Overview of Cash Distribution Announcement
Argent Trust Company, as the Trustee of the Cross Timbers Royalty Trust (CRT), has declared an upcoming cash distribution for the holders of its units of beneficial interest. The announced distribution amounts to $0.095045 per unit. This payout is set to be payable on February 14 to those unitholders recorded on January 31.
Details of Underlying Sales
The Trust’s cash distribution is supported by the underlying oil and gas sales for the current month. It is crucial to note that these sales volumes can experience fluctuations month-to-month based on the timing of cash receipts. During the current month, the Trust reported underlying sales of approximately 13,000 barrels of oil and 114,000 Mcf of gas. The average price for oil was $68.38 per barrel while gas averaged $3.78 per Mcf. This indicates strong support for the distribution amount declared.
Comparative Insights from Prior Month
In the prior month, the distribution was also 13,000 barrels of oil but with a lower gas volume of 68,000 Mcf. The average prices were slightly higher at $69.15 per barrel for oil and $3.26 per Mcf for gas, which showcases a slight variance in the market conditions affecting the Trust’s current financial performance. Monitoring these trends allows unitholders to better understand potential future distributions.
Financial Performance and Excess Costs
In a significant update, XTO Energy informed the Trustee about the recovery of $24,000 in excess costs related to properties underlying the Texas Working Interest net profits interests. However, due to the partial recovery, there were no remaining proceeds from the properties that could contribute to this month's distribution. The total underlying cumulative excess costs remaining on the Texas Working Interest net profits interests now stand at $4,260,000, inclusive of accrued interest calculated to be $1,143,000.
Future Expectations for Unitholders
Given the current pricing trends and underlying sales performance, unitholders are encouraged to remain optimistic about future distributions. The financial practices observed within Cross Timbers Royalty Trust highlight the entity’s strategic management of its cash flows and the performance of its underlying assets. Continued assessments on market conditions will also play a key role in future announcements.
Frequently Asked Questions
What is the amount of the cash distribution for this month?
The cash distribution announced by Cross Timbers Royalty Trust is $0.095045 per unit.
When will the distribution be paid out?
The distribution is scheduled to be payable on February 14, with the record date set for January 31.
What factors influence the distribution amounts?
Distribution amounts are influenced by the underlying oil and gas sales, average pricing, and fluctuations in sales volume month-to-month.
Are there any excess costs that affect this month's distribution?
Yes, there were recovery costs reported amounting to $24,000, but no further proceeds were available for distribution this month.
Where can I find more information about the Trust?
For additional information regarding the Trust’s performance and distribution details, unitholders can visit the Trust's official website.
