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Cross Timbers Royalty Trust (CRT-0.25%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing net profits income of $6,563,177, down from $12,300,176 in the previous year. This decrease is attributed to lower oil and gas production and prices, as well as increased development costs.
Total revenues for the year were $17,319,388, compared to $25,439,783 in 2023. The decline in revenues was primarily due to a decrease in oil and gas sales volumes and prices.
The Trust reported a decrease in oil sales volumes to 48,416 barrels from 71,131 barrels in the previous year. Gas sales volumes also decreased to 973,861 Mcf from 1,452,440 Mcf.
The average sales price for oil was $75.68 per barrel, down from $77.05 per barrel in 2023. The average sales price for gas was $3.97 per Mcf, down from $6.00 per Mcf in the previous year.
Production expenses decreased to $7,191,977 from $7,617,528, while development costs increased to $1,509,510 from $1,061,887.
The Trust's distributable income for the year was $5,677,818, compared to $11,547,888 in 2023. Distributable income per unit was $0.946303, down from $1.924648 in the previous year.
As of December 31, 2024, the Trust had cash and short-term investments totaling $1,369,379, with a distribution payable to unitholders of $373,590.
The Trust's net profits interests in oil and gas properties were valued at $2,433,344, down from $2,671,583 at the end of 2023.
The filing also discusses various risk factors, including fluctuations in oil and gas prices, production costs, and potential regulatory changes that could impact future distributions to unitholders.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cross Timbers Royalty Trust annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.