Cross Timbers Royalty Trust Declares $0.029624 Distribution as Oil Hits $77.14
Cross Timbers Royalty Trust declared a $0.029624 per unit cash distribution payable June 12 to unitholders of record May 29, with May oil sold at 10,000 barrels and gas at 47,000 Mcf. May average oil price climbed to $77.14 per barrel and gas to $4.98 per Mcf; excess cost recoveries totaled $55,000 with $6.865 million remaining.
1. Cash Distribution Declared
Cross Timbers Royalty Trust announced a cash distribution of $0.029624 per unit, payable on June 12 to unitholders of record at the close of business on May 29. This marks the May distribution based on net profits income from April sales.
2. Monthly Sales Volumes and Prices
In May, the Trust recorded 10,000 barrels of oil sales and 47,000 Mcf of gas sales, down from 17,000 barrels and 121,000 Mcf in the prior period. Average realized prices rose to $77.14 per barrel of oil and $4.98 per Mcf of gas, boosting revenue per unit.
3. Excess Cost Recoveries
The Trust recovered $3,000 of excess costs from Texas properties and $52,000 from Oklahoma properties in May. Cumulative excess costs remaining total $5.893 million for Texas working interests and $972,000 for Oklahoma working interests, including accrued interest.