bbls from the operator of the North Cowden Unit that had been reversed by the oil purchaser in the October 2021 distribution. XTO Energy has advised the Trustee that the average price received for these oil sales was approximately $52.00 per Bbl.
Excess Costs
XTO Energy has advised the Trustee that $3,749,000 of excess costs were recovered on properties underlying the Texas Working Interest net profits interests primarily due to receipt of oil sales from the operator of the North Cowden Unit that had been reversed by the oil purchaser in the October 2021 distribution. 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 $555,000.
For more information on the Trust, please visit our web site at www.crt-crosstimbers.com.
* * *
Contact:
Nancy Willis
Vice President
Simmons Bank, Trustee
855-588-7839
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Disclaimer
Cross Timbers Royalty Trust published this content on 21 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 January 2022 15:52:02 UTC.
Cross Timbers Royalty Trust (the Trust) is an express trust. The net profits interests are the principal asset of the Trust. The Trust receives net profits income from the net profit interests generally on the last business day of each month. The net profits interest comprises approximately 90% net profits interests which are carved from producing royalty and overriding royalty interest properties in Texas, Oklahoma and New Mexico; 11.11% nonparticipating royalty interests in nonproducing properties located primarily in Texas and Oklahoma, and the 75% net profits interests which are carved from working interests in four properties in Texas and three properties in Oklahoma. Its underlying royalties, underlying nonproducing royalties, and underlying working interest properties are owned by XTO Energy. The underlying properties include over 2,900 producing properties with established production histories in Texas, Oklahoma and New Mexico and also include certain nonproducing properties.
CROSS TIMBERS ROYALTY TRUST 
