UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 20, 2024

 

 

CROSS TIMBERS ROYALTY TRUST

(Exact name of registrant as specified in its charter)

 

 

Texas

001-10982

75-6415930

(State or other jurisdiction
of incorporation)

(Commission

File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

Argent Trust Company

Trustee

3838 Oak Lawn Ave, Suite 1720

 

Dallas, Texas

 

75219-4518

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (855) 588-7839

 

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading Symbol(s)

 


Name of each exchange on which registered

Units of Beneficial Interest

 

CRT

 

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 

 

 


 

Item 2.02 Results of Operations and Financial Condition.

On May 20, 2024, the Registrant issued a news release announcing its monthly cash distribution to unitholders of record on May 31, 2024. A copy of the news release is furnished as Exhibit 99.1.

The information in this Current Report, including the news release attached hereto, is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liabilities of that Section.

Item 9.01 Financial Statements and Exhibits.

(d)

Exhibits.

 

 

 

Exhibit 99.1

News Release dated May 20, 2024

 

 

 

2


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

CROSS TIMBERS ROYALTY TRUST

 

 

By:

ARGENT TRUST COMPANY, TRUSTEE

 

Date:

 

May 20, 2024

 

By:

 

/s/ NANCY WILLIS

 

 

 

Nancy Willis

 

 

 

Director of Royalty Trust Services

 

 

 

EXXON MOBIL CORPORATION

 

 

 

By:

 

/s/ WENDI POWELL

 

 

 

Wendi Powell

 

 

 

Upstream Controller

 

 

 

 

3


EXHIBIT 99.1

 

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

 

CROSS TIMBERS ROYALTY TRUST

DECLARES MAY CASH DISTRIBUTION

 

Dallas, Texas, May 20, 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 $0.058252 per unit, payable on June 14, 2024, to unitholders of record on May 31, 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

 

17,000

 

70,000

 

$76.32

 

$4.64

 

 

 

 

 

 

 

 

 

Prior Month Distribution

 

14,000

 

255,000

 

$72.14

 

$3.71

 

 

 

 

 

 

 

 

 

(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.

 

Prior Month Distribution

XTO Energy has advised the Trustee that out of period gas revenues attributable to non-operated properties in the Oklahoma Royalty Interest net profits interests contributed to a higher cash distribution in the prior month.

 

Excess Costs

XTO Energy has advised the Trustee that $46,000 of excess costs were recovered on properties underlying the Texas Working Interest net profits interests. However, after the partial recovery, there were no remaining proceeds from the properties underlying the Texas Working Interest net profits interests to be included in this month’s distribution. Underlying cumulative excess costs remaining on the Texas Working Interest net profits interests total $3,484,000, including accrued interest of $931,000.

 

XTO Energy has advised the Trustee that $366,000 of excess costs were recovered on properties underlying the Oklahoma Working Interest net profits interests. However, after the partial recovery, there were no remaining proceeds from the properties underlying the Oklahoma Working Interest net profits interests to be included in this month’s distribution. Underlying cumulative excess costs remaining on the Oklahoma Working Interest net profits interests total $153,000, including accrued interest of $9,000.


 

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.

 

* * *

 

Contact:

Nancy Willis

Director of Royalty Trust Services

Argent Trust Company, Trustee

855-588-7839

 



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