Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - CROSS TIMBERS ROYALTY TRUST | d71836d8k.htm |
EXHIBIT 99.1
[NEWS RELEASE LETTERHEAD OF CROSS TIMBERS ROYALTY TRUST APPEARS HERE]
CROSS TIMBERS ROYALTY TRUST
DECLARES JULY CASH DISTRIBUTION
Dallas, Texas, July 21, 2020 – Simmons Bank, as Trustee of the Cross Timbers Royalty Trust (NYSE:CRT), today declared a cash distribution to the holders of its units of beneficial interest of $0.032331 per unit, payable on August 14, 2020, to unitholders of record on July 31, 2020. 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 (Bbls) |
Gas (Mcf) |
Oil (per Bbl) |
Gas (per Mcf) |
|||||||||||||
| Current Month Distribution |
11,000 | 113,000 | $ | 16.29 | $ | 2.67 | ||||||||||
| Prior Month Distribution |
18,000 | 86,000 | $ | 23.63 | $ | 2.38 | ||||||||||
| (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. |
Excess Costs
XTO Energy has advised the Trustee that excess costs increased by $46,000 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 after the current month’s distribution total $2.5 million, including accrued interest of $394,000.
XTO Energy has advised the Trustee that excess costs increased by $103,000 on properties underlying the Oklahoma 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 Oklahoma Working Interest net profits interests after the current month’s distribution total $0.3 million, including accrued interest of $1,000.
For more information on the Trust, please visit our web site at www.crt-crosstimbers.com.
* * *
| Contact: | Nancy Willis |
| Vice President |
| Simmons Bank, Trustee |
| 855-588-7839 |