- Cross Timbers Royalty Trust (CRT, Financial) announces an April cash distribution of $0.032110 per unit.
- Significant declines in oil and gas sales volumes observed from the previous month.
- Trustee continues to withhold $50,000 monthly to build a cash reserve.
Cross Timbers Royalty Trust (CRT) has declared an April cash distribution of $0.032110 per unit, payable on May 14, 2025, for unitholders recorded by April 30, 2025. This distribution reflects the Trust's ongoing efforts to manage challenging operational conditions.
The Trust's current distribution shows a decline in underlying sales metrics. Oil sales volumes dropped by 37%, down from 19,000 barrels to 12,000 barrels, and gas sales volumes decreased by 20%, from 97,000 Mcf to 78,000 Mcf. The average price per barrel of oil decreased to $69.99 from $73.40, while the average price per Mcf of gas rose to $5.86 from $5.05.
XTO Energy has reported an increase in excess costs by $136,000 on Texas Working Interest properties. The cumulative excess costs, now at $4,567,000, include $1,223,000 in accrued interest. These increasing costs need to be accounted for before they can contribute to distributions to unitholders.
The Trustee has strategically decided to withhold $50,000 monthly from distributions to build a cash reserve, aimed at reaching $1,500,000. This prudent financial management approach is intended to safeguard the Trust's liquidity against potential future contingencies, ensuring stability despite the current production and cost challenges.
