DALLAS, Sept. 20,
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 $0.102230 per
unit, payable on October 15, 2024, to
unitholders of record on September 30,
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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|
|
|
|
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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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16,000
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138,000
|
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$77.46
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$3.29
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|
|
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Prior Month
Distribution
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13,000
|
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67,000
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$76.84
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$3.33
|
|
|
|
(a)
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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 Current 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 includes 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 $124,000 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 $3,847,000, including accrued interest of
$1,034,000.
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:
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Nancy Willis
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Director of Royalty
Trust Services
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Argent Trust Company,
Trustee
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855-588-7839
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View original
content:https://www.prnewswire.com/news-releases/cross-timbers-royalty-trust-declares-september-cash-distribution-302253767.html
SOURCE Cross Timbers Royalty Trust
