EX-99.1 2 d774852dex991.htm EX-99.1 EX-99.1

EXHIBIT 99.1

[NEWS RELEASE LETTERHEAD OF CROSS TIMBERS ROYALTY TRUST APPEARS HERE]

CROSS TIMBERS ROYALTY TRUST

DECLARES FEBRUARY CASH DISTRIBUTION

Dallas, Texas, February 16, 2024 – 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 $0.114156 per unit, payable on March 14, 2024, to unitholders of record on February 29, 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
(Bbls)		      Gas
(Mcf)		      Oil
(per Bbl)		      Gas
(per Mcf)		  

Current Month Distribution

      14,000        123,000      $ 73.21      $ 4.26  

Prior Month Distribution

      14,000        80,000      $ 79.71      $ 4.18  

 

(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 excess costs increased by $172,000 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 $3,360,000, including accrued interest of $860,000.

XTO Energy has advised the Trustee excess costs increased by $17,000 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 total $17,000.

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:

   

Nancy Willis

Director of Royalty Trust Services

Argent Trust Company, Trustee

855-588-7839