DALLAS, Oct. 21,
2024 /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 $0.064592 per
unit, payable on November 15, 2024,
to unitholders of record on October 31,
2024. The following table shows underlying oil and gas sales
and average prices attributable to the current month and prior
month distributions.
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Underlying
Sales
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Volumes
(a)
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Average
Price
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Oil
(Bbls)
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Gas
(Mcf)
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Oil
(per Bbl)
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Gas
(per Mcf)
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Current Month
Distribution
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12,000
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|
82,000
|
|
$76.77
|
|
$4.46
|
|
|
Prior Month
Distribution
|
|
16,000
|
|
138,000
|
|
$77.46
|
|
$3.29
|
|
|
(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.
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Litigation Settlement in Prior Month Distribution
A federal district court approved the settlement of a royalty class
action lawsuit against XTO Energy Inc. (Chieftain Royalty
Company v. XTO Energy Inc.) in March
2018. In July 2018, the class
plaintiffs submitted their plan to allocate the settlement funds
among members of the class. After that plan of allocation was
approved, XTO Energy advised the Trustee that, based upon that
plan, approximately $40,000 should be
allocated to the Trust as additional production costs.
The Trustee objected to similar claims relating to
the Chieftain settlement with respect to another trust
for which it serves as trustee (the Hugoton Royalty Trust) in an
arbitration styled Simmons Bank
(successor to Southwest Bank and Bank of America, N.A.) vs. XTO
Energy Inc. through the American Arbitration Association. The
Trustee and XTO Energy entered into a settlement agreement on
June 18, 2024, which resolved the
issues subject to the arbitration. As a result, the September 2024 distribution included a
$24,128 (net to the Trust) deduction
allocated to the Trust as a production cost for the
Chieftain settlement.
Excess Costs
XTO Energy has advised the Trustee that excess costs increased by
$125,000 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 $4,000,000, including accrued interest of
$1,061,000.
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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content:https://www.prnewswire.com/news-releases/cross-timbers-royalty-trust-declares-october-cash-distribution-302281452.html
SOURCE Cross Timbers Royalty Trust
