CROSS TIMBERS ROYALTY TRUST DECLARES OCTOBER CASH DISTRIBUTION

PR Newswire

DALLAS, Oct. 21, 2024

DALLAS, Oct. 21, 2024 /PRNewswire/ -- Argent Trust Company, as Trustee of the Cross Timbers Royalty Trust (the "Trust") $(CRT)$, 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.

 
                  Underlying Sales 
                     Volumes (a)             Average Price 
                 -------------------  ---------------------------- 
                   Oil        Gas          Oil            Gas 
                  (Bbls)     (Mcf)      (per Bbl)      (per Mcf) 
                 --------  ---------  -------------  ------------- 
 
 Current Month 
  Distribution    12,000    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. 
 
 

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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SOURCE Cross Timbers Royalty Trust

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

(END) Dow Jones Newswires

October 21, 2024 08:00 ET (12:00 GMT)