Cross Timbers Royalty TrustCRT

Cross Timbers Royalty Trust is a NYSE-listed trust that collects 90% of the net proceeds from oil and gas wells in Oklahoma, New Mexico, and Texas. Created in 1991 by conveyance of net profits interests, it has no production costs, no capex, and no management team-only a monthly cheque from XTO Energy if the wells are flowing and the crude price cooperates. The trust’s units trade under the same ticker it has worn since 1992, which is longer than most of its unitholders have been alive. The trust’s FAQ clarifies that a unit is “basically the same thing as a share of stock,” a definition that is simultaneously obvious and oddly reassuring for anyone who has ever forgotten whether they own shares or units.

What the trust actually does is sit back and wait for XTO Energy to send the money each month. Because the trust holds net profits interests, its income tracks volumes and prices, not rig counts or capital programmes. The trust’s website helpfully explains that net profits income varies with sales volumes or prices, which is useful only if you were under the impression that oil wells could print cash regardless of market conditions. The trust’s monthly distributions are declared with the regularity of a metronome: in July 2026 it declared the July distribution; in June 2026 it declared June’s; and so on back through 2025. The distributions arrive on the last business day of each month, calculated by XTO Energy from the prior month’s net proceeds, which means the trust’s income statement always lags the cash.

The trust’s SEC filings live on EDGAR, where the trust helpfully points out that it does not maintain or provide information directly. The trust’s own site also offers a 2024 cost depletion calculator, a tool so cutting-edge it feels like offering a 2023 roadmap in July 2026. The calculator, like the trust itself, is a reminder that this is a business built on geological patience rather than quarterly sprints. The trust’s FAQ also warns that if gross revenues fall below $2 million in two successive years, the trust can be terminated, the wells sold, and the cash distributed to unitholders. That is the trust’s polite way of saying that if the oil price stays low long enough, your passive investment can get liquidated like a clearance rack at a hardware store.

The trust’s monthly cash distributions are declared in press releases on the trust’s own site, which is as close as most investors will get to an earnings call. The releases confirm the distribution amount and declaration date for each month, but they do not explain why the cheque was fatter or thinner than last month. The evidence rail does not supply revenue, net income, EPS, operating cash flow, or guidance-because the trust does not file them. What it does file are the monthly distribution announcements and the SEC filings on EDGAR, which is where the trust points investors to read the raw numbers. The absence of a traditional income statement is not an oversight; it is the design. The trust is a conduit, not an operator.

There is The source-change rail is filing/source-led and does not use chart-derived signals. Chart context is available separately on this page through the Atlas chart snapshot or TradingView route where available. The trust’s price is set by the NYSE like any other listed equity, but the underlying asset is geological, not algorithmic. The trust’s units are thinly traded, which means liquidity risk is real even if the cash flow is predictable in principle. The trust’s FAQ notes that if revenues stay below $2 million for two successive years, termination can be triggered, which is a hard stop that most listed companies avoid by simply raising capital. For a trust that cannot raise capital, that stop is the ultimate circuit breaker.

The evidence rail does not supply insider buying, buybacks, R&D, capex, segment data, or guidance. What it does supply are the monthly distribution announcements and the SEC filings on EDGAR. The absence of these items is not a gap to be filled by speculation; it is the design of the trust. The trust is a royalty conveyor, not a growth story. The only guidance it offers is the oil price itself, and even that arrives after the fact.