Financial Performance - Distributable income for the first quarter of 2025 was $1,783,938, up 19.4% from $1,493,214 in the same period of 2024[12] - The distributable income per unit increased to $0.297323 in Q1 2025 from $0.248869 in Q1 2024, reflecting a rise of 19.4%[12] - Net profits income for Q1 2025 was $2,053,394, compared to $1,837,741 in Q1 2024, indicating an increase of 11.7%[12] - For the quarter ended March 31, 2025, net profits income increased by 12% to $2,053,394 compared to $1,837,741 for the same quarter in 2024[34] - Distributable income for the quarter was $1,783,938, or $0.297323 per unit, reflecting an increase from $1,493,214, or $0.248869 per unit, in the first quarter of 2024[35] Asset and Trust Information - As of March 31, 2025, total assets increased to $4,287,064 from $3,806,934 as of December 31, 2024, representing a growth of approximately 12.6%[10] - The trust corpus decreased to $2,346,714 as of March 31, 2025, down from $2,433,344 at the end of 2024, a decline of approximately 3.6%[13] - Cumulative excess costs remaining as of March 31, 2025, totaled $4,402,777, which includes accrued interest of $1,195,216[27] - Cumulative excess costs for the Texas working interest conveyance totaled $4.4 million, including accrued interest of $1.2 million as of March 31, 2025[47] Revenue and Sales - Total revenues for the quarter were $4,362,723, a slight decrease of 0% compared to $4,371,441 in the first quarter of 2024[38] - Oil sales volumes increased by 4% to 44,370 Bbls, while gas sales volumes rose by 19% to 300,843 Mcf compared to the first quarter of 2024[38][41] - The average oil price decreased by 6% to $70.48 per Bbl, and the average gas price decreased by 10% to $4.11 per Mcf for the first quarter of 2025[42][43] Expenses and Costs - Administrative expenses decreased by $80,038 to $281,462, primarily due to the timing of Trust expenses and professional services[35] - Taxes, transportation, and other costs decreased by 21% to $422,062, attributed to lower gas deductions and oil severance taxes[44] - Development costs decreased by 88% to $131,242, primarily due to the absence of drilling activity costs from the previous year[46] - The amortization of net profits interests for Q1 2025 was $86,630, compared to $51,066 in Q1 2024, showing an increase of 69.7%[13] Other Financial Information - XTO Energy's overhead charge for monitoring interests was $50,442 as of March 31, 2025, impacting net proceeds to the trust[29] - No impairment of net profits interests was recorded as of March 31, 2025, as no trigger events indicated a need for assessment[19] - The trust's financial statements are prepared on a modified cash basis, differing from U.S. GAAP, which affects revenue and expense recognition[15] - The Trustee plans to withhold $50,000 from monthly distributions until the expense reserve reaches $1,500,000[32]
Cross Timbers Royalty Trust(CRT) - 2025 Q1 - Quarterly Report