DALLAS, Nov. 19, 2021 /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 $0.073000 per
unit, payable on December 14, 2021,
to unitholders of record on November 30,
2021. The following table shows underlying oil and gas sales
and average prices attributable to the current month and prior
month distributions.
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Underlying
Sales
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Volumes
(a)
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Average
Price
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Oil
(Bbls)
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Gas
(Mcf)
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Oil
(per Bbl)
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Gas
(per Mcf)
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Current Month
Distribution
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12,000
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(153,000)
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$65.42
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|
($0.67)
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|
|
|
|
|
|
|
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Prior Month
Distribution
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(62,000)
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8,000
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|
$47.84
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$26.98
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|
|
|
|
|
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(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.
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Current Month Distribution
XTO Energy has advised the Trustee that out of period adjustments
made by a remitter in the New Mexico Royalty Interest net profits
interests had a significant impact on the gas sales volume and
average price reported in the November
2021 distribution. XTO Energy has advised the Trustee that
the remitter has indicated there will be additional adjustments
affecting future distributions.
Prior Month Distribution
XTO Energy has advised the Trustee that adjustments in the Texas
Working Interest net profits interests had a significant impact on
the oil sales volumes and average prices reported in the
October 2021 distribution. XTO Energy
advised the Trustee that these adjustments were primarily a timing
issue due to the Texas Working Interest net profits interests
having a reversal of sales from the oil purchaser for the North
Cowden Unit. XTO Energy has also advised the Trustee that it
expects to receive payment for these oil sales directly from the
operator, once the operator has recorded the sales in their system.
This timing issue increased the excess costs on the properties
underlying the Texas Working Interest net profits interests
approximately $3,643,000
(approximately $2,732,000 net to the
Trust).
Excess Costs
XTO Energy has advised the Trustee that excess costs increased by
$27,000 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 after the current month's
distribution total $6.3 million,
including accrued interest of $520,000.
For more information on the Trust, please visit
our web site at www.crt-crosstimbers.com.
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content:https://www.prnewswire.com/news-releases/cross-timbers-royalty-trust-declares-november-cash-distribution-301428928.html
SOURCE Cross Timbers Royalty Trust