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Table of Contents
Table of Contents 2
List of Tables 3
List of Figures 4
Company Snapshot 6
Key Information 6
Company Overview 6
Cross Timbers Royalty Trust, Valuation and Financial Data 7
Cross Timbers Royalty Trust, Share Price Performance 7
Share Price Performance, Q1, 2015-Q1, 2016 7
Cross Timbers Royalty Trust, Key Valuation Metrics 8
Key Valuation Metrics, Q1, 2015-Q1, 2016 8
Cross Timbers Royalty Trust, Quarterly Production Trends 9
Cross Timbers Royalty Trust, Total Oil and Gas Production 9
Total Crude Oil and Natural Gas Production Trend, Q1, 2015-Q1, 2016 9
Total Crude Oil & Natural Gas Production, By Country/Region, Q1, 2015-Q1, 2016 10
Cross Timbers Royalty Trust, Crude Oil Production 11
Total Crude Oil Production Trend, Q1, 2015-Q1, 2016 11
Crude Oil Production, By Country/Region, Q1, 2015-Q1, 2016 12
Cross Timbers Royalty Trust, Natural Gas Production 13
Total Natural Gas Production Trend, Q1, 2015-Q1, 2016 13
Natural Gas Production, By Country/Region, Q1, 2015-Q1, 2016 14
Cross Timbers Royalty Trust, Valuation and Financial Data, 2011-2015 15
Cross Timbers Royalty Trust, Share Price Performance, 2011-2015 15
Share Price Performance, 2011-2015 15
Key Valuation Metrics, 2011-2015 16
Cross Timbers Royalty Trust, Production and Reserves Trends 17
Total Oil and Gas, Reserves and Production 17
Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 17
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 19
Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 21
Crude Oil/Liquids Production and Reserve 22
Crude Oil/Liquids Production and Reserve Trend, 2011-2015 22
Crude Oil Production and Reserves By Country/Region, 2011-2015 23
Crude Oil/Liquids Reserve Changes, 2011-2015 25
Natural Gas Production and Reserve 26
Natural Gas Production and Reserve Trend, 2011-2015 26
Natural Gas Production and Reserves, By Country/Region, 2011-2015 27
Natural Gas Reserve Changes, 2011-2015 29
Total Crude Oil and Natural Gas Reserves Life Index 30
Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 30
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 31
Cross Timbers Royalty Trust, Reserve Replacement Ratio 33
Oil and Gas Production Replacement Ratio 33
Oil and Gas Production Replacement Ratio, 2011-2015 33
Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 35
Cross Timbers Royalty Trust, Land Holdings and Well Data 39
Developed and Undeveloped Acreage 39
Gross and Net Developed and Undeveloped Acreage, 2011-2015 39
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 40
Well Statistics 42
Producible Oil and Gas Well, 2011-2015 42
Producible Oil and Gas Well, By Country/Region, 2011-2015 43
Exploration and Development Wells Drilled, 2011-2015 46
Exploration and Development Wells Drilled, By Country/Region, 2011-2015 47
Recent Developments 48
Cross Timbers Royalty Trust - Recent Developments 48
Feb 17, 2015: Cross Timbers Royalty Trust Declares February Cash Distribution: Update Feb 17, 2015 48
Jan 20, 2015: Cross Timbers Royalty Trust Declares January Cash Distribution: Update Jan 20, 2015 48
Appendix 49
Methodology 49
Coverage 49
Secondary Research 49
Primary Research 49
Data Information Sources 50
Company Source 50
SEC/Other Regulatory Filings 50
Other Sources 50
Expert Panel Validation 50
Data Definition 50
Oil and Gas Reserves 50
Units of Measure 51
About GlobalData 51
Disclosure 51
Disclaimer 51
List of Tables
Table 1: Cross Timbers Royalty Trust, Key Facts 6
Table 2: Cross Timbers Royalty Trust, Share Price Performance, Q1, 2015-Q1, 2016 7
Table 3: Cross Timbers Royalty Trust, Key Valuation Metrics, Q1, 2015-Q1, 2016 8
Table 4: Cross Timbers Royalty Trust, Total Crude Oil and Natural Gas, Production, Q1, 2015-Q1, 2016 9
Table 5: Cross Timbers Royalty Trust, Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2015-Q1, 2016 10
Table 6: Cross Timbers Royalty Trust, Total Crude Oil Production, mmbbl, Q1, 2015-Q1, 2016 11
Table 7: Cross Timbers Royalty Trust, Crude Oil Production, By Country/Region, mmbbl, Q1, 2015-Q1, 2016 12
Table 8: Cross Timbers Royalty Trust, Total Natural Gas Production, bcf, Q1, 2015-Q1, 2016 13
Table 9: Cross Timbers Royalty Trust, Natural Gas Production, By Country/Region, bcf, Q1, 2015-Q1, 2016 14
Table 10: Cross Timbers Royalty Trust, Share Price Performance, 2011-2015 15
Table 11: Cross Timbers Royalty Trust, Key Valuation Metrics, 2011-2015 16
Table 12: Cross Timbers Royalty Trust, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 18
Table 13: Cross Timbers Royalty Trust, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 20
Table 14: Cross Timbers Royalty Trust, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 21
Table 15: Cross Timbers Royalty Trust, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 22
Table 16: Cross Timbers Royalty Trust, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 24
Table 17: Cross Timbers Royalty Trust, Crude Oil Reserve Changes, mmbbl, 2011-2015 25
Table 18: Cross Timbers Royalty Trust, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 26
Table 19: Cross Timbers Royalty Trust, Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 28
Table 20: Cross Timbers Royalty Trust, Natural Gas Reserve Changes, bcf, 2011-2015 29
Table 21: Cross Timbers Royalty Trust, Oil and Gas Reserves Life Index, Years, 2011-2015 30
Table 22: Cross Timbers Royalty Trust, Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 32
Table 23: Cross Timbers Royalty Trust, Oil and Gas Production Replacement Ratio, %, 2011-2015 33
Table 24: Cross Timbers Royalty Trust, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 38
Table 25: Cross Timbers Royalty Trust, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 39
Table 26: Cross Timbers Royalty Trust, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 41
Table 27: Cross Timbers Royalty Trust, Producible Oil and Gas Wells, 2011-2015 42
Table 28: Cross Timbers Royalty Trust, Producible Oil and Gas Wells, By Country/Region, 2011-2015 45
Table 29: Cross Timbers Royalty Trust, Exploratory and Developed Wells, 2011-2015 46
Table 30: Cross Timbers Royalty Trust, Exploratory and Developed Wells, By Country/Region, 2011-2015 47
List of Figures
Figure 1: Cross Timbers Royalty Trust, Share Price Performance, USD/Share, Q1, 2015-Q1, 2016 7
Figure 2: Cross Timbers Royalty Trust, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q1, 2015-Q1, 2016 8
Figure 3: Cross Timbers Royalty Trust, Total Crude Oil and Natural Gas, Production, mmboe, Q1, 2015-Q1, 2016 9
Figure 4: Cross Timbers Royalty Trust, Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2015-Q1, 2016 10
Figure 5: Cross Timbers Royalty Trust, Total Crude Oil Production, mmbbl, Q1, 2015-Q1, 2016 11
Figure 6: Cross Timbers Royalty Trust, Crude Oil Production, By Country/Region, mmbbl, Q1, 2015-Q1, 2016 12
Figure 7: Cross Timbers Royalty Trust, Total Natural Gas Production, bcf, Q1, 2015-Q1, 2016 13
Figure 8: Cross Timbers Royalty Trust, Natural Gas Production, By Country/Region, bcf, Q1, 2015-Q1, 2016 14
Figure 9: Cross Timbers Royalty Trust, Share Price Performance, USD/Share, 2011-2015 15
Figure 10: Cross Timbers Royalty Trust, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 16
Figure 11: Cross Timbers Royalty Trust, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 17
Figure 12: Cross Timbers Royalty Trust, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 19
Figure 13: Cross Timbers Royalty Trust, Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 19
Figure 14: Cross Timbers Royalty Trust, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 21
Figure 15: Cross Timbers Royalty Trust, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 22
Figure 16: Cross Timbers Royalty Trust, Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 23
Figure 17: Cross Timbers Royalty Trust, Oil Production, By Country/Region, mmbbl, 2011-2015 23
Figure 18: Cross Timbers Royalty Trust, Crude Oil Reserve Changes, mmbbl, 2015 25
Figure 19: Cross Timbers Royalty Trust, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 26
Figure 20: Cross Timbers Royalty Trust, Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 27
Figure 21: Cross Timbers Royalty Trust, Gas Production, By Country/Region, bcf, 2011-2015 27
Figure 22: Cross Timbers Royalty Trust, Natural Gas Reserve Changes, bcf, 2015 29
Figure 23: Cross Timbers Royalty Trust, Oil and Gas Reserves Life Index, Years, 2011-2015 30
Figure 24: Cross Timbers Royalty Trust, Gas Reserve Life Index, By Country/Region, Years, 2011-2015 31
Figure 25: Cross Timbers Royalty Trust, Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 31
Figure 26: Cross Timbers Royalty Trust, Oil Reserve Life Index, By Country/Region, Years, 2011-2015 32
Figure 27: Cross Timbers Royalty Trust, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 33
Figure 28: Cross Timbers Royalty Trust, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 35
Figure 29: Cross Timbers Royalty Trust, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 35
Figure 30: Cross Timbers Royalty Trust, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 36
Figure 31: Cross Timbers Royalty Trust, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 36
Figure 32: Cross Timbers Royalty Trust, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 37
Figure 33: Cross Timbers Royalty Trust, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 37
Figure 34: Cross Timbers Royalty Trust, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 39
Figure 35: Cross Timbers Royalty Trust, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 40
Figure 36: Cross Timbers Royalty Trust, Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 40
Figure 37: Cross Timbers Royalty Trust, Total Net Developed Acreage, By Country/Region, Acres, 2011-2015 41
Figure 38: Cross Timbers Royalty Trust, Producible Oil and Gas Wells, 2011-2015 42
Figure 39: Cross Timbers Royalty Trust, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 43
Figure 40: Cross Timbers Royalty Trust, Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 43
Figure 41: Cross Timbers Royalty Trust, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 44
Figure 42: Cross Timbers Royalty Trust, Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 44
Figure 43: Cross Timbers Royalty Trust, Net Productive Oil Wells, By Country/Region, Number, 2011-2015 45
Figure 44: Cross Timbers Royalty Trust, Exploratory and Developed Wells, 2011-2015 46