Monitor next month's distribution and excess cost trajectory — if Texas excess costs continue to rise, distributions may face further pressure. The cumulative $6.3M Texas excess cost overhang limits upside from any oil price recovery.
Price Chart
Executive Summary
Cross Timbers Royalty Trust declared a September cash distribution of $0.064277 per unit, payable October 15, 2026. Underlying oil and gas sales volumes declined month-over-month (oil: 10,000 vs 11,000 Bbls; gas: 48,000 vs 50,000 Mcf) with lower average prices ($76.19 vs $78.27 per Bbl; $4.67 vs $4.69 per Mcf). Excess costs on Texas properties increased by $277,000, while Oklahoma properties recovered $67,000 in excess costs but generated no distributable proceeds. The distribution decrease and rising excess costs signal continued pressure on cash flows.
Key Facts
- September cash distribution of $0.064277 per unit, payable October 15, 2026 to unitholders of record September 30, 2026
- Oil sales volumes: 10,000 Bbls (current) vs 11,000 Bbls (prior month), down ~9.1%
- Gas sales volumes: 48,000 Mcf (current) vs 50,000 Mcf (prior month), down 4%
- Average oil price: $76.19/Bbl (current) vs $78.27/Bbl (prior month), down ~2.7%
- Average gas price: $4.67/Mcf (current) vs $4.69/Mcf (prior month), down ~0.4%
- Texas excess costs increased by $277,000; cumulative Texas excess costs $6,332,000 including $1,762,000 accrued interest
- Oklahoma excess costs recovered $67,000 but no proceeds included in distribution; cumulative Oklahoma excess costs $488,000 including $37,000 accrued interest
Financial Impact
Monthly distribution decreased from prior month; lower volumes and prices reduced cash flow. Texas excess costs grew by $277,000, further constraining distributable income.
Risk Factors
- Rising excess costs on Texas properties could further reduce distributable income
- Declining oil and gas sales volumes signal potential production decline or timing shifts
- Cumulative excess costs ($6.8M total) represent a significant drag on future distributions
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-395258 |
| Document: crt-ex99_1.htm | 0001193125-26-395258 |
| Document: 0001193125-26-395258-index-headers.html | 0001193125-26-395258 |
| Document: 0001193125-26-395258-index.html | 0001193125-26-395258 |
| Document: 0001193125-26-395258.txt | 0001193125-26-395258 |
| 8-K Data (Synthetic) | 0001193125-26-395258 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 7d ago | 8-K | $13.60 | awaiting T+20 | — | $14.11 (+3.75%) |
Sep 18, 2026 5w ago | 8-K | $12.68 $12.80 | ▼ −0.93% | ▼ −0.73% | $14.11 (−11.26%) |
Aug 21, 2026 9w ago | 8-K | $10.81 $12.32 | ▲ +13.97% | ▲ +14.49% | $14.11 (+30.53%) |
Jul 21, 2026 14w ago | 8-K | $9.69 $10.58 | ▲ +9.18% | ▲ +6.62% | $14.11 (+45.61%) |
Jun 18, 2026 18w ago | 8-K | $8.93 $9.18 | ▲ +2.80% | ▲ +2.27% | $14.11 (+58.01%) |
May 18, 2026 23w ago | 8-K | $10.60 $9.76 | ▲ +7.92% | ▲ +9.51% | $14.11 (−33.11%) |
Apr 20, 2026 27w ago | 8-K | $10.49 $10.60 | ▲ +1.03% | ▼ −3.17% | $14.11 (+34.49%) |
US Market Status
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