Financial Performance - For the quarter ended September 30, 2024, net profits income decreased by 37% to $1,697,724 compared to $2,676,180 in Q3 2023[44]. - Distributable income for the quarter was $1,521,252, or $0.253542 per unit, down from $2,451,192, or $0.408532 per unit in Q3 2023[45]. - Total revenues for Q3 2024 were $4,588,397, a 15% decrease from $5,372,316 in Q3 2023[51]. - For the nine months ended September 30, 2024, net profits income was $5,100,336, a 48% decrease from $9,751,943 in the same period of 2023[47]. - Distributable income for the nine months was $4,360,224, or $0.726704 per unit, down from $9,131,004, or $1.521834 per unit in the prior year[47]. Sales and Pricing - Oil sales volumes decreased by 23% in Q3 2024, while gas sales volumes increased by 17% for the same period[55][56]. - Average oil price increased by 4% to $77.54 per Bbl in Q3 2024, while average gas price decreased by 14% to $3.65 per Mcf[57][58]. Expenses and Costs - Production expenses increased by 34% in Q3 2024, primarily due to higher processing costs and increased labor[60]. - Development costs increased by 103% for the nine-month period due to timing of drilling activity costs[61]. - Underlying cumulative excess costs for the Texas working interest conveyance totaled $3.8 million as of September 30, 2024[62]. Governance and Compliance - The Trust's disclosure controls and procedures are effective in ensuring timely reporting of required information under the Securities Exchange Act of 1934[66]. - There have been no material changes in the risk factors disclosed in the Trust's Annual Report for the year ended December 31, 2023[67]. - The Trust does not have any directors or officers, which affects the adoption or termination of trading arrangements[68].
Cross Timbers Royalty Trust(CRT) - 2024 Q3 - Quarterly Report