Cross Timbers Royalty Trust (CRT) Q4 2024 earnings summary

Executive summary

• 2024 net profits income fell 47% YoY to $6.56M; distributable income declined to $5.68M, or $0.946303 per unit, as production and realized prices weakened.

• Q4 net profits income declined 43% YoY to $1.46M; distributable income was $1.32M, or $0.219599 per unit.

Financial highlights

• 2024 sales revenue was $17.32M vs. $25.44M in 2023; total costs were $9.83M vs. $11.49M, leaving net proceeds of $7.49M vs. $13.95M.

• 2024 total income was $6.62M, including $60,253 interest income; administration expense was $945,612 vs. $816,185 in 2023.

• Q4 2024 administration expense was $158,890 and interest income was $13,643; distributable income was $1.32M vs. $2.42M in Q4 2023.

Outlook and guidance

• Operators budgeted development costs of $0.75M for 2025 and $0.85M for 2026, with $0.56M and $0.64M, respectively, net to the interests; estimates may change with prices and project timing.

• As of March 14, 2025, the 12-month average NYMEX oil and gas prices were $65.20/Bbl and $4.66/MMBtu, respectively; future prices remain volatile.

• Underlying properties’ estimated natural production decline is 6%–8% annually; reserve-to-production index was ~11 years at Dec. 31, 2024.