Cross Timbers Royalty Trust Trust Units (CRT, Financial) filed Annual Report for the period ended 2010-12-31.
Cross Timbers Royalty has a market cap of $282.3 million; its shares were traded at around $47.05 with a P/E ratio of 18.9 and P/S ratio of 24. The dividend yield of Cross Timbers Royalty stocks is 6.3%. Cross Timbers Royalty had an annual average earning growth of 7.4% over the past 10 years.Hedge Fund Gurus that owns CRT: Jim Simons of Renaissance Technologies LLC.
attributable to the Penwell Unit was $2,713 ($2,035 net to the trust) and monthly overhead attributable to the Hewitt Unit was $4,538 ($3,404 net to the trust). If production costs exceed gross proceeds for any conveyance, this excess is carried forward to future monthly computations of net proceeds until the excess costs (plus interest accrued as specified in the conveyances) are completely recovered. Excess production costs and related accrued interest from one conveyance cannot be used to reduce net proceeds from any other conveyance.
Total 2010 development costs were $539,048 down 10% from 2009 development costs of $601,502. Development costs were lower in 2010 because of decreased development activity related to Texas and Oklahoma properties underlying the 75% net profits interest. January and February 2011 development costs totaled approximately $141,000, primarily incurred in fourth quarter 2010.
As reported to XTO Energy by unit operators in February of each year, budgeted development costs were $585,000 for 2010 and $756,000 for 2009. Actual development costs often differ from amounts budgeted because of changes in product prices and other factors that may affect the timing or selection of projects. Also, costs are deducted in the calculation of trust net profits income several months after they are incurred by the operator. Unit operators have reported total budgeted costs, net to the underlying properties, of approximately $907,000 for 2011 and $881,000 for 2012.
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Cross Timbers Royalty has a market cap of $282.3 million; its shares were traded at around $47.05 with a P/E ratio of 18.9 and P/S ratio of 24. The dividend yield of Cross Timbers Royalty stocks is 6.3%. Cross Timbers Royalty had an annual average earning growth of 7.4% over the past 10 years.Hedge Fund Gurus that owns CRT: Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Under the terms of each of the five conveyances, the trust receives net profits income from the net profits interests generally on the last business day of each month. Net profits income is determined by XTO Energy by multiplying the net profit percentage (90% or 75%) times net proceeds from the underlying properties for each conveyance during the previous month. Net proceeds are the gross proceeds received from the sale of production, less production costs, as defined in the conveyances. For the 90% net profits interests and the 75% net profits interests, production costs generally include applicable property taxes, transportation, marketing and other charges. For the 75% net profits interests only, production costs also include capital and operating costs paid (e.g., drilling, production and other direct costs of owning and operating the property) and a monthly overhead charge that is adjusted annually. The monthly overhead charge at December 31, 2010 was $34,481 ($25,861 net to the trust). XTO Energy also deducts an overhead charge as operator of the Penwell Unit and ExxonMobil deducts an overhead charge as operator of the Hewitt Unit. As of December 31, 2010, monthly overheadattributable to the Penwell Unit was $2,713 ($2,035 net to the trust) and monthly overhead attributable to the Hewitt Unit was $4,538 ($3,404 net to the trust). If production costs exceed gross proceeds for any conveyance, this excess is carried forward to future monthly computations of net proceeds until the excess costs (plus interest accrued as specified in the conveyances) are completely recovered. Excess production costs and related accrued interest from one conveyance cannot be used to reduce net proceeds from any other conveyance.
Total 2010 development costs were $539,048 down 10% from 2009 development costs of $601,502. Development costs were lower in 2010 because of decreased development activity related to Texas and Oklahoma properties underlying the 75% net profits interest. January and February 2011 development costs totaled approximately $141,000, primarily incurred in fourth quarter 2010.
As reported to XTO Energy by unit operators in February of each year, budgeted development costs were $585,000 for 2010 and $756,000 for 2009. Actual development costs often differ from amounts budgeted because of changes in product prices and other factors that may affect the timing or selection of projects. Also, costs are deducted in the calculation of trust net profits income several months after they are incurred by the operator. Unit operators have reported total budgeted costs, net to the underlying properties, of approximately $907,000 for 2011 and $881,000 for 2012.
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