Cross Timbers Royalty Trust (CRT) Q1 2025 earnings summary

Executive summary

• Q1 2025 distributable income rose to $1.784M from $1.493M YoY; distributable income per unit increased to $0.297323 from $0.248869.

• Higher net profits income reflected lower development costs and higher production, partly offset by net excess costs and lower oil and gas prices.

Financial highlights

• Net profits income was $2.053M, up 12% YoY from $1.838M; total income was $2.065M versus $1.855M.

• Administration expense declined $80,038 YoY to $281,462, mainly due to expense-payment timing and professional-services terms.

• Distributable income was $1.784M, or $0.297323 per unit, compared with $1.493M, or $0.248869 per unit, in Q1 2024.

Outlook and guidance

• Natural production decline on underlying oil and gas properties is estimated at 6%–8% annually.

• Trustee intends to withhold $50,000 monthly from distributable funds until the expense reserve reaches $1.5M; the reserve stood at $1.0M at March 31, 2025.