DALLAS, June 17, 2024 /PRNewswire/ -- Argent Trust Company, as Trustee of the Cross Timbers Royalty Trust (the "Trust") (NYSE:CRT), today declared a cash distribution to the holders of its units of beneficial interest of $0.030174 per unit, payable on July 15, 2024, to unitholders of record on June 28, 2024. 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 | 10,000 | $84.42 | $8.14 | ||||||
Prior Month Distribution | 17,000 | 70,000 | $76.32 | $4.64 | ||||||
(a.) Sales volumes are recorded in the month the Trust receives the related net profits income. | ||||||||||
Current Month Distribution
XTO Energy has advised the Trustee of a volume only correction in the current month for underlying sales volumes recorded in the prior month for the Oklahoma Royalty Interest net profits interests. Excluding this volume correction, underlying gas sales volumes would have been 22,000 Mcf for the current month and 58,000 Mcf for the prior month and the average gas price would have been $3.57 per Mcf for the current month and $5.65 for the prior month. This had no effect on the cash distribution in the current or prior month.
Excess Costs
XTO Energy has advised the Trustee that excess costs increased by $21,000 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 total $3,530,000, including accrued interest of $956,000.
XTO Energy has advised the Trustee that excess costs increased by $48,000 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 total $202,000, including accrued interest of $10,000.
For more information on the Trust, including the annual tax information, distribution amounts, and historical press releases, please visit our website at www.crt-crosstimbers.com.
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SOURCE Cross Timbers Royalty Trust