Cross Timbers Royalty Trust(US:CRT)2021-11-11 16:00Financial Performance - For the quarter ended September 30, 2021, net profits income was $2,455,493, a 196% increase from $829,258 in Q3 2020, driven by higher oil and gas prices and increased oil production[41]. - Distributable income for the same quarter was $2,301,702, or $0.383617 per unit, compared to $613,992, or $0.102332 per unit in Q3 2020[42]. - For the nine months ended September 30, 2021, net profits income rose to $5,602,598, a 36% increase from $4,107,869 in the same period of 2020[44]. - Total revenues for Q3 2021 were $4,653,596, a 129% increase from $2,029,110 in Q3 2020[49]. Price and Sales Volume - Average oil price for Q3 2021 increased 112% to $62.29 per Bbl, while the average gas price rose 132% to $5.49 per Mcf[54][55]. - Oil sales volumes increased 9% in Q3 2021, while gas sales volumes decreased 2% for the same period[51][52]. Expenses and Costs - Production expenses increased 15% for Q3 2021, primarily due to higher repairs and maintenance costs[57]. - Development costs surged 966% for Q3 2021, attributed to timing of charges, but decreased 59% for the nine-month period due to reduced activity[59]. - Taxes, transportation, and other costs rose 62% in Q3 2021, mainly due to increased severance taxes and property taxes[56]. Other Information - Cumulative excess costs for the Texas working interest conveyance totaled $2.7 million as of September 30, 2021[60]. - No material changes in risk factors since the last annual report[67]. - The report was signed on behalf of Cross Timbers Royalty Trust by Simmons Bank, Trustee[71]. - The annual report was filed with the SEC on April 13, 2021[69].