The 41% drop in oil volumes and 61% drop in gas volumes signal deteriorating production from the underlying properties, likely reflecting natural decline. With cumulative excess costs of ~$6.9M continuing to absorb working interest cash flows, distributions may remain compressed. Monitor next month's volumes for trend confirmation and watch for any operator commentary on drilling activity.
Price Chart
Executive Summary
Cross Timbers Royalty Trust declared a May cash distribution of $0.029624 per unit, payable June 12, 2026. Underlying oil and gas sales volumes fell sharply month-over-month (oil: 10,000 Bbls vs 17,000; gas: 47,000 Mcf vs 121,000), though average oil prices rose to $77.14/Bbl from $58.93. Cumulative excess costs on the Texas and Oklahoma working interest properties remain substantial at $5.9M and $1.0M respectively, continuing to suppress distributions.
Key Facts
- May cash distribution of $0.029624 per unit declared, payable June 12, 2026 to holders of record May 29, 2026
- Underlying oil sales volumes fell 41% month-over-month to 10,000 Bbls from 17,000 Bbls
- Underlying gas sales volumes fell 61% month-over-month to 47,000 Mcf from 121,000 Mcf
- Average oil price improved to $77.14/Bbl from $58.93/Bbl; average gas price edged up to $4.98/Mcf from $4.83/Mcf
- Cumulative excess costs on Texas working interest properties total $5,893,000 (including $1,626,000 accrued interest)
- Cumulative excess costs on Oklahoma working interest properties total $972,000 (including $19,000 accrued interest)
- No proceeds from Texas or Oklahoma working interest properties were included in this month's distribution after excess cost recovery
Financial Impact
Distribution of $0.029624/unit represents a sharp decline from the prior month's implied distribution level, driven by a ~50%+ drop in combined BOE volumes. Cumulative excess costs of ~$6.9M continue to absorb cash flows from working interest properties.
Risk Factors
- Continued production decline on royalty properties could further reduce distributions
- Large cumulative excess costs ($6.9M) may take years to recover, suppressing working interest distributions
- Trust structure provides no ability to reinvest in production growth
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-228378 |
| Document: crt-ex99_1.htm | 0001193125-26-228378 |
| Document: 0001193125-26-228378-index-headers.html | 0001193125-26-228378 |
| Document: 0001193125-26-228378-index.html | 0001193125-26-228378 |
| Document: 0001193125-26-228378.txt | 0001193125-26-228378 |
| 8-K Data (Synthetic) | 0001193125-26-228378 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 7d ago | 8-K | $13.60 | awaiting T+20 | — | $14.25 (+4.78%) |
Sep 18, 2026 5w ago | 8-K | $12.68 $12.80 | ▼ −0.93% | ▼ −0.73% | $14.25 (−12.37%) |
Aug 21, 2026 9w ago | 8-K | $10.81 $12.32 | ▲ +13.97% | ▲ +14.49% | $14.25 (+31.82%) |
Jul 21, 2026 13w ago | 8-K | $9.69 $10.58 | ▲ +9.18% | ▲ +6.62% | $14.25 (+47.06%) |
Jun 18, 2026 18w ago | 8-K | $8.93 $9.18 | ▲ +2.80% | ▲ +2.27% | $14.25 (+59.57%) |
May 18, 2026 23w ago | 8-K | $10.60 $9.76 | ▲ +7.92% | ▲ +9.51% | $14.25 (−34.43%) |
Apr 20, 2026 27w ago | 8-K | $10.49 $10.60 | ▲ +1.03% | ▼ −3.17% | $14.25 (+35.82%) |
US Market Status
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