Cross Timbers Royalty Trust (CRT) Q2 2025 earnings summary

Executive summary

• Q2 2025 distributable income was $892,548, or $0.148758 per unit, versus $1,345,758, or $0.224293, in Q2 2024; net profits income fell 17% YoY.

• Lower production, lower oil prices and higher production expense pressured Q2 net profits income; higher gas prices and net excess-cost activity partly offset the decline.

Financial highlights

• Q2 total income was $1,305,748 versus $1,580,044 YoY; administration expense was $263,200 versus $234,286, and the expense reserve increased by $150,000.

• H1 2025 net profits income was $3,347,160 versus $3,402,612; distributable income was $2,676,486 versus $2,838,972, down 6% YoY.

• H1 administration expense was $544,662, down $51,124 YoY, mainly due to timing of expense receipts and payments and professional-services terms.

Segment performance

• Underlying-property Q2 oil sales volumes declined 18% YoY to 35,811 Bbls; gas volumes declined 35% to 216,440 Mcf.

• Q2 average oil price fell 14% YoY to $66.79/Bbl, while gas price rose 37% to $5.54/Mcf.

• Q2 production expense increased 24% YoY, primarily from gas processing, labor, miscellaneous non-operated costs, and power and fuel; development costs fell 94%.