CROSS TIMBERS ROYALTY TRUST
For the period ended Jun 30, 2025. Filed Aug 13, 2025.
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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.
Jun 30, 2025 · Filed Aug 13, 2025
CRT$12.72+2.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-14.
0000950170-25-071279
Item 2. Trustee’s Discussion and AnalysisCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-13.
0000950170-25-107944
Item 2. Trustee’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 45 previous paragraphs and 50 current paragraphs.
33 unchanged; 6 reworded; 9 added; 6 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (9)
Current report
Quarter
Current report
Six Months
Current report
For the six months ended June 30, 2025, net profits income was $3,347,160 compared to $3,402,612 for the same 2024 period. This 2 percent decrease in net profits income is primarily the result of decreased oil and gas production ($0.6 million), lower oil prices ($0.5 million), and increased production expenses ($0.3 million), partially offset by decreased development costs ($1.0 million), higher gas prices ($0.2 million), and decreased taxes, transportation and other costs ($0.1 million). See “Net Profits Income” below.
Current report
Oil sales volumes decreased 18 percent for the second quarter and decreased 7 percent for the six-month period primarily due to the timing of cash receipts and natural production decline.
Current report
Gas sales volumes decreased 35 percent for the second quarter and decreased 12 percent for the six-month period primarily because of the absence of out-of-period revenues related to non-operated properties in the Oklahoma royalty interest net profits interests and natural production decline, partially offset by the timing of cash receipts.
Current report
The average oil price for the second quarter decreased 14 percent to $66.79 per Bbl and for the six-month period decreased 10 percent to $68.84 per Bbl.
Current report
Gas prices for the second quarter increased 37 percent to $5.54 per Mcf and for the six-month period increased 11 percent to $4.71 per Mcf.
Current report
Taxes, transportation and other costs decreased 16 percent for the second quarter primarily because of decreased oil and gas severance taxes on lower revenues and decreased property taxes, partially offset by increased gas deductions. Taxes, transportation and other costs decreased 19 percent for the six-month period primarily because of decreased oil and gas severance taxes and gas deductions on lower revenues and decreased property taxes.
Current report
Production expense increased 24 percent for the second quarter primarily because of increased gas processing costs, labor, miscellaneous non-operated costs, and power and fuel costs, partially offset by decreased repairs and maintenance. Production expense increased 12 percent for the six-month period primarily because of increased labor, gas processing costs, repairs and maintenance, power and fuel, and chemical costs, partially offset by decreased field costs.
Removed paragraphs (6)
Previous report
Oil sales volumes increased 4 percent from first quarter 2024 to first quarter 2025 primarily due to timing of cash receipts, partially offset by natural production decline.
Previous report
Gas sales volumes increased 19 percent from first quarter 2024 to first quarter 2025 primarily because of timing of cash receipts, partially offset by natural production decline.
Previous report
The average oil price decreased 6 percent to $70.48 per Bbl for first quarter 2025.
Previous report
The average gas price decreased 10 percent to $4.11 per Mcf for first quarter 2025.
Previous report
Taxes, transportation and other costs decreased 21 percent for first quarter 2025 primarily because of decreased gas deductions, decreased oil severance taxes on lower revenues, and decreased property taxes.
Previous report
Production expense decreased 1 percent for first quarter 2025 primarily because of decreased field and miscellaneous non-operated costs, partially offset by increased repairs and maintenance, labor, and processing costs.
Reworded paragraphs (6)
Previous wording
For the quarter ended March 31, 2025, net profits income was $2,053,394 compared to $1,837,741 for first quarter 2024. This 12 percent increase in net profits income is primarily the result of decreased development costs ($0.7 million), increased oil and gas production ($0.3 million), and decreased taxes, transportation and other costs ($0.1 million), partially offset by net excess costs activity ($0.6 million), and lower oil and gas prices ($0.3 million). See “Net Profits Income” below.
Current wording
For the quarter ended June 30, 2025, net profits income was $1,293,766 compared to $1,564,871 for second quarter 2024. This 17 percent decrease in net profits income is primarily the result of decreased oil and gas production ($1.0 million), lower oil prices ($0.4 million), and increased production expenses ($0.3 million), partially offset by net excess costs activity ($0.6 million), higher gas prices ($0.5 million), decreased development costs ($0.2 million), and decreased taxes, transportation and other costs ($0.1 million). See “Net Profits Income” below.
Previous wording
After considering interest income of $12,006 and administration expense of $281,462, distributable income for the quarter ended March 31, 2025, was $1,783,938, or $0.297323 per unit of beneficial interest. Administration expense for the quarter decreased $80,038 from the prior year quarter, primarily related to the timing of receipt and payment of Trust expenses and terms of professional services. Changes in interest income are attributable to fluctuations in net profits income, expense reserve, and interest rates. For first quarter 2024, distributable income was $1,493,214, or $0.248869 per unit.
Current wording
After adding interest income of $11,982, deducting administration expense of $263,200, and increasing the expense reserve $150,000, distributable income for the quarter ended June 30, 2025, was $892,548, or $0.148758 per unit of beneficial interest. Administration expense for the quarter increased $28,914 from the prior year quarter, primarily related to the timing of receipt and payment of Trust expenses and terms of professional services. Changes in interest income are attributable to fluctuations in net profits income, expense reserve, and interest rates. For second quarter 2024, distributable income was $1,345,758, or $0.224293 per unit.
Previous wording
Because of the interval between time of production and receipt of royalty income by the Trust, oil and gas sales for the quarter ended March 31 generally represent oil production for the period November through January and gas production for the period October through December.
Current wording
Because of the interval between time of production and receipt of royalty income by the Trust, (1) oil and gas sales for the quarter ended June 30 generally represent oil production for the period February through April and gas production for the period January through March and (2) oil and gas sales for the six-months ended June 30 generally represent oil production for the period November through April and gas production for the period October through March.
Previous wording
The following are explanations of significant variances on the underlying properties from first quarter 2024 to first quarter 2025:
Current wording
The following are explanations of significant variances on the underlying properties from second quarter 2024 to second quarter 2025 and from the first six months of 2024 to the comparable period in 2025:
Previous wording
Development costs related to properties underlying the 75% net profits interests decreased 88 percent for first quarter 2025 primarily because of the absence of costs for drilling activity that occurred in the second half of 2023 for the Hewitt Unit.
Current wording
Development costs related to properties underlying the 75% net profits interests decreased 94 percent for the second quarter and 90 percent for the six-month period primarily because of the absence of costs for drilling activity that occurred in the second half of 2023 for the Hewitt Unit.
Previous wording
If monthly costs exceed revenues for any conveyance, such excess costs must be recovered, with accrued interest, from future net proceeds of that conveyance and cannot reduce net proceeds from any other conveyance. Underlying cumulative excess costs for the Texas working interest conveyance remaining as of March 31, 2025, totaled $4.4 million ($3.3 million net to the Trust), including accrued interest of $1.2 million ($0.9 million net to the Trust). For further information on excess costs, see Note 4 to Condensed Financial Statements.
Current wording
If monthly costs exceed revenues for any conveyance, such excess costs must be recovered, with accrued interest, from future net proceeds of that conveyance and cannot reduce net proceeds from any other conveyance. Underlying cumulative excess costs for the Texas and Oklahoma working interest conveyances remaining as of June 30, 2025, totaled $4.9 million
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
After adding interest income of $23,988, deducting administration expense of $544,662, and increasing the expense reserve $150,000, distributable income for the six months ended June 30, 2025, was $2,676,486, or $0.446081 per unit of beneficial interest. Administration expense for the six months ended June 30, 2025, decreased $51,124 from the prior year six-month period, primarily related to the timing of receipt and payment of Trust expenses and terms of professional services. Changes in interest income are attributable to fluctuations in net profits income, expense reserve, and interest rates. For the six months ended June 30, 2024, distributable income was $2,838,972, or $0.473162 per unit.
Current report — wording carried from elsewhere
($3.6 million net to the Trust), including accrued interest of $1.3 million ($1.0 million net to the Trust). For further information on excess costs, see Note 4 to Condensed Financial Statements.