Form 8-K - Current report

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): June 17, 2024

 

 

CROSS TIMBERS ROYALTY TRUST

(Exact name of registrant as specified in its charter)

 

 

Texas			001-10982	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)

 

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:

☐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(s)		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 June 17, 2024, the Registrant issued a news release announcing its monthly cash distribution to unitholders of record on June 28, 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 June 17, 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:	June 17, 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 JUNE CASH DISTRIBUTION

 

Dallas, Texas, June 17, 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 $0.030174 per unit, payable on July 15, 2024, to unitholders of record on June 28, 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		12,000		10,000		$84.42		$8.14
Prior Month Distribution		17,000		70,000		$76.32		$4.64
(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.

 

Current Month Distribution

XTO Energy has advised the Trustee of a volume only correction in the current month for underlying sales volumes recorded in the prior month for the Oklahoma Royalty Interest net profits interests. Excluding this volume correction, underlying gas sales volumes would have been 22,000 Mcf for the current month and 58,000 Mcf for the prior month and the average gas price would have been $3.57 per Mcf for the current month and $5.65 for the prior month. This had no effect on the cash distribution in the current or prior month.

 

Excess Costs

XTO Energy has advised the Trustee that excess costs increased by $21,000 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 $3,530,000, including accrued interest of $956,000.

 

XTO Energy has advised the Trustee that excess costs increased by $48,000 on properties underlying the Oklahoma Working Interest net profits interests. However, these excess costs did not reduce net

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proceeds from the remaining conveyances. Underlying cumulative excess costs remaining on the Oklahoma Working Interest net profits interests total $202,000, including accrued interest of $10,000.

 

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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