Cross Timbers Royalty Trust sets October payout as oil and gas volumes ease
Oil royalty trusts translate commodity cycles into monthly distributions with unusual directness. September's data for Cross Timbers Royalty Trust (NYSE: CRT) shows that mechanism at work: Argent Trust Company, as trustee,…
Key takeaways
- Cross Timbers Royalty Trust (NYSE: CRT) declared a cash distribution of $0.064277 per unit, payable October 15, 2026, to unitholders of record on September 30, 2026.
- Underlying sales volumes fell to 10,000 barrels of oil at $76.19 per barrel and 48,000 Mcf of gas at $4.67 per Mcf, down from 11,000 barrels at $78.27 and 50,000 Mcf at $4.69 the prior month.
- Excess costs on the Texas Working Interest net profits interests rose by $277,000, but did not reduce net proceeds from the remaining conveyances.
- No proceeds remained from the Oklahoma Working Interest properties for this month's distribution after XTO recovered $67,000 of accumulated excess costs.
- Cumulative excess costs stand at $6,332,000 for Texas (including $1,762,000 accrued interest) and $488,000 for Oklahoma (including $37,000 accrued interest).
Oil royalty trusts translate commodity cycles into monthly distributions with unusual directness. September's data for Cross Timbers Royalty Trust (NYSE: CRT) shows that mechanism at work: Argent Trust Company, as trustee, declared a cash distribution of $0.064277 per unit, payable October 15, 2026, to unitholders of record on September 30, 2026.
Underlying sales volumes attributable to the current distribution came in at 10,000 barrels of oil at $76.19 per barrel and 48,000 Mcf of gas at $4.67 per Mcf. The prior month reflected 11,000 barrels at $78.27 and 50,000 Mcf at $4.69. Both volumes and realized prices stepped back. Sales figures can fluctuate month to month based on the timing of cash receipts, the trust notes.
Excess costs: Texas and Oklahoma
XTO Energy advised the trustee that excess costs on the Texas Working Interest net profits interests rose by $277,000 in the current period. Those costs did not reduce net proceeds from the remaining conveyances, leaving the broader distribution intact on that count.
Oklahoma tells a different story. XTO recovered $67,000 of accumulated excess costs on the Oklahoma Working Interest properties, but after that partial recovery, no proceeds remained from those Oklahoma properties for inclusion in this month's distribution. Cumulative excess costs on the Oklahoma Working Interest now stand at $488,000, including $37,000 of accrued interest. The Texas cumulative balance is $6,332,000, of which $1,762,000 is accrued interest.
Excess cost balances in royalty trust structures sit between production activity and distributable income. They accumulate when operating costs outpace revenues on working interest properties and must be recovered before net profits flow to unitholders. The Texas balance at $6,332,000 is the more material figure; the Oklahoma properties contributed nothing to this month's distribution, with $488,000 in cumulative costs still to clear.
Across both geographies, the pace of recovery tracks commodity prices. Oil moved from $78.27 to $76.19 per barrel between the prior and current periods, gas from $4.69 to $4.67 per Mcf. Neither decline is severe. For a trust where per-unit distributions track realized commodity prices, though, the direction matters. At $76.19 per barrel on the current underlying sales, the oil price is the most direct input into how quickly either balance erodes.
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