Trade News

Argent Trust Company Announces Latest Cash Distribution from Cross Timbers Royalty Trust

DALLAS, April 19, 2024 /PRNewswire/—Argent Trust Company, the trustee for Cross Timbers Royalty Trust (NYSE:CRT), proclaimed the distribution of a cash dividend to its unitholders. The recent declaration promises a payout of $0.135867 per unit for the owners of the Trust's beneficial interests. This distribution is slated for May 14, 2024, earmarked for unitholders who are on record as of April 30, 2024. Information about the oil and gas sales, coupled with the average prices that have been linked to the distributions of the current and the preceding months, has also been divulged, shedding light on the Trust's operational performance.

Oil and Gas Sales Performance: A Detailed Overview

In terms of sales performance, the Trust has laid out a comprehensive table illustrating the volumes of oil and gas sold as well as the average prices these commodities have fetched. This detailed presentation assists unitholders in understanding the factors that influence their monthly income from the Trust.

Sales Volumes and Average Prices

For those interested in the subtleties, the disclosed table provides valuable insights:

• Oil (Bbls) & Gas (Mcf): Quantifying the sales volumes in barrels and thousand cubic feet respectively.
• Average Price (per Bbl/Mcf): Reflecting the average market price achieved per barrel of oil and per thousand cubic feet of gas.

These data points are not stagnant; they represent the dynamic nature of the energy market and illustrate how the Trust's performance can vary with changing market conditions.

Insight into the Current and Prior Month's Distribution

The Trust ensures transparency by comparing figures of the current month's distribution against those from the prior month.

For the Current Month:

• There were 14,000 barrels of oil and 255,000 thousand cubic feet of gas sold.
• The fetched prices stood at $72.14 per barrel for oil and $3.71 per thousand cubic feet for gas.

Comparably, in the Prior Month:

• Sales encompassed 15,000 barrels of oil and 50,000 thousand cubic feet of gas, noting a variance in volumes.
• The average prices were recorded at $73.26 per barrel for oil and $5.94 per thousand cubic feet for gas.

These comparisons highlight not only the volume fluctuations but also the changing income scenarios for the Trust's unitholders based on prevailing market rates.

An Explanation of Sales Volumes Reporting

The interpretation of these sales volumes warrants an understanding that the Trust records the sales in the month it receives the net profits income. As a result, fluctuations are often observed based on the timing of these cash receipts—a critical piece of information for understanding the monthly variability in distributions.

Enhancements in the Current Month's Gas Volumes

In an uplifting turn, XTO Energy has advised the Trustee that gas volumes have seen an increase from the previous month. This uptick is primarily attributed to out-of-period revenues from non-operated properties attached to the Oklahoma Royalty Interest net profits interests. This surge in gas volumes has been a contributing factor to the upward adjustment in cash distribution for the current month, signifying a positive development for the Trust's beneficiaries.

The Challenges of Excess Costs

On the flip side, excess costs have also surfaced as a point of consideration. XTO Energy, which plays a pivotal role in advising the Trustee, reports an increase in excess costs by $106,000 associated with the properties underlying the Texas Working Interest net profits interests. Despite this uptick in costs, the net proceeds from other conveyances were not impacted.

Moreover, the cumulative excess costs lingering on the Texas Working Interest net profits interests are substantial, sitting at $3,505,000. This figure comprises accrued interest of $907,000, pointing to the financial intricacies involved in managing these net profits interests.

Recovery and Remaining Excess Costs in Oklahoma

Not all news regarding costs is daunting however, as there has been a recovery of $215,000 in excess costs on properties underlying the Oklahoma Working Interest net profits interests. Yet, despite this partial recovery, no proceeds remained from these properties to be included in this month's distribution.

The remaining underlying cumulative excess costs for the Oklahoma Working Interest net profits interests sum up to $515,000, which includes accrued interest of a comparatively modest $5,329. Thus, it paints a picture of the ongoing financial management required for these working interests.

For In-Depth Trust Information

The Cross Timbers Royalty Trust goes beyond monthly distributions and offers a wealth of information to its investors. Those looking for comprehensive data, such as annual tax information, a record of distribution amounts, and archives of historical press releases, can visit the Trust's official website at www.crt-crosstimbers.com. This digital platform serves as a repository for all pertinent details that stakeholders may require for making informed decisions about their investments.

In Conclusion: The Cross Timbers Royalty Trust, represented by Argent Trust Company as Trustee, continues to manage and navigate the complexities of oil and gas distributions amidst fluctuating market conditions. Through its indicative sales volume and pricing data, increase in gas revenue from specific interests, and meticulous management of excess costs, the Trust provides a vivid snapshot of its monthly performance to its unitholders. Moreover, the Trust's commitment to transparency and information accessibility is evident in their detailed communication and online resources provided for the unitholders' convenience.

About Cross Timbers Royalty Trust

Managed by Argent Trust Company, Cross Timbers Royalty Trust (NYSE:CRT) is an express trust, which exists primarily to generate and distribute monthly cash flows to its unitholders. The success of the Trust hinges on its capability to manage and capitalize on the oil and gas producing properties, specifically with a sharp focus on the Oklahoma Royalty and Texas Working Interest net profits interests. The Trust stands as a testament to the viability and the potential of prudent management of natural resource-based income-generating assets.

For interested parties and investors: The Call to stay abreast of the Trust's financial health is emphasized through each meticulously prepared distribution report. The Trust remains a beacon of clear communication in the frequently complex and dynamic domain of natural resource royalties.

Final Remarks

Cross Timbers Royalty Trust's latest communication underscores their ongoing diligence in handling the fiscal intricacies inherent to the energy sector, and their resolve in maximizing unitholder value despite market variability. The detailed information provided and the availability of comprehensive resources reflect their commitment to transparency, aiding stakeholders as they navigate through the seas of natural resource investments.

Information Source: The data and insights provided herein are sourced directly from Cross Timbers Royalty Trust, giving stakeholders and interested observers a direct link to the primary information.

Acknowledgements

The updates regarding the Trust's financial dealings would not be possible without the integral advisory role of XTO Energy. Their counsel to the Trustee forms the bedrock of the Trust's transparent and beneficial communication with its unitholders.

This news release was disseminated for public consumption to shed light on the latest developments of Cross Timbers Royalty Trust. Readers are encouraged to stay informed through the Trust's official communication channels.

Key Contacts

For ongoing news and updates about the Trust, stakeholders are encouraged to tap into the richness of details available at the official website, which serves not only as an information portal but also as a bridge between the Trust and its valued investors.

Press Contact

For additional background information or media inquiries regarding this news release, please refer to Cross Timbers Royalty Trust.

In sum, the steps forward by Cross Timbers Royalty Trust, highlighted through their distribution declarations and intricate financial disclosures, embody their forward-thinking strategy in a sector that is ever-evolving. The trust between the unitholders and the Trust is underpinned by the latter's stalwart commitment to regular updates and open communication.