Cross Timbers Royalty Trust reported a decrease in financial performance for the second quarter and first half of 2025, as detailed in its latest 10-Q filing. For the quarter ended June 30, 2025, the Trust's net profits income was $1,293,766, a 17% decline from $1,564,871 in the same period of 2024. The decrease was attributed to lower oil and gas production, which accounted for a $1 million drop, alongside reduced oil prices that contributed an additional $0.4 million loss. Increased production expenses also impacted the results, although these were partially offset by net excess costs activity and higher gas prices.
In the first half of 2025, net profits income totaled $3,347,160, down 2% from $3,402,612 in the prior year. The decline was similarly driven by decreased oil and gas production and lower oil prices, although it was mitigated by reduced development costs and higher gas prices. The Trust's total income for the quarter was $1,305,748, down from $1,580,044 in the previous year, while for the six-month period, total income was $3,371,148 compared to $3,434,758 in 2024.
Operationally, the Trust experienced a significant decline in sales volumes, with oil sales down 18% in the second quarter and 7% for the first half of the year. Gas sales volumes decreased by 35% and 12% for the respective periods. The average oil price fell by 14% to $66.79 per barrel, while gas prices increased by 37% to $5.54 per thousand cubic feet. The Trust's administrative expenses rose to $263,200 for the quarter, reflecting a $28,914 increase from the previous year, primarily due to the timing of expense payments.
Looking ahead, the Trust's outlook remains cautious, with the Trustee noting that the oil and gas markets are subject to significant price volatility. The Trust has not recorded any impairment of its net profits interests as of June 30, 2025, and anticipates that future performance will be influenced by market conditions, production levels, and operational costs. The Trustee emphasized the importance of monitoring these factors closely, as they will impact the Trust's financial results and distributions to unitholders.
About CROSS TIMBERS ROYALTY TRUST
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