Cross Timbers Royalty Trust is a passive oil and gas royalty trust that collects net profits interests (NPIs) from oil and gas properties in Texas, Oklahoma, and New Mexico, then distributes that cash to unitholders monthly. The Trust holds two types of NPIs carved out of properties operated by XTO Energy (a subsidiary of ExxonMobil): 90% NPIs on royalty and overriding royalty interests, and 75% NPIs on working interests. XTO Energy operates the properties, deducts allowable costs, and remits the Trust's share of net proceeds. The Trust has no employees, makes no operational decisions, and cannot acquire new assets — Argent Trust Company serves as trustee handling administrative functions. The Trust's income is driven by oil and gas prices, production volumes, and production costs, all of which are outside the Trust's control. Roughly half of net profits income comes from natural gas, making distributions somewhat sensitive to natural gas prices and seasonal demand. A key structural feature is the cost carry-forward mechanism: if costs exceed gross proceeds in a given month for a conveyance, the excess carries forward with interest and reduces future distributions. Because the Trust cannot grow or reinvest, it is in slow runoff as underlying reserves deplete. The Trust's 6,000,000 units of beneficial interest trade on the NYSE under the ticker CRT.