Form 8-K - Current report

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): February 16, 2024

 

 

CROSS TIMBERS ROYALTY TRUST

(Exact Name of Registrant as Specified in Its Charter)

 

 

 

Texas		1-10982		75-6415930
(State or other jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

Argent Trust Company

Trustee

3838 Oak Lawn Ave, Suite 1720

Dallas, Texas 75219-4518

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, Including Area Code [phone]

(Former Name or Former Address, if Changed Since Last Report) NONE

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading symbol		Name of each exchange on which registered
Units of Beneficial Interest		CRT		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

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Item 2.02. Results of Operations and Financial Condition.

On February 16, 2024, the Registrant issued a news release announcing its monthly cash distribution to unitholders of record on February 29, 2024. A copy of the news release is furnished as Exhibit 99.1.

The information in this Current Report, including the news release attached hereto, is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liabilities of that Section.

Item 9.01. Financial Statements and Exhibits.

 

(d)		Exhibits.
		Exhibit 99.1		News Release dated February 16, 2024

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

				CROSS TIMBERS ROYALTY TRUST
				By: ARGENT TRUST COMPANY, TRUSTEE
Date: February 16, 2024				By:		/s/ NANCY WILLIS
						Nancy Willis
						Director of Royalty Trust Services
				EXXON MOBIL CORPORATION
				By:		/s/ WENDI POWELL
						Wendi Powell
						Upstream Controller

 

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EXHIBIT 99.1

[NEWS RELEASE LETTERHEAD OF CROSS TIMBERS ROYALTY TRUST APPEARS HERE]

CROSS TIMBERS ROYALTY TRUST

DECLARES FEBRUARY CASH DISTRIBUTION

Dallas, Texas, February 16, 2024 – 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 $0.114156 per unit, payable on March 14, 2024, to unitholders of record on February 29, 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			14,000				123,000			$	73.21			$	4.26
Prior Month Distribution			14,000				80,000			$	79.71			$	4.18

 

(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.

Excess Costs

XTO Energy has advised the Trustee excess costs increased by $172,000 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 $3,360,000, including accrued interest of $860,000.

XTO Energy has advised the Trustee excess costs increased by $17,000 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 $17,000.

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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Contact:		Nancy Willis Director of Royalty Trust Services Argent Trust Company, Trustee 855-588-7839

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