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 $0.090063 per unit, payable on July 15, 2019, to unit-holders of record on June 28, 2019.
The following table shows underlying oil and gas sales and average prices attributable to the current month and prior month distributions.
|Volumes (a)||Average Price|
|Oil(Bbls)||Gas(Mcf)||Oil(per Bbl)||Gas(per Mcf)|
|Current Month Distribution||16,000||108,000||$57.97||$4.15|
|Prior Month Distribution||16,000||96,000||$55.68||$4.30|
|(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|
XTO Energy has advised the Trustee that increased operating expenses in the current month distribution caused costs to exceed revenues by $498,000 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 $2.0 million, including accrued interest of $289,000.