CROSS TIMBERS ROYALTY TRUST
For the period ended Mar 31, 2024. Filed May 14, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 14, 2024
CRT$12.72+2.6%Stored close · as of Nov 6, 2026
Contents
Glossary of Terms
The following are definitions of significant terms used in this Form 10-Q:
| Bbl | Barrel (of oil) |
|---|---|
| Mcf | Thousand cubic feet (of natural gas) |
| MMBtu | One million British Thermal Units, a common energy measurement |
| net proceeds | Gross proceeds received by XTO Energy from sale of production from the underlying properties, less applicable costs, as defined in the net profits interest conveyances. |
| net profits income | Net proceeds multiplied by the applicable net profits percentage of 75% or 90%, which is paid to the Trust by XTO Energy. “Net profits income” is referred to as “royalty income” for income tax purposes. |
| net profits interest | An interest in an oil and gas property measured by net profits from the sale of production, rather than a specific portion of production. The following defined net profits interests were conveyed to the Trust from the underlying properties: |
| 90% net profits interests- interests that entitle the Trust to receive 90% of the net proceeds from the underlying properties that are substantially all royalty or overriding royalty interests in Texas, Oklahoma and New Mexico. | |
| 75% net profits interests- interests that entitle the Trust to receive 75% of the net proceeds from the underlying properties that are working interests in Texas and Oklahoma. | |
| royalty interest(and overriding royalty interest) | A non-operating interest in an oil and gas property that provides the owner a specified share of production without any production expense or development costs. |
| underlying properties | XTO Energy’s interest in certain oil and gas properties from which the net profits interests were conveyed. The underlying properties include royalty and overriding royalty interests in producing and nonproducing properties in Texas, Oklahoma and New Mexico, and working interests in producing properties located in Texas and Oklahoma. |
| working interest | An operating interest in an oil and gas property that provides the owner a specified share of production that is subject to all production expense and development costs. |
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