CROSS TIMBERS ROYALTY TRUST DECLARES FEBRUARY CASH DISTRIBUTION

DALLAS, Feb. 17, 2023 /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 $0.114609 per unit, payable on March 14, 2023, to unitholders of record on February 28, 2023. 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		11,000			100,000		$76.96		$7.80
Prior Month Distribution		13,000			618,000		$82.06		$4.32

(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.

Prior 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 January 2023 distribution.

Excess Costs
XTO Energy has advised the Trustee that excess costs increased by $6,000 on properties underlying the Texas Working Interest net profits interests, primarily due to timing of receipts. 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 $1,802,000, including accrued interest of $665,000.

XTO Energy has advised the Trustee that excess costs increased by $121,000 on properties underlying the Oklahoma Working Interest net profits interests, primarily due to drilling costs from the Hewitt Unit and timing of receipts. 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 $997,000, including accrued interest of $16,000.

For more information on the Trust, please visit our website at www.crt-crosstimbers.com.

 

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SOURCE Cross Timbers Royalty Trust

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