Cross Timbers Royalty Trust Announces September Distributions
Cross Timbers Royalty Trust Declares September Distribution
Cross Timbers Royalty Trust, managed by Argent Trust Company, has announced a cash distribution of $0.102230 per unit. This is a noteworthy moment for unitholders, as this amount is payable to those recorded by the end of the month. The distribution highlights a continual flow of income from the Trust's operations.
Understanding the Distribution Mechanics
The distribution payment is set for mid-October, a period that brings excitement among the investors. The Trust's financial results provide insights into the underlying oil and gas sales for the current month. Key metrics such as volumes sold and average prices achieved are essential indicators of financial health and impact the distribution amount.
Current Month Sales Overview
In the current month, the Trust reported sales of 16,000 barrels of oil and 138,000 Mcf of gas. Such volumes indicate a robust performance, contributing towards the positive cash distribution. It's relevant to note the average prices achieved, which were $77.46 per Bbl of oil and $3.29 per Mcf of gas. These figures reflect favorable market conditions and efficient management of resources.
Prior Month Sales Figures
Looking back, the previous month's performance recorded sales of 13,000 barrels of oil and 67,000 Mcf of gas, with average prices slightly lower at $76.84 per Bbl for oil and $3.33 per Mcf for gas. This historical perspective allows us to appreciate the upward trend in performance, showcasing the Trust's resilient capacity to adapt and thrive.
Recent Developments Affecting the Trust
One significant element influencing this month’s distribution involves a settlement in a royalty class action lawsuit against XTO Energy Inc. This case, which concluded favorably for the Trust, resulted in additional production costs that were accounted for in the recent financials. The Trustee’s actions reflect a commitment to safeguarding the Trust's interests and navigating potential legal challenges effectively.
Excess Costs and Financial Management
Excess costs associated with the underlying properties have reportedly increased. Despite this, these costs did not negatively impact the net proceeds derived from the Trust’s activities. The ability to manage and mitigate these financial pressures demonstrates prudent oversight by the Trustee, ensuring stability and continued profitability.
Contact Information for Investor Inquiries
For stakeholders seeking more information about the Trust, inquiries are encouraged to be directed to the Director of Royalty Trust Services. This transparent line of communication supports investor relations and enhances engagement, fostering a sense of community among unitholders.
Primary contact details are as follows:
- Name: Nancy Willis
- Position: Director of Royalty Trust Services, Argent Trust Company
- Phone: 855-588-7839
Frequently Asked Questions
What is the amount of the September cash distribution?
The cash distribution for September is $0.102230 per unit for unitholders.
When will the distribution be paid?
The payment is scheduled for October, specifically on the 15th.
How have the recent legal settlements impacted distributions?
The legal settlements, specifically with XTO Energy, have positively influenced net proceeds, allowing for a higher distribution amount this month.
What are the sales volumes for oil and gas this month?
This month, the Trust reported sales of 16,000 barrels of oil and 138,000 Mcf of gas.
Who can I contact for more information about the Trust?
Investors can reach out to Nancy Willis, the Director of Royalty Trust Services, at 855-588-7839 for inquiries.
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