Quarterly ResultMay 14, 2026, 04:03 PM
Cross Timbers Royalty Trust Q1 Distributable Income Down 71.8%
AI Summary
Cross Timbers Royalty Trust reported a significant decline in distributable income for the first quarter of 2026, falling 71.8% to $503,406, or $0.083901 per unit. This was primarily driven by a 62% decrease in net profits income, which dropped to $774,181. The decline was attributed to decreased oil and gas production volumes, lower oil prices, increased overhead, and higher production costs. Additionally, cumulative excess costs for working interest conveyances reached $6.7 million.
Key Highlights
- Distributable income decreased 71.8% to $503,406 for Q1 2026.
- Distributable income per unit fell to $0.083901 from $0.297323.
- Net profits income decreased 62% to $774,181 from $2,053,394.
- Underlying oil sales volumes decreased 37%; gas sales volumes decreased 38%.
- Average oil price decreased 20% to $56.65/Bbl; gas price increased 3% to $4.25/Mcf.
- Production expense increased 52%; development costs decreased 101%.
- Cumulative excess costs reached $6.7M ($5.0M net to Trust) as of March 31, 2026.