UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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): November 17, 2023

 

 

CROSS TIMBERS ROYALTY TRUST

(Exact Name of Registrant as Specified in Its Charter)

 

 

 

Texas   1-10982   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) NONE

 

 

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 (see General Instruction A.2. below):

 

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

 

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 November 17, 2023, the Registrant issued a news release announcing its monthly cash distribution to unitholders of record on November 30, 2023. 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 November 17, 2023

 

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: November 17, 2023     By:   /s/ NANCY WILLIS
      Nancy Willis
      Vice President
    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 NOVEMBER CASH DISTRIBUTION

Dallas, Texas, November 17, 2023 – 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 $0.149994 per unit, payable on December 14, 2023, to unitholders of record on November 30, 2023. 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

     21,000        140,000      $ 76.47      $ 4.60  

Prior Month Distribution

     14,000        105,000      $ 75.47      $ 3.97  

 

(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 $179,000 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 $2,349,000, including accrued interest of $798,000.

For more information on the Trust, please visit our website at www.crt-crosstimbers.com.

*                *                 *

 

Contact:

  

Nancy Willis

Vice President

Argent Trust Company, Trustee

855-588-7839


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