UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K

 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the fiscal year ended December 31, 2024
 or

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from to.
 Commission File Number 1-10982
 Cross Timbers Royalty Trust
 (Exact name of registrant as specified in its charter)

 Texas

 75-6415930

 (State or other jurisdiction of
 incorporation or organization)

 (I.R.S. Employer Identification No.)

 c/o The Corporate Trustee:

 Argent Trust Company

 3838 Oak Lawn Ave, Suite 1720

 Dallas, Texas 75219-4518

 (Address of principal executive offices) (Zip Code)

 Registrant’s telephone number, including area code (at the office of the Corporate Trustee) (855) 588-7839

 Securities registered pursuant to Section 12(b) of the Act:

 Title of each class

 Trading symbol

 Name of each exchange on which registered

 Units of Beneficial Interest

 CRT

 New York Stock Exchange

 Securities registered pursuant to Section 12(g) of the Act: None
 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes  No 
 Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes  No 
 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 
 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 
 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 Large accelerated filer

 Accelerated filer

 Non-accelerated filer

 

 Smaller reporting company

 

 Emerging growth company

 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
 Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. 
 If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. 
 Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). 
 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes  No 
 The aggregate market value of units of beneficial interest held by non-affiliates of the registrant at June 28, 2024 (the last business day of the registrant’s most recently completed second fiscal quarter) was approximately $64.8 million.
 The number of units of beneficial interest outstanding as of March 14, 2025, was 6,000,000.

 CROSS TIMBERS ROYALTY TRUST
 2024 ANNUAL REPORT ON FORM 10-K

 Page

 Glossary of Terms

 Item 1.

 Business

 Item 1A.

 Risk Factors

 Item 1B.

 Unresolved Staff Comments

 Item 1C.

 Cybersecurity

 Item 2.

 Properties

 Item 3.

 Legal Proceedings

 Item 4.

 Mine Safety Disclosures

 Item 5.

 Market for Units of the Trust, Related Unitholder Matters and Trust Purchases of Units

 Item 6.

 [Reserved]

 Item 7.

 Trustee’s Discussion and Analysis of Financial Condition and Results of Operations

 Item 7A.

 Quantitative and Qualitative Disclosures About Market Risk

 Item 8.

 Financial Statements and Supplementary Data

 Item 9.

 Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

 Item 9A.

 Controls and Procedures

 Item 9B.

 Other Information

 Item 9C.

 Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

 Item 10.

 Directors, Executive Officers and Corporate Governance

 Item 11.

 Executive Compensation

 Item 12.

 Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters

 Item 13.

 Certain Relationships and Related Transactions, and Director Independence

 Item 14.

 Principal Accountant Fees and Services

 Item 15.

 Exhibits and Financial Statement Schedules

 Signatures

 Glossary of Terms
 The following is a glossary of certain defined terms used in this Annual Report on Form 10-K.
 GLOSSARY

 Bbl

 Barrel (of oil)

 Bcf

 Billion cubic feet (of natural gas)

 BOE

 Barrel of oil equivalent

 gross acres or gross wells

 The total acres or wells, as the case may be, in which a working interest is owned

 Mcf

 Thousand cubic feet (of natural gas)

 MMBtu

 One million British Thermal Units, a common energy measurement

 net acres or net wells

 The sum of the fractional working interests owned in gross acres or wells, as the case may be

 net proceeds

 Gross proceeds received by XTO Energy from sale of production from the underlying properties, less applicable costs, as defined in the net profits interest conveyances

 net profits income

 Net proceeds multiplied by the applicable net profits percentage of 75% or 90%, which is paid to the Trust by XTO Energy. “Net profits income” is referred to as “royalty income” for income tax purposes.

 net profits interest

 An interest in an oil and gas property measured by net profits from the sale of production, rather than a specific portion of production. The following defined net profits interests were conveyed to the Trust from the underlying properties:

 90% net profits interests - interests that entitle the Trust to receive 90% of the net proceeds from the underlying properties that are substantially all royalty or overriding royalty interests in Texas, Oklahoma and New Mexico

 75% net profits interests - interests that entitle the Trust to receive 75% of the net proceeds from the underlying properties that are working interests in Texas and Oklahoma

 royalty interest
 (and overriding
 royalty interest)

 A non-operating interest in an oil and gas property that provides the owner a specified share of production without any production expense or development costs

 underlying properties

 XTO Energy’s interest in certain oil and gas properties from which the net profits interests were conveyed. The underlying properties include royalty and overriding royalty interests in producing and nonproducing properties in Texas, Oklahoma and New Mexico, and working interests in producing properties located in Texas and Oklahoma.

 working interest

 An operating interest in an oil and gas property that provides the owner a specified share of production that is subject to all production expense and development costs

 ITEM 1. BUSINESS
 Cross Timbers Royalty Trust (the “Trust”) is an express trust created under the laws of Texas pursuant to the Cross Timbers Royalty Trust Indenture entered into on February 12, 1991, between predecessors of XTO Energy Inc. (formerly known as Cross Timbers Oil Company and, hereafter, “XTO Energy”), as grantors, and NCNB Texas National Bank, as Trustee. The current trustee of the Trust is Argent Trust Company, a Tennessee chartered trust company (“Argent”). Effective December 30, 2022, Simmons Bank resigned as trustee, and Argent was appointed as the successor trustee.
 The defined term “Trustee” as used herein shall refer to Simmons Bank for periods from February 20, 2018, through December 29, 2022, and shall refer to Argent for periods on and after December 30, 2022.
 The principal office of the Trust is 3838 Oak Lawn Ave, Suite 1720, Dallas, Texas 75219. The telephone number of the Trust is 1-855-588-7839. The Trust’s internet website is www.crt-crosstimbers.com. We make available free of charge, through our website, our Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934. These reports are accessible through our internet website as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission. Information on our website is not incorporated into this report.
 On February 12, 1991, the predecessors of XTO Energy conveyed defined net profits interests to the Trust under five separate conveyances:

 1.

 one in each of the states of Texas, Oklahoma and New Mexico, to convey a 90% defined net profits interest carved out of substantially all royalty and overriding royalty interests owned by the predecessors in those states, and

 2.

 one in each of the states of Texas and Oklahoma, to convey a 75% defined net profits interest carved out of specific working interests owned by the predecessors in those states.

 The conveyance of these net profits interests was effective for production from October 1, 1990. The net profits interests and the underlying properties are further described under Item 2. Properties.
 In exchange for the net profits interests conveyed to the Trust, the predecessors of XTO Energy received 6,000,000 units of beneficial interest of the Trust. Predecessors of XTO Energy distributed units to their owners in February 1991 and November 1992, and in February 1992, sold units in the Trust’s initial public offering. Units are listed and traded on the New York Stock Exchange under the symbol “CRT”. XTO Energy currently is not a unitholder of the Trust.
 On June 25, 2010, XTO Energy became a wholly owned subsidiary of Exxon Mobil Corporation ( ExxonMobil).
 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, production costs also include capital and operating costs paid (e.g., drilling, production and other direct costs of owning and operating the property), monthly overhead charged by operators of the underlying properties, and a monthly overhead XTO Energy deducts as reimbursement for costs associated with monitoring these interests. 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. For further information on excess costs, see Note 7 to Financial Statements under Item 8. Financial Statements and Supplementary Data.
 The Trust is not liable for any production costs or liabilities attributable to the underlying properties. If at any time the Trust receives net profits income in excess of the amount due, the Trust is not obligated to return such overpayment, but future net profits income payable to the Trust will be reduced until the overpayment, plus interest at the prime rate, is recovered.
 As a working interest owner, XTO Energy can generally decline participation in any operation and allow consenting parties to conduct such operations, as provided under the operating agreements. XTO Energy also can assign, sell, or otherwise transfer its interest

 in the underlying properties, subject to the net profits interests, or can abandon an underlying property that is a working interest if it is incapable of producing in paying quantities, as determined by XTO Energy.
 To the extent allowed, XTO Energy is responsible for marketing its production from the underlying properties under existing sales contracts or new arrangements on the best terms reasonably obtainable in the circumstances.
 Net profits income received by the Trust on or before the last business day of the month is generally attributable to oil production two months prior and gas production three months prior. The monthly distribution amount to unitholders is determined by:

 Adding -

 1.

 net profits income received;

 2.

 estimated interest income to be received on the monthly distribution amount, including an adjustment for the difference between the estimated and actual interest received for the prior monthly distribution amount;

 3.

 cash available as a result of reduction of cash reserves; and

 4.

 other cash receipts; then

 Subtracting -

 1.

 liabilities paid; and

 2.

 the reduction in cash available due to establishment of or increase in any cash reserve.

 The monthly distribution amount is distributed to unitholders of record within ten business days after the monthly record date. The monthly record date is generally the last business day of the month. The Trustee calculates the monthly distribution amount and announces the distribution per unit at least ten days prior to the monthly record date.
 The Trustee may establish cash reserves for contingencies. Cash held for such reserves, as well as for pending payment of the monthly distribution amount, may be invested in federal obligations or certificates of deposit of major banks.
 The Trustee’s function is to collect the net profits income from the net profits interests, to pay all Trust expenses, and to pay the monthly distribution amount to unitholders. The Trustee’s powers are specified by the terms of the Trust indenture. The Trust cannot engage in any business activity or acquire any assets other than the net profits interests and specific short-term cash investments. The Trust has no employees since all administrative functions are performed by the Trustee.
 Approximately 46 percent of the net profits income received by the Trust during 2024 was attributable to natural gas, as well as 40 percent of the Trust’s estimated future net cash flows from proved reserves at December 31, 2024 (based on estimated future net cash flows using 12-month average oil and gas prices, based on the first-day-of-the-month price for each month in the period). There is generally a greater demand for gas during the winter. Otherwise, Trust income is not subject to seasonal factors, nor dependent upon patents, licenses, franchises, or concessions. The Trust conducts no research activities.
 The oil and gas industry is highly competitive in all its phases. Operators of the properties in which the Trust holds interests encounter competition from other oil and gas companies and from individual producers and operators. Oil and natural gas are commodities, for which market prices are determined by external supply and demand factors. Current market conditions are not necessarily indicative of future conditions.
 ITEM 1A. RISK FACTORS
 The following factors could cause actual results to differ materially from those contained in forward-looking statements made in this report and presented elsewhere by the Trustee from time to time. Such factors may have a material adverse effect upon the Trust’s financial condition, distributable income and changes in trust corpus.
 The following discussion of risk factors should be read in conjunction with the financial statements and related notes included under Item 8. Financial Statements and Supplementary Data. Because of these and other factors, past financial performance should not be considered an indication of future performance.
 The market price for the Trust units may not reflect the value of the net profits interests held by the Trust.
 The public trading price for the Trust units tends to be tied to the recent and expected levels of cash distributions on the Trust units. The amounts available for distribution by the Trust vary in response to numerous factors outside the control of the Trust or XTO

 Energy, including prevailing prices for oil and natural gas produced from the underlying properties. The market price of the Trust units is not necessarily indicative of the value that the Trust would realize if the net profits interests were sold to a third-party buyer. In addition, such market price is not necessarily reflective of the fact that, since the assets of the Trust are depleting assets, a portion of each cash distribution paid on the Trust units should be considered by investors as a return of capital, with the remainder being considered as a return on investment. There is no guarantee that distributions made to a unitholder over the life of these depleting assets will equal or exceed the purchase price paid by the unitholder.
 Current and future oil and natural gas prices fluctuate due to a number of uncontrollable factors, and any decline will adversely affect the net proceeds payable to the Trust and Trust distributions.
 The Trust’s monthly cash distributions are highly dependent upon the prices realized from the sale of natural gas and oil. Oil and natural gas prices can fluctuate widely on a month-to-month basis in response to a variety of factors that are beyond the control of the Trust and XTO Energy. Factors that contribute to price fluctuations include instability in oil-producing regions, worldwide economic conditions, weather conditions, trade barriers, tariffs, political instability, public health concerns, the supply of domestic and foreign oil, natural gas and natural gas liquids, consumer demand, the price and availability of alternative fuels, the proximity to, and capacity of, transportation facilities and the effect of worldwide energy conservation measures. Moreover, government regulations, such as regulation of natural gas transportation and price controls, environmental regulations, production restrictions, trade barriers, or tariffs, can affect product prices. Oil and natural gas prices have fluctuated wildly over the recent past and may vary significantly from period to period. Further, a significant decline in current oil or natural gas prices or lower anticipated long-term prices could have a material adverse effect on the amount of oil and natural gas that is economic to produce, Trust net profits (and therefore cash available for distribution to unitholders) and proved reserves attributable to the Trust’s interests. Adjustments impacting volume or value could also impact the reported natural gas and oil prices. The volatility of energy prices reduces the predictability of future cash distributions to Trust unitholders.
 Higher production expense and/or development costs, without concurrent increases in revenue, will directly decrease the net proceeds payable to the Trust from the properties underlying the 75% net profits interests.
 Production expense and development costs are deducted in the calculation of the Trust’s share of net proceeds from properties underlying the 75% net profits interests. Accordingly, higher or lower production expense and development costs, without concurrent changes in revenue, will directly decrease or increase the amount received by the Trust for its 75% net profits interests. If development costs and production expense for properties underlying the 75% net profits in a particular state exceed the production proceeds from the properties (as was the case with respect to the properties underlying the Texas working interests for all of 2023 and 2024; and with respect to the properties underlying the Oklahoma working interests for the 2023 distribution months of January through June and the 2024 distribution months of February through June), the Trust will not receive net profits income for those properties until future net proceeds from production in that state exceed the total of the excess costs plus accrued interest during the deficit period. Development activities may not generate sufficient additional revenue to repay the costs.
 Government action, policies or regulations designed to discourage production, reduce demand for, or promote alternatives to oil and natural gas could impact the price of oil and natural gas produced on the properties underlying the Trust’s net profits interests, directly as intended or through unintended consequences.
 Governments around the world are considering actions intended to reduce greenhouse gas emissions by decreasing both the supply of and the demand for oil and natural gas products or promote alternatives. These include the adoption of cap-and-trade regimes, carbon taxes, trade tariffs, minimum renewable usage requirements, restrictive permitting, increased mileage and other efficiency standards, mandates for sales of electric vehicles, mandates for use of specific fuels or technologies, and other incentives or mandates designed to support transitioning to lower-emission energy sources. Political and other actors and their agents also increasingly seek to advance sustainability objectives indirectly, such as by seeking to reduce the availability or increase the cost of financing and investment in the oil and gas sector. Depending on how policies are formulated and applied, such policies could impact the ability and costs of the operators of the properties underlying the Trust’s net profits interests to supply products, demand for their products, or the competitiveness of hydrocarbon-based products, which in turn, could reduce net proceeds to the Trust. Any policy that increases the costs for operators of the properties underlying the net profits interests or lower market prices could have a material impact on the distributable income of the Trust.

 War, terrorism, geopolitical hostilities, and other military actions or political instability could adversely affect Trust distributions or the market price of the Trust units.
 There are a number of national and international events that could cause instability in global financial and energy markets. War, terrorist attacks and the threat of war or terrorist attacks, whether domestic or foreign, as well as other military or similar actions taken in response, impact the demand for and price of oil and natural gas in unpredictable ways, including increasing volatility in pricing. Actual or threatened acts of war, terrorism and other geopolitical hostilities could adversely affect Trust distributions or the market price of the Trust units in unpredictable ways, including through the disruption of fuel supplies and markets, increased volatility in oil and natural gas prices, or the possibility that the infrastructure on which the operators of the underlying properties rely could be a direct target or an indirect casualty of such an event.
 Proved reserve estimates depend on many assumptions that may turn out to be inaccurate. Any material inaccuracies in reserve estimates or underlying assumptions could cause the quantities and net present value of the reserves to be overstated.
 Estimating proved oil and gas reserves is inherently uncertain. Petroleum engineers consider many factors and make assumptions in estimating reserves and future net cash flows. Those factors and assumptions include historical production from the area compared with production rates from similar producing areas, the effects of governmental regulation, assumptions about future commodity prices, production expense and development costs, taxes and capital expenditures, the availability of enhanced recovery techniques and relationships with landowners, working interest partners, pipeline companies and others. Lower oil and gas prices generally cause lower estimates of proved reserves. Ultimately, actual production, revenues and expenditures for the underlying properties will vary from estimates and those variances could be material. Because the Trust owns net profits interests, it does not own a specific percentage of the oil and gas reserves. Estimated proved reserves for the net profits interests are based on estimates of reserves for the underlying properties and an allocation method that considers estimated future net proceeds and oil and gas prices. Because Trust reserve quantities are determined using an allocation formula, increases or decreases in oil and gas prices can significantly affect estimated reserves of the net profits interests.
 Operational risks and hazards associated with the development and operations of the underlying properties may decrease Trust distributions.
 There are operational risks and hazards associated with the production and transportation of oil and natural gas, including without limitation, natural disasters, blowouts, explosions, fires, leakage of oil or natural gas, releases of other hazardous materials, mechanical failures, cratering, and pollution. Any of these or similar occurrences could result in the interruption or cessation of operations, personal injury or loss of life, property damage, damage to productive formations or equipment, damage to the environment or natural resources, or cleanup obligations. The operation of oil and gas properties is also subject to various laws and regulations. Non-compliance with such laws and regulations could subject the operator to additional costs, sanctions or liabilities. The uninsured costs resulting from any of the above or similar occurrences could be deducted as a production expense or development cost in calculating the net proceeds payable to the Trust from properties underlying the 75% net profits interests, and would therefore reduce Trust distributions by the amount of such uninsured costs.
 The Trust may be subject to attempted cybersecurity disruptions from a variety of sources including state-sponsored actors.
 XTO Energy’s defensive preparedness includes multi-layered technological capabilities designed to prevent and detect cybersecurity disruptions; non-technological measures such as threat information sharing with governmental and industry groups; internal training and awareness campaigns including routine testing of employee awareness and business preparedness for response and recovery. The Trustee also maintains robust cybersecurity protocols including, but not limited to, technological capabilities that prevent and detect disruptions; computer workstations and programs protected with passwords and passphrases, as well as employee training throughout the year on banking regulations and cybersecurity followed up by testing of that knowledge. Other, non-technical protocols include securing of documents and work areas that could contain personal, non-public information. If the measures taken to protect against cybersecurity disruptions prove to be insufficient or if proprietary data is otherwise not protected, XTO Energy, the Trustee or customers, employees, or third parties could be adversely affected. The Trust has limited ability to influence third parties, including our partners, suppliers, and service providers (including providers of cloud-hosting services for our data or applications), to implement strong cybersecurity controls and is exposed to potential harm from cybersecurity events that may affect their operations. Cybersecurity disruptions could cause physical harm to people or the environment; damage or destroy assets; compromise business systems; result in proprietary information being altered, lost, or stolen; result in employee, customer, or third-party information being compromised; or otherwise disrupt our business operations. We could incur significant costs to remedy the effects of a major cybersecurity disruption in addition to costs in connection with resulting regulatory actions, litigation, or reputational harm.

 Future net profits may be subject to risks relating to the creditworthiness of third parties.
 The Trust does not lend money and has limited ability to borrow money, which the Trustee believes limits the Trust’s risk from exposure to credit markets. The Trust’s future net profits, however, may be subject to risks relating to the creditworthiness of the operators of the underlying properties and other purchasers of crude oil and natural gas produced from the underlying properties. This creditworthiness may be impacted by the price of crude oil and natural gas.
 Trust unitholders and the Trustee have no influence over the operations on, or future development of, the underlying properties.
 Because XTO Energy does not operate most of the underlying properties, it is unable to significantly influence the operations or future development of the underlying properties. Neither the Trustee nor the Trust unitholders can influence or control the operation or future development of the underlying properties. The failure of an operator to conduct its operations or discharge its obligations in a proper manner could have an adverse effect on the net proceeds payable to the Trust. Although XTO Energy and the other operators of the underlying properties must adhere to the standard of a prudent operator, they are under no obligation to continue operating the properties. Neither the Trustee nor Trust unitholders have the right to replace an operator.
 The assets of the Trust represent interests in depleting assets and, if XTO Energy or any other operators developing the underlying properties do not perform additional successful development projects, the assets may deplete faster than expected. Eventually, the assets of the Trust will cease to produce in commercial quantities and the Trust will cease to receive proceeds from such assets.
 The net proceeds payable to the Trust are derived from the sale of hydrocarbons from depleting assets. Future maintenance and development projects on the underlying properties will affect the quantity of proved reserves and can offset the reduction in the depletion of proved reserves. The timing and size of these projects will depend on the market prices of oil and natural gas. If the operator(s) of the properties do not implement additional maintenance and development projects, the future rate of production decline of proved reserves may be higher than the rate currently expected by the Trust. Because the net proceeds payable to the Trust are derived from the sale of hydrocarbons from depleting assets, the portion of distributions to unitholders attributable to depletion may be considered a return on capital as opposed to a return on investment. Distributions that are a return of capital will ultimately diminish the depletion tax benefits available to the unitholders, which could reduce the market value of the units over time. Eventually, the properties underlying the Trust’s net profits interests will cease to produce in commercial quantities and the Trust will, therefore, cease to receive any net proceeds therefrom.
 XTO Energy may transfer its interest in the underlying properties without the consent of the Trust or the Trust unitholders.
 XTO Energy may at any time transfer all or part of its interest in the underlying properties to another party. Neither the Trust nor the Trust unitholders are entitled to vote on any transfer of the properties underlying the Trust’s net profits interests, and the Trust will not receive any proceeds of any such transfer. Following any transfer, the transferred property will continue to be subject to the net profits interests of the Trust, but the calculation, reporting and remitting of net proceeds to the Trust will be the responsibility of the transferee.
 XTO Energy or any other operator of any underlying property may abandon the property, thereby terminating the related net profits interest payable to the Trust.
 XTO Energy or any other operator of the underlying properties, or any transferee thereof, may abandon any well or property without the consent of the Trust or the Trust unitholders if they reasonably believe that the well or property can no longer produce in commercially economic quantities. This could result in the termination of the net profits interest relating to the abandoned well or property.
 The net profits interests can be sold and the Trust would be terminated. The Trust will also be terminated if it fails to generate sufficient gross revenues.
 The Trust may sell the net profits interests if the holders of 80 percent or more of the outstanding Trust units approve the sale or vote to terminate the Trust. The Trust will terminate if it fails to generate gross revenues from the underlying properties of at least $1,000,000 per year over any successive two-year period. Sale of all of the net profits interests will terminate the Trust. The net proceeds of any sale must be for cash with the proceeds less any Trust administrative costs promptly distributed to the Trust unitholders.
 The sale of the remaining net profits interests and the termination of the Trust will be taxable events to the Trust unitholders. Generally, Trust unitholders will realize gain or loss equal to the difference between the amount realized on the sale and termination of

 the Trust and their adjusted basis in such units. Gain or loss realized by a Trust unitholder who is not a dealer with respect to such units and who has a holding period for the units of more than one year will be treated as long-term capital gain or loss except to the extent of any depletion recapture amount, which must be treated as ordinary income. Other federal and state tax issues concerning the Trust are discussed under Item 2 and Note 4 to the Trust’s financial statements, which are included herein. Trust unitholders should consult their own tax advisor regarding all Trust tax compliance matters, including federal and state tax implications concerning the sale of the net profits interests and the termination of the Trust.
 Trust unitholders have limited voting rights and have limited ability to enforce the Trust’s rights against XTO Energy or any other operator of the underlying properties.
 The voting rights of a Trust unitholder are more limited than those of stockholders of most public corporations. For example, there is no requirement for annual meetings of Trust unitholders or for an annual or other periodic re-election of the Trustee. Additionally, Trust unitholders have no voting rights in XTO Energy or Exxon Mobil Corporation.
 The Trust indenture and related trust law permit the Trustee and the Trust to sue XTO Energy or any other operator of the underlying properties to compel them to fulfill the terms of the conveyance of the net profits interests. If the Trustee does not take appropriate action to enforce provisions of the conveyance, the recourse of the Trust unitholders would likely be limited to bringing a lawsuit against the Trustee to compel the Trustee to take specified actions. Trust unitholders probably would not be able to sue XTO Energy or any other operator of the underlying properties.
 Financial information of the Trust is not prepared in accordance with U.S. GAAP.
 The financial statements of the Trust are prepared on a modified cash basis of accounting, which is a comprehensive basis of accounting other than U.S. generally accepted accounting principles (“U.S. GAAP”). Although this basis of accounting is permitted for royalty trusts by the Securities and Exchange Commission, the financial statements of the Trust differ from U.S. GAAP financial statements because net profits income is not accrued in the month of production, expenses are not recognized when incurred and cash reserves may be established for certain contingencies that would not be recorded in U.S. GAAP financial statements.
 The limited liability of Trust unitholders is uncertain.
 The Trust unitholders are not protected from the liabilities of the Trust to the same extent that a shareholder would be protected from a corporation’s liabilities. The structure of the Trust does not include the interposition of a limited liability entity such as a corporation or limited partnership which would provide further limited liability protection to Trust unitholders. While the Trustee is liable for any excess liabilities incurred if the Trustee fails to ensure that such liabilities are to be satisfied only out of Trust assets, under the laws of Texas, which are unsettled on this point, a unitholder may be jointly and severally liable for any liability of the Trust if the satisfaction of such liability was not contractually limited to the assets of the Trust and the assets of the Trust and the Trustee are not adequate to satisfy such liability. As a result, Trust unitholders may be exposed to personal liability. The Trust, however, is not liable for production costs or other liabilities of the underlying properties.
 Drilling oil and natural gas wells is a high-risk activity and subjects the Trust to a variety of factors that it cannot control.
 Drilling oil and natural gas wells involves numerous risks, including the risk that commercially productive oil and natural gas reservoirs are not encountered. The presence of unanticipated pressures or irregularities in formations, miscalculations or accidents may cause drilling activities to be unsuccessful. In addition, there is often uncertainty as to the future cost or timing of drilling, completing and operating wells. Further, development activities may be curtailed, delayed or canceled as a result of a variety of factors, including:

 1.

 reduced oil or natural gas prices;

 2.

 unexpected drilling conditions;

 3.

 title problems;

 4.

 restricted access to land for drilling or laying pipeline;

 5.

 pressure or irregularities in formations;

 6.

 equipment failures or accidents;

 7.

 adverse weather conditions, natural disasters, or public health events; and

 8.

 costs of, or shortages or delays in the availability of, drilling rigs, labor, tubular materials, and equipment.

 While these risks do not expose the Trust to liabilities of the drilling contractor or operator of the well, they can reduce net proceeds payable to the Trust and Trust distributions by decreasing oil and gas revenues or increasing production expense or development costs

 from the underlying properties. Furthermore, these risks may cause the costs of development activities on properties underlying the 75% net profits interests to exceed the revenues therefrom, thereby reducing net proceeds payable to the Trust and Trust distributions.
 The underlying properties are subject to complex federal, state and local laws and regulations that could adversely affect net proceeds payable to the Trust and Trust distributions.
 Extensive federal, state and local regulation of the oil and natural gas industry significantly affects operations on the underlying properties. In particular, oil and natural gas development and production are subject to stringent environmental regulations. These regulations have increased the costs of planning, designing, drilling, installing, operating and abandoning oil and natural gas wells and other related facilities, which costs could reduce net proceeds payable to the Trust and Trust distributions. These regulations may become more demanding in the future. These regulations can often be changed by administrative agencies without formal legislation, resulting in additional costs that can impact distributions. See “Regulation” in Item 2. Properties, and “Greenhouse Gas Emissions and Sustainability Regulations” in Item 7. Trustee’s Discussion and Analysis of Financial Condition and Results of Operations.
 Cash held by the Trustee is not insured by the Federal Deposit Insurance Corporation.
 Currently, cash held by the Trust reserved for the payment of accrued liabilities and estimated future expenses and distributions to unitholders is typically held in a treasury fund that under normal market conditions invests exclusively in U.S. Treasury obligations. Although the fund’s underlying investments are obligations of the U.S. government, the fund itself is not insured by the Federal Deposit Insurance Corporation. In the event that the fund becomes insolvent, the Trustee may be unable to recover any or all such cash from the insolvent fund. Any loss of such cash may have a material adverse effect on the Trust’s cash balances and any distributions to unitholders.
 The tax treatment of an investment in Trust units could be affected by recent and potential legislative changes, possibly on a retroactive basis.
 U.S. federal tax reform legislation informally known as the Tax Cuts and Jobs Act ( TCJA) was enacted December 22, 2017, and made significant changes to the federal income tax rules applicable to both individuals and entities, including changes to the effective tax rate on a Trust unitholder’s allocable share of certain income from the Trust. The TCJA is complex and Trust unitholders should consult their tax advisor regarding the TCJA and its effect on an investment in Trust units.
 Any modification to the U.S. federal income tax laws or interpretations thereof (including administrative guidance relating to the TCJA) may be applied retroactively and could adversely affect our business, financial condition or results of operations. The Trust is unable to predict whether any changes or other proposals will ultimately be enacted, or whether any adverse interpretations will be used. Any such changes or interpretations could negatively impact the value of an investment in the Trust units.
 ITEM 1B. UNRESOLVED STAFF COMMENTS
 As of December 31, 2024, the Trust did not have any unresolved Securities and Exchange Commission staff comments.
 ITEM 1C. CYBERSECURITY
 The Trust does not have a board of directors; therefore, the Trustee is responsible for oversight of the Trust’s risks from cybersecurity threats. The Trustee has dedicated personnel that are responsible for assessing and managing the Trust’s cyber risk management program, informing senior management of the Trustee regarding the prevention, detection, mitigation, and remediation of cybersecurity incidents and supervising such efforts. The Trustee’s information technology team has decades of experience selecting, deploying, and operating cybersecurity technologies, initiatives, and processes, and relies on threat intelligence as well as other information obtained from governmental, public or private sources, including external consultants engaged by the Trustee to monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents. External partners are a key part of the Trustee’s cybersecurity protocols and policies. The Trustee works with leading firms in the cybersecurity industry, leveraging their technology and expertise to monitor and maintain the performance and effectiveness of products and services that are used by the Trustee.

 The Trustee maintains a cyber risk management program designed to identify, assess, manage, mitigate, and respond to cybersecurity threats, which processes are integrated into the Trustee’s overall risk management process. The Trustee maintains robust cybersecurity protocols including, but not limited to technological capabilities that prevent and detect disruptions; computer workstations and programs protected with passwords and passphrases, as well as employee training throughout the year on financial regulations and cybersecurity followed up by testing of that knowledge. The protocols are based on recognized best practices and standards for cybersecurity and information technology. The Trustee has an annual assessment, performed by a third-party vendor, of the Trustee’s cyber risk management program.
 Other, non-technical protocols include securing of documents and work areas that could contain personal, non-public information and independent verification of information changes by outside vendors.
 The Trust faces risks from cybersecurity threats that could have a material adverse effect on its business, financial condition, results of operations, cash flows or reputation. The Trustee has experienced, and will continue to experience, cyber incidents in the normal course of its business. However, prior cybersecurity incidents have not had a material adverse effect on the Trust’s business, financial condition, results of operations, or cash flows. See Item 1A. Risk Factors – The Trust may be subject to attempted cybersecurity disruptions from a variety of sources including state-sponsored actors.

 ITEM 2. PROPERTIES
 The net profits interests are the principal asset of the Trust. The Trustee cannot acquire any other asset, with the exception of certain short-term investments as specified under Item 1. Business. The Trustee is prohibited from selling any portion of the net profits interests unless approved by holders of at least 80 percent or more of the outstanding Trust units or at such time as Trust gross revenue is less than $1 million for two successive years.
 The net profits interests comprise:

 1.

 the 90% net profits interests which are carved from:

 a)

 producing royalty and overriding royalty interest properties in Texas, Oklahoma and New Mexico; and

 b)

 11.11% nonparticipating royalty interests in nonproducing properties located primarily in Texas and Oklahoma; and

 2.

 the 75% net profits interests which are carved from working interests in four properties in Texas and three properties in Oklahoma.

 All underlying royalties, underlying nonproducing royalties and underlying working interest properties are currently owned by XTO Energy or other affiliated companies of ExxonMobil. XTO Energy may sell all or any portion of the underlying properties at any time, subject to and burdened by the net profits interests.
 The underlying properties include over 2,900 producing properties with established production histories in Texas, Oklahoma and New Mexico. The average reserve-to-production index for the underlying properties as of December 31, 2024, is approximately 11 years. This index is calculated using total proved reserves and estimated 2025 production for the underlying properties. The projected 2025 production is from proved developed producing reserves as of December 31, 2024. Based on estimated future net cash flows at 12-month average oil and gas prices, based on the first-day-of-the-month price for each month in the period, the future net cash flows from proved reserves of the underlying properties are approximately 38 percent natural gas and 62 percent oil. The underlying properties also include certain nonproducing properties in Texas, Oklahoma and New Mexico that are primarily mineral interests.
 Producing Acreage, Wells and Drilling
 90% Net Profits Interests Underlying Royalties. Royalty and overriding royalty properties underlying the 90% net profits interests represent approximately 67 percent of the discounted future net cash flows from the Trust’s net profits interests proved reserves at December 31, 2024. Approximately 56 percent of the discounted future net cash flows from the 90% net profits interests are from gas reserves, totaling 6.9 Bcf. Oil reserves allocated to the 90% net profits interests are primarily located in West Texas and are estimated to be 226,000 Bbls at December 31, 2024.
 The underlying royalties are royalty and overriding royalty interests primarily located in mature producing oil and gas fields. The most significant producing region in which the underlying royalties are located is the San Juan Basin in northwestern New Mexico. The New Mexico royalties gas production accounted for approximately 65 percent of the Trust’s net profits interests gas sales volumes and 31 percent of the net profits income for 2024. The Trust’s net profits interests estimated proved gas reserves from New Mexico totaled 5.7 Bcf at December 31, 2024, or approximately 82 percent of Trust’s net profits interests total gas reserves at that date. The majority of these wells are operated by Hilcorp Energy Company or Simcoe LLC.
 San Juan Basin oil and gas accumulations, inclusive of the Fruitland Coal, Pictured Cliffs, Mancos, Mesaverde, and Dakota formations, have produced within the basin for over 100 years. Although these reservoirs have seen almost a century of development, numerous upside opportunities are still available to basin operators via down-spacing drilling, recompletions, lateral drilling, and lease cost optimizations. Recently, operators have moved development toward the more liquid-rich portions of the basin through the following:

 1.

 reduced dry gas drilling with a shift toward horizontal drilling in the more liquids-rich areas;

 2.

 lease optimization via compression upgrades, restimulations, and improved artificial lift;

 3.

 basinal work to rail crude oil out of basin to improve pricing; and

 4.

 stable gas pipeline infrastructure.

 The underlying royalties also include royalties in the Sand Hills field of Crane County, Texas. The Sand Hills field was discovered in 1931 and includes production from three main intervals, the Tubb, McKnight and Judkins. Development potential for the field includes recompletions and additional infill drilling.

 Because the properties related to the 90% net profits interests are primarily royalty interests and overriding royalty interests, the net profits income from these properties is not reduced by production or development costs, with the exception of a limited number of wells that were converted to working interest after conveyance that incur production and development costs. Additionally, net profits income from these interests cannot be reduced by any excess costs of the 75% net profits interests. The Trust, therefore, should generally receive monthly net profits income from these interests, as determined by oil and gas sales volumes and prices.
 The limited number of underlying working interest properties, referred to above, consists of five productive gross wells (0.23 net). Well counts for the underlying royalties cannot be provided because information regarding the number of wells on royalty properties is generally not made available to royalty interest owners.
 75% Net Profits Interests Underlying Working Interest Properties. Underlying the 75% net profits interests are working interests in seven large, predominantly oil-producing properties in Texas and Oklahoma operated primarily by established oil companies. These properties are located in mature fields undergoing secondary or tertiary recovery operations. Most of the oil produced from the 75% net profits interest properties is sour oil, which is sold at a discount to NYMEX sweet crude oil prices. XTO Energy is the operator of the Hewitt Unit, which is one of the properties underlying the Oklahoma 75% net profits interests. With the exception of the Hewitt Unit, XTO Energy and ExxonMobil generally have little influence or control over operations on any of these properties.
 Trust’s net profits interests proved reserves from the 75% net profits interests are almost entirely oil, estimated to be approximately 243,000 Bbls and represent approximately 33 percent of the discounted future net cash flows of the Trust’s net profits interests proved reserves at December 31, 2024.
 The underlying working interest properties are detailed below:

 Ownership by

 XTO Energy

 Working

 Revenue

 Unit

 County/State

 Operator

 Interest

 Interest

 North Cowden

 Ector/Texas

 Occidental Permian Ltd.

 1.7%

 1.4%

 North Central Levelland

 Hockley/Texas

 Apache Corporation

 3.2%

 2.1%

 Penwell

 Ector/Texas

 Cross Timbers Energy, LLC

 5.2%

 4.6%

 Sharon Ridge Canyon

 Borden/Texas

 OXY USA WTP LP

 4.3%

 2.8%

 Hewitt

 Carter/Oklahoma

 XTO Energy Inc.

 11.3%

 9.9%

 Wildcat Jim

 Carter/Oklahoma

 Citation Oil & Gas Corporation

 8.6%

 7.5%

 South Graham Deese Sand

 Carter/Oklahoma

 Scout Energy Management LLC

 9.2%

 7.4%

 The underlying working interest properties consist of 3,714 gross (3,000 net) producing acres. As of December 31, 2024, there were 1,133 gross (65.1 net) productive oil wells. There were no wells drilled in 2024, six gross (0.68 net) wells drilled in 2023, and 15 gross (1.69 net) wells drilled in 2022. As operator of the Hewitt Unit, XTO Energy has advised the Trustee that it has no plans to drill in 2025.
 Because these underlying properties are working interests, production expense and development costs are deducted in calculating net profits income from the 75% net profits interests. As a result, net profits income from these interests is affected by the level of maintenance and development activity on these underlying properties. Net profits income is also dependent upon oil and gas sales volumes and prices and is subject to reduction for any prior period excess costs.
 Total underlying 2024 development costs were $1,509,510, up 42 percent from 2023 development costs of $1,061,887. Development costs were higher in 2024 primarily because of the timing of the receipt of costs for drilling activity that occurred in the second half of 2023 for the Hewitt Unit.
 As reported to XTO Energy by unit operators in February of each year, underlying budgeted development costs were $0.2 million for 2024 and $1.4 million for 2023 ($0.1 million and $1.1 million, respectively, net to the Trust). 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 underlying budgeted costs of approximately $0.75 million for 2025 and $0.85 million for 2026 ($0.56 million and $0.64 million, respectively, net to the Trust). Changes in oil or natural gas prices could impact future development plans on the underlying properties.

 If monthly costs exceed revenues for any conveyance, such excess costs must be recovered, with accrued interest, from future net proceeds of that conveyance and cannot reduce net profits income from other conveyances. Remaining cumulative excess costs for the Texas working interest conveyance totaled $4.3 million ($3.2 million net to the Trust), including accrued interest of $1.1 million ($0.8 million net to the Trust) for the period ended December 31, 2024. For information regarding the effect of excess costs on Trust net profits income, see Note 7 to Financial Statements under Item 8. Financial Statements and Supplementary Data, including the excess cost balance and accrued interest by conveyance.
 Estimated Proved Reserves and Future Net Cash Flows
 The following are proved reserves of the underlying properties, as estimated by independent engineers, and proved reserves and future net cash flows from proved reserves of the net profits interests, based on an allocation of these reserves, at December 31, 2024:

 Proved Reserves (a)

 Proved Reserves (a)(b)

 Future Net Cash Flows

 Oil

 Gas

 Oil

 Gas

 from Proved Reserves (a)(c)

 (Mcf)

 (Mcf)

 Undiscounted

 Discounted

 90% Net Profits Interests

 New Mexico

 6,363

 5,727

 $

 17,809

 $

 10,766

 Texas

 11,933

 6,857

 Oklahoma

 5,351

 3,236

 Total

 7,794

 6,950

 35,093

 20,859

 75% Net Profits Interests

 Texas

 —

 —

 —

 —

 —

 Oklahoma

 1,040

 17,559

 10,471

 Total

 1,050

 17,559

 10,471

 TOTAL

 1,301

 8,334

 7,076

 $

 52,652

 $

 31,330

 (a) Based on 12-month average oil price of $72.96 per Bbl and $3.55 per Mcf for gas, based on the first-day-of-the-month price for each month in the period.

 (b) Since the Trust has defined net profits interests, the Trust does not own a specific percentage of the oil and gas reserves. Oil and gas reserves are allocated to the net profits interests by dividing Trust net cash inflows by 12-month average oil and gas prices. As such, reserves allocated to the Trust have been reduced to reflect recovery of the Trust’s portion of applicable production and development costs, which includes excess costs. Any conveyance where costs exceed revenues will result in zero allocated net profits interests reserves for that conveyance.

 (c) Before income taxes since future net cash flows are not subject to taxation at the trust level. Future net cash flows are discounted at an annual rate of 10 percent.

 Proved reserves at December 31, 2024, consist of the following:

 Proved Reserves

 Proved Reserves

 Oil

 Gas
(Mcf)

 Oil

 Gas
(Mcf)

 Proved developed producing reserves

 1,301

 8,334

 7,076

 Proved undeveloped reserves

 —

 —

 —

 —

 Proved developed non-producing reserves

 —

 —

 —

 —

 Total proved reserves

 1,301

 8,334

 7,076

 The process of estimating oil and gas reserves is complex and requires significant judgment as discussed in Item 1A. Risk Factors, and is performed by XTO Energy. As a result, XTO Energy has developed internal policies and controls for estimating and recording reserves. XTO Energy’s policies regarding booking reserves require proved reserves to be in compliance with the SEC definitions and guidance. XTO Energy’s policies assign responsibilities for compliance in reserves bookings to its reserve engineering group and require that reserve estimates be made by qualified reserves estimators, as defined by the Society of Petroleum Engineers’ standards. All qualified reserves estimators are required to receive education covering the fundamentals of SEC proved reserves assignments.

 The XTO Energy reserve engineering group reviews reserve estimates with third-party petroleum consultants, Miller and Lents, Ltd., independent petroleum engineers. Miller and Lents, Ltd. estimated oil and gas reserves attributable to the underlying properties as of December 31, 2024. Miller and Lents’ primary technical person responsible for calculating the Trust’s reserves has more than 13 years of experience as a reserve engineer. The estimated reserves for the underlying properties are then used by XTO Energy to calculate the estimated oil and gas reserves attributable to the net profits interests. Numerous uncertainties are inherent in estimating reserve volumes and values, and such estimates are subject to change as additional information becomes available. The reserves actually recovered and the timing of production of these reserves may be substantially different from the original estimates.
 Reserve quantities and revenues for the net profits interests were estimated from projections of reserves and revenues attributable to the underlying properties. Since the Trust has defined net profits interests, the Trust does not own a specific percentage of the oil and gas reserves. Oil and gas reserves are allocated to the net profits interests by dividing Trust net cash inflows by 12-month average oil and gas prices.
 Oil and Natural Gas Production
 Trust production is recognized in the period net profits income is received, which is the month following receipt by XTO Energy, and generally two months after the time of oil production and three months after gas production. Oil and gas sales volumes are allocated to the net profits interests based upon a formula that considers oil and gas prices and the total amount of production expense and development costs. As such, the underlying property production volume changes may not correlate with the Trust’s net profit share of those volumes in any given period.
 Oil and gas production and average sales prices attributable to the underlying properties and the net profits interests for the last three years ended December 31 were as follows:

 90% Net Profits Interests

 75% Net Profits Interests

 Total

 2024

 2023

 2022

 2024

 2023

 2022

 2024

 2023

 2022

 Production

 Oil - Sales (Bbls)

 43,926

 61,465

 47,459

 121,070

 130,654

 189,988

 164,996

 192,119

 237,447

 Average per day (Bbls)

 Gas - Sales (Mcf)

 1,208,304

 1,764,001

 1,373,325

 8,601

 9,863

 9,240

 1,216,905

 1,773,864

 1,382,565

 Average per day (Mcf)

 3,301

 4,833

 3,763

 3,325

 4,860

 3,788

 Oil - Sales (Bbls)

 35,706

 53,783

 41,920

 12,710

 17,348

 16,116

 48,416

 71,131

 58,036

 Average per day (Bbls)

 Gas - Sales (Mcf)

 973,511

 1,451,656

 1,169,587

 973,861

 1,452,440

 1,169,758

 Average per day (Mcf)

 2,660

 3,977

 3,204

 2,661

 3,979

 3,205

 Average Sales Price

 Oil (per Bbl)

 $

 78.78

 $

 79.50

 $

 81.62

 $

 74.55

 $

 75.90

 $

 76.11

 $

 75.68

 $

 77.05

 $

 77.21

 Gas (per Mcf)

 $

 3.92

 $

 5.94

 $

 7.95

 $

 11.43

 $

 15.76

 $

 27.55

 $

 3.97

 $

 6.00

 $

 8.08

 Average Production Cost per BOE (a)(b)

 $

 2.33

 $

 1.67

 $

 1.86

 $

 54.04

 $

 53.09

 $

 27.71

 $

 19.55

 $

 15.62

 $

 12.44

 (a) Total average production cost per BOE includes production from the properties underlying the 90% net profits interests, which are substantially all royalty and overriding royalty interests with insignificant production costs.

 (b) 75% Net Profits Interests average production cost per BOE for 2022 is deflated due to the receipt of oil sales volumes from the operator of the North Cowden Unit in first quarter 2022. These oil sales had been reversed by the oil purchaser in fourth quarter 2021.

 Oil and gas production by conveyance attributable to the underlying properties for the last three years ended December 31 were as follows:

 Underlying Gas Production (Mcf)

 Conveyance

 2024

 2023

 2022

 New Mexico royalty interest

 809,160

 1,397,441

 1,059,929

 Oklahoma royalty interest

 282,154

 196,718

 193,918

 Texas royalty interest

 116,990

 169,842

 119,478

 Texas working interest

 6,632

 7,716

 8,486

 Oklahoma working interest

 1,969

 2,147

 Total

 1,216,905

 1,773,864

 1,382,565

 Underlying Oil Production (Bbls)

 Conveyance

 2024

 2023

 2022

 New Mexico royalty interest

 4,010

 2,340

 3,769

 Oklahoma royalty interest

 11,527

 18,928

 13,985

 Texas royalty interest

 28,389

 40,197

 29,705

 Texas working interest (a)

 24,028

 26,697

 104,798

 Oklahoma working interest

 97,042

 103,957

 85,190

 Total

 164,996

 192,119

 237,447

 (a) Texas working interest underlying oil production for 2022 is higher due to the receipt of oil sales volumes from the operator of the North Cowden Unit in first quarter 2022. These oil sales had been reversed by the oil purchaser in fourth quarter 2021.

 Nonproducing Acreage
 The underlying nonproducing royalties in Texas, Oklahoma and New Mexico were nonproducing at the date of the Trust’s creation. The Trust is entitled to 10 percent of oil and gas production attributable to the underlying mineral interests, but is not entitled to delay rental payments or lease bonuses. There has been no significant development of such nonproducing acreage since the Trust’s creation.
 Pricing and Sales Information
 Oil and gas are generally sold from the underlying properties at market-sensitive prices. The majority of sales from the underlying working interest properties are to major oil and gas companies. Information about purchasers of oil and gas from royalty properties is generally not provided by operators to XTO Energy as a royalty owner, or to the Trust.
 Regulation
 Natural Gas Regulation
 The interstate transportation and sale for resale of natural gas is subject to federal regulation, including transportation and storage rates charged, tariffs, and various other matters, by the Federal Energy Regulatory Commission (“FERC”). Federal price controls on wellhead sales of domestic natural gas terminated on January 1, 1993. While natural gas prices are currently unregulated, Congress historically has been active in the area of natural gas regulation. On August 8, 2005, Congress enacted the Energy Policy Act of 2005 (the Energy Policy Act). The Energy Policy Act, among other things, amended the Natural Gas Act to prohibit market manipulation by any entity, to direct FERC to facilitate market transparency in the market for sale or transportation of physical natural gas in interstate commerce, and to significantly increase the penalties for violations of the Natural Gas Act, the Natural Gas Policy Act of 1978, or FERC rules, regulations or orders thereunder. FERC has promulgated regulations to implement the Energy Policy Act, including enforcement rules and new annual reporting requirements for certain sellers of natural gas. It is impossible to predict whether new legislation to regulate natural gas might be proposed, what proposals, if any, might actually be enacted by Congress or the various state legislatures, and what effect, if any, such proposals might have on the operations of the underlying properties.
 Federal Regulation of Oil
 Sales of crude oil, condensate and natural gas liquids are not currently regulated and are made at market prices. The net price received from the sale of these products is affected by market transportation costs. Under rules adopted by FERC effective January 1995, interstate oil pipelines can change rates based on an inflation index, though other rate mechanisms may be used in specific circumstances.
 On December 19, 2007, the President signed into law the Energy Independence & Security Act of 2007 (PL 110-140) (“EISA”). The EISA, among other things, prohibits market manipulation by any person in connection with the purchase or sale of crude oil, gasoline or petroleum distillates at wholesale in contravention of such rules and regulations that the Federal Trade Commission may prescribe, directs the Federal Trade Commission to enforce the regulations, and establishes penalties for violations thereunder. XTO Energy has advised the Trustee that it cannot predict the impact of future government regulation on any crude oil, condensate or natural gas liquids facilities, sales or transportation transactions.

 Environmental Regulation
 Companies engaged in the oil and gas industry are subject to federal, state and local laws regulating the discharge of materials into the environment. Those laws may impact operations of the underlying properties. No material expenses have been incurred on the underlying properties in complying with environmental laws and regulations. XTO Energy does not expect future compliance to have a material impact on the Trust.
 There is a focus by local, national and international regulatory bodies on greenhouse gas (“GHG”) emissions and sustainability. Several states have adopted sustainability legislation and regulations, and various other regulatory bodies have announced their intent to regulate GHG emissions or adopt sustainability regulations. XTO Energy is unable to predict the impact of potential regulations to operators of the underlying properties, and it is possible that operators of the underlying properties could face increases in operating costs in order to comply with sustainability or GHG emissions legislation, which costs could reduce net proceeds payable to the Trust and Trust distributions.
 State Regulation
 The various states regulate the production and sale of oil and natural gas, including imposing requirements for obtaining drilling permits, the method of developing new fields, the spacing and operation of wells and the prevention of waste of oil and gas resources. The rates of production may be regulated and the maximum daily production allowable from both oil and gas wells may be established on a market demand or conservation basis, or both.
 Federal Income Taxes
 For federal income tax purposes, the Trust constitutes a fixed investment trust that is taxed as a grantor trust. A grantor trust is not subject to tax at the trust level. The unitholders are considered, for federal income tax purposes, to own the Trust’s income and principal as though no trust were in existence. The income of the Trust is deemed to have been received or accrued by each unitholder at the time such income is received or accrued by the Trust and not when distributed by the Trust. Impairments recorded for book purposes will not result in a loss for tax purposes for the unitholders until the loss is recognized.
 Because the Trust is a grantor trust for federal tax purposes, unitholders are taxed directly on their proportionate share of income, deductions and credits of the Trust consistent with each such unitholder’s taxable year and method of accounting and without regard to the taxable year or method of accounting employed by the Trust. The income of the Trust consists primarily of a specified share of the net profits from the sale of oil and natural gas produced from the underlying properties. During 2024, the Trust incurred administration expenses and earned interest income on funds held for distribution and on the cash reserve maintained for the payment of contingent and future obligations of the Trust.
 The Trust generally allocates its items of income, gain, loss and deduction between transferors and transferees of the units each month based upon the ownership of the Trust units on the monthly record date, instead of on the basis of the date a particular unit is transferred. It is possible that the IRS could disagree with this allocation method and could assert that income and deductions of the Trust should be determined and allocated on a daily or prorated basis, which could require adjustments to the tax returns of the unitholders affected by the issue and result in an increase in the administrative expense of the Trust in subsequent periods.
 The net profits interests constitute “economic interests” in oil and gas properties for federal tax purposes. Each unitholder is entitled to amortize the cost of the units through cost depletion over the life of the net profits interests or, if greater, through percentage depletion equal to 15 percent of gross income from such net profits interests, limited to 100 percent of the net income from such net profits interests. Unlike cost depletion, percentage depletion is not limited to a unitholder’s depletable tax basis in the units. Rather, a unitholder is entitled to a percentage depletion deduction as long as the applicable underlying properties generate gross income. Unitholders should compute both percentage depletion and cost depletion from each property and claim the larger amount as a deduction on their income tax returns.
 Unitholders must maintain records of their adjusted basis in their Trust units (generally their cost less prior depletion deductions), make adjustments for depletion deductions to such basis, and use the adjusted basis for the computation of gain or loss on the disposition of the Trust units.
 If a taxpayer disposes of any “Section 1254 property” (certain oil, gas, geothermal or other mineral property), and the adjusted basis of such property includes adjustments for depletion deductions under Section 611 of the Internal Revenue Code (the “Code”), the taxpayer generally must recapture the amount deducted for depletion as ordinary income (to the extent of gain realized on such

 disposition). This depletion recapture rule applies to any disposition of Section 1254 property that was placed in service by the taxpayer after December 31, 1986. Detailed rules set forth in Sections 1.1254-1 through 1.1254-6 of the U.S. Treasury Regulations govern dispositions of property after March 13, 1995.
 Interest and net profits income attributable to ownership of units and any gain on the sale thereof are considered portfolio income, and not income from a “passive activity,” to the extent a unitholder acquires and holds units as an investment and not in the ordinary course of a trade or business. Therefore, interest and net profits income attributable to ownership of units generally may not be offset by losses from any passive activities.
 Under the TCJA, for tax years beginning after December 31, 2017, and before January 1, 2026, the highest marginal U.S. federal income tax rate applicable to ordinary income of individuals is 37 percent, and the highest marginal U.S. federal income tax rate applicable to long-term capital gains (generally, gains from the sale or exchange of certain investment assets held for more than one year) and qualified dividends of individuals is 20 percent. Under the TCJA, for such tax years, personal exemptions and miscellaneous itemized deductions are not allowed. Further, the U.S. federal income tax rate applicable to corporations is 21 percent, and such rate applies to both ordinary income and capital gains.
 Individuals may also incur expenses in connection with the acquisition or maintenance of Trust units. For tax years beginning before January 1, 2018, and after December 31, 2025, these expenses, which are different from a unitholder’s share of the Trust’s administrative expenses discussed above, may be deductible as “miscellaneous itemized deductions” only to the extent that such expenses exceed 2 percent of the individual’s adjusted gross income. Under the TCJA, for tax years beginning after December 31, 2017, and before January 1, 2026, miscellaneous itemized deductions are not allowed.
 Section 1411 of the Code imposes a 3.8 percent Medicare tax on certain investment income earned by individuals, estates, and trusts. For these purposes, investment income generally will include a unitholder’s allocable share of the Trust’s interest and net profits income plus the gain recognized from a sale of Trust units. In the case of an individual, the tax is imposed on the lesser of (i) the individual’s net investment income from all investments, or (ii) the amount by which the individual’s modified adjusted gross income exceeds specified threshold levels depending on such individual’s federal income tax filing status. In the case of an estate or trust, the tax is imposed on the lesser of (i) undistributed net investment income, or (ii) the excess adjusted gross income over the dollar amount at which the highest income tax bracket applicable to an estate or trust begins.
 The difference between the per-unit taxable income for any period and the per-unit cash distributions, if any, reported for such period is attributable to (i) items that reduce cash distributions but are not currently deductible, such as an increase in the cash reserve maintained by the Trust for the payment of future expenditures; (ii) the current deduction of expenses that are paid with amounts previously reserved; (iii) items that increase cash distributions but do not constitute taxable income, such as a decrease in the cash reserve maintained by the Trust and/or a return of capital; and (iv) items that constitute taxable income due to the recovery of prior period expense adjustments. Because of these types of items and when the Trustee elects to reserve amounts from monthly distributions to maintain an administrative expense reserve, the taxable income per period frequently differs from the actual amount distributed to unitholders.
 Pursuant to the Foreign Account Tax Compliance Act (commonly referred to as “FATCA”), distributions from the Trust to “foreign financial institutions” and certain other “non-financial foreign entities” may be subject to U.S. withholding taxes. Specifically, certain “withholdable payments” (including certain royalties, interest and other gains or income from U.S. sources) made to a foreign financial institution or non-financial foreign entity will generally be subject to the withholding tax unless the foreign financial institution or non-financial foreign entity complies with certain information reporting, withholding, identification, certification and related requirements imposed by FATCA. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules.
 The Treasury Department issued guidance providing that the FATCA withholding rules described above generally will apply to qualifying payments made after June 30, 2014. Foreign unitholders are encouraged to consult their own tax advisor regarding the possible implications of these withholding provisions on their investment in Trust units.
 Some Trust units are held by middlemen, as such term is broadly defined in U.S. Treasury Regulations (and includes custodians, nominees, certain joint owners, and brokers holding an interest for a customer in street name, collectively referred to herein as “middlemen”). Therefore, the Trustee considers the Trust to be a non-mortgage widely held fixed investment trust (“WHFIT”) for U.S. federal income tax purposes. Argent Trust Company, EIN: 62-1437218, 3838 Oak Lawn Ave, Suite 1720, Dallas, Texas, 75219, telephone number 1-855-588-7839, email address trustee@crt-crosstimbers.com, is the representative of the Trust that will provide tax information in accordance with applicable U.S. Treasury Regulations governing the information reporting requirements of the Trust as

 a WHFIT. Tax information is also posted by the Trustee at www.crt-crosstimbers.com. Notwithstanding the foregoing, the middlemen holding Trust units on behalf of unitholders, and not the Trustee of the Trust, are solely responsible for complying with the information reporting requirements under the U.S. Treasury Regulations with respect to such Trust units, including the issuance of IRS Forms 1099 and certain written tax statements. Unitholders whose Trust units are held by middlemen should consult with such middlemen regarding the information that will be reported to them by the middlemen with respect to the Trust units.
 Unitholders should consult their tax advisor regarding Trust tax compliance matters.
 State Income Taxes
 All revenues from the Trust are from sources within Texas, Oklahoma or New Mexico. Because the Trust distributes all of its net income to unitholders, the Trust is not taxed at the trust level in New Mexico or Oklahoma. While the Trust is not expected to owe tax, the Trustee is required to file an Oklahoma income tax return reflecting the income and deductions of the Trust attributable to properties located in that state, along with a schedule that includes information regarding distributions to unitholders. Oklahoma and New Mexico tax the income of nonresidents from real property located within those states, and the Trust has been advised by counsel that such states will tax nonresidents on income from the net profits interests located in those states. Oklahoma and New Mexico also impose a corporate income tax that may apply to unitholders organized as corporations (subject to certain exceptions for S corporations and limited liability companies, depending on their treatment for federal tax purposes).
 Texas imposes a franchise tax at a rate of 0.75 percent on gross revenues less certain deductions, as specifically set forth in the Texas franchise tax statutes. Entities subject to tax generally include trusts and most other types of entities that provide limited liability protection, unless otherwise exempt. Trusts that receive at least 90 percent of their federal gross income from certain passive sources, including royalties from mineral properties and other non-operated mineral interest income, and do not receive more than 10 percent of their income from operating an active trade or business, generally are exempt from the Texas franchise tax as “passive entities.” The Trust has been and expects to continue to be exempt from Texas franchise tax as a passive entity. Because the Trust should be exempt from Texas franchise tax at the trust level as a passive entity, each unitholder that is a taxable entity under the Texas franchise tax generally will be required to include its Texas portion of trust revenues in its own Texas franchise tax computation. This revenue is sourced to Texas under provisions of the Texas Administrative Code providing that such income is sourced according to the principal place of business of the Trust, which is Texas.
 Each unitholder should consult their own tax advisor regarding state income tax requirements, if any, applicable to such person’s ownership of Trust units.
 State Tax Withholding
 Several states have enacted legislation requiring state income tax withholding from payments to nonresident recipients of oil and gas proceeds. After consultation with its tax counsel, the Trustee believes that it is not required to withhold on payments made to the unitholders. However, regulations are subject to change by the various states, which could change this conclusion. Should amounts be withheld on payments made to the Trust or the unitholders, distributions to the unitholders would be reduced by the required amount, subject to the filing of a claim for refund by the Trust or unitholders for such amount.
 Other Regulation
 The petroleum industry is also subject to compliance with various other federal, state and local regulations and laws, including, but not limited to, regulations and laws relating to environmental protection, occupational safety, resource conservation and equal employment opportunity. XTO Energy has advised the Trustee that it does not believe that compliance with these laws will have any material adverse effect upon the unitholders.
 ITEM 3. LEGAL PROCEEDINGS
 Certain of the underlying properties are involved in various lawsuits and certain governmental proceedings arising in the ordinary course of business. XTO Energy has advised the Trustee that it does not believe that the ultimate resolution of these claims will have a material effect on the annual distributable income, financial position or liquidity of the Trust.
 ITEM 4. MINE SAFETY DISCLOSURES
 Not Applicable.

 ITEM 5. MARKET FOR UNITS OF THE TRUST, RELATED UNITHOLDER MATTERS AND TRUST PURCHASES OF UNITS
 Units of Beneficial Interest
 The units of beneficial interest in the Trust are listed and traded on the New York Stock Exchange under the symbol “CRT”.
 At March 18, 2025, there were 6,000,000 units outstanding and approximately 160 unitholders of record; 5,955,356 of these units were held by depository institutions.
 The Trust has no equity compensation plans, nor has it purchased any units during the period covered by this report.
 See Item 1. Business for a description of the Trustee’s obligations to make monthly distributions and how the monthly distribution amount is determined under the indenture.
 ITEM 6. [RESERVED]

 ITEM 7. TRUSTEE’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 Calculation of Net Profits Income
 The following is a summary of the calculation of net profits income received by the Trust:

 Year Ended

 Three Months Ended

 December 31 (a)

 December 31 (a)

 2024

 2023

 2024

 2023

 Sales Volumes

 Oil (Bbls) (b)

 Underlying properties

 164,996

 192,119

 38,048

 53,871

 Average per day

 Net profits interests

 48,416

 71,131

 13,312

 20,452

 Gas (Mcf) (b)

 Underlying properties

 1,216,905

 1,773,864

 236,400

 363,851

 Average per day

 3,325

 4,860

 2,570

 3,955

 Net profits interests

 973,861

 1,452,440

 182,612

 305,224

 Average Sales Price

 Oil (per Bbl)

 $

 75.68

 $

 77.05

 $

 72.32

 $

 79.05

 Gas (per Mcf)

 $

 3.97

 $

 6.00

 $

 3.78

 $

 4.63

 Revenues

 Oil sales

 $

 12,486,106

 $

 14,803,161

 $

 2,751,440

 $

 4,258,690

 Gas sales

 4,833,282

 10,636,622

 893,454

 1,682,968

 Total Revenues

 17,319,388

 25,439,783

 3,644,894

 5,941,658

 Costs

 Taxes, transportation and other

 1,982,031

 3,186,994

 406,306

 659,019

 Production expense (c)

 7,191,977

 7,617,528

 1,844,738

 2,694,001

 Development costs

 1,509,510

 1,061,887

 6,734

 321,747

 Excess costs (d)

 (853,410

)

 (372,285

)

 (327,715

)

 (625,543

)

 Total Costs

 9,830,108

 11,494,124

 1,930,063

 3,049,224

 Net Proceeds

 $

 7,489,280

 $

 13,945,659

 $

 1,714,831

 $

 2,892,434

 Net Profits Income

 $

 6,563,177

 $

 12,300,176

 $

 1,462,841

 $

 2,548,233

 (a) Because of the interval between time of production and receipt of net profits income by the Trust, oil and gas sales for the year ended December 31 generally relate to oil production from November through October and gas production from October through September, while oil and gas sales for the quarter ended December 31 generally relate to oil production from August through October and gas production from July through September.

 (b) Oil and gas sales volumes are allocated to the net profits interests by dividing Trust net cash inflows by average sales prices. As oil and gas prices change, the Trust’s allocated production volumes are impacted as the quantity of production necessary to cover expenses changes inversely with price. As such, the underlying property production volume changes may not correlate with the Trust’s allocated production volumes in any given period. Therefore, comparative discussion of oil and gas sales volumes is based on the underlying properties.

 (c) Production expense includes an overhead charge which is deducted and retained by the operator. XTO Energy deducts an overhead charge as reimbursement for costs associated with monitoring these interests. See Note 5 to Financial Statements under Item 8. Financial Statements and Supplementary Data.

 (d) See Note 7 to Financial Statements under Item 8. Financial Statements and Supplementary Data.

 Results of Operations
 Years Ended December 31, 2024 and 2023
 Net profits income for 2024 was $6,563,177 as compared with $12,300,176 for 2023. The 47 percent decrease in net profits income from 2023 to 2024 was primarily the result of decreased oil and gas production ($3.8 million), lower oil and gas prices ($3.4 million), and increased development costs ($0.3 million), partially offset by decreased taxes, transportation and other costs ($1.1 million), net excess costs activity ($0.4 million), and decreased production expenses ($0.3 million). During 2024 and 2023, 46 percent and 57 percent, respectively, of net profits income was derived from gas sales.
 Trust administration expense was $945,612 in 2024 as compared to $816,185 in 2023. Cash reserve activity was $0 in 2024 and 2023. As of December 31, 2024, the reserve is funded at $1,000,000. Interest income was $60,253 in 2024 and $63,897 in 2023. Other changes in interest income are attributable to fluctuations in net profits income and interest rates.
 Net profits income is recorded when received by the Trust, which is the month following receipt by XTO Energy, and generally two months after oil production and three months after gas production. Net profits income is generally affected by three major factors:

 1.

 oil and gas sales volumes;

 2.

 oil and gas sales prices; and

 3.

 costs deducted in the calculation of net profits income.

 Volumes
 Oil. Underlying oil sales volumes decreased 14 percent from 2023 to 2024 primarily because of timing of cash receipts and natural production decline.
 Gas. Underlying gas sales volumes decreased 31 percent from 2023 to 2024 primarily due to absence of receipts for the New Mexico royalty interest net profits interests related to March 2018 to December 2020 production, timing of cash receipts, and natural production decline, partially offset by out of period revenues attributable to non-operated properties in the Oklahoma royalty interest net profits interests.
 The estimated rate of natural production decline on the underlying oil and gas properties is approximately 6 to 8 percent a year.
 Prices
 Oil. The average oil price for 2024 was $75.68 per Bbl, down 2 percent from the 2023 average oil price of $77.05 per Bbl. Oil prices are expected to remain volatile. The average NYMEX price for November 2024 through January 2025 was $71.56 per Bbl. At March 14, 2025, the average NYMEX oil price for the following 12 months was $65.20 per Bbl.
 Gas. The 2024 average gas price was $3.97 per Mcf, down 34 percent from the 2023 average gas price of $6.00 per Mcf. Natural gas prices are affected by natural gas liquids prices, the level of North American production, weather, crude oil prices, the U.S. economy, storage levels and export levels of liquefied natural gas. Natural gas prices are expected to remain volatile. The average NYMEX price for fourth quarter 2024 was $2.16 per MMBtu. At March 14, 2025, the average NYMEX gas price for the following 12 months was $4.66 per MMBtu.
 Costs
 Because properties underlying the 90% net profits interests are primarily royalty and overriding royalty interests, the calculation of net profits income from these interests includes deductions for production and property taxes, legal costs, and marketing and transportation charges. In addition to these costs, the calculation of net profits income from the 75% net profits interests includes deductions for production expense and development costs since the related underlying properties are working interests. Net profits income is calculated monthly for each of the five conveyances under which the net profits interests were conveyed to the Trust. If monthly costs exceed revenues for any conveyance, such excess costs must be recovered, with accrued interest, from future net proceeds of that conveyance and cannot reduce net profits income from other conveyances. Costs have never exceeded revenues from the 90% net profits interests, nor are they expected to in the future. For further information on excess costs, see Note 7 to Financial Statements under Item 8. Financial Statements and Supplementary Data.

 Total costs deducted in the calculation of net profits income were $9.8 million in 2024 and $11.5 million in 2023. The 14 percent decrease in costs from 2023 to 2024 is attributable to decreased taxes, transportation and other costs ($1.2 million), net excess costs activity ($0.5 million), and decreased production expenses ($0.4 million), offset by increased development costs ($0.4 million).
 Unit operators of the properties underlying the 75% net profits interests have reported underlying budgeted development costs of approximately $0.75 million for 2025 and $0.85 million for 2026 ($0.56 million and $0.64 million, respectively, net to the Trust), as compared to underlying budgeted development costs of $0.20 million ($0.15 million net to the Trust) and actual development costs of $1.51 million ($1.13 million net to the Trust) for 2024. 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. Changes in oil or natural gas prices could impact future development plans on the underlying properties.
 Fourth Quarter 2024 and 2023
 During the quarter ended December 31, 2024, the Trust received net profits income totaling $1,462,841, compared with fourth quarter 2023 net profits income of $2,548,233. This 43 percent decrease in net profits income is primarily the result of decreased oil and gas production ($1.4 million), lower oil and gas prices ($0.5 million) and net excess costs activity ($0.2 million), partially offset by decreased production expenses ($0.6 million), decreased development costs ($0.2 million), and decreased taxes, transportation and other costs ($0.2 million).
 Administration expense was $158,890 and Trust interest income was $13,643, resulting in fourth quarter 2024 distributable income of $1,317,594, or $0.219599 per unit. Distributable income for fourth quarter 2023 was $2,416,884, or $0.402814 per unit.
 Distributions to unitholders for the quarter ended December 31, 2024, were:

 Record Date

 Payment Date

 Per Unit

 October 31, 2024

 November 15, 2024

 $

 0.064592

 November 29, 2024

 December 13, 2024

 0.092742

 December 31, 2024

 January 15, 2025

 0.062265

 $

 0.219599

 Volumes
 Fourth quarter 2024 underlying oil sales volumes were down 29 percent from fourth quarter 2023 primarily because of timing of cash receipts and natural production decline. Underlying gas sales volumes for fourth quarter 2024 were down 35 percent from fourth quarter 2023 because of timing of cash receipts and natural production decline.
 Prices
 The average fourth quarter 2024 oil price was $72.32 per Bbl, down 9 percent from the fourth quarter 2023 average price of $79.05 per Bbl. The average fourth quarter 2024 gas price was $3.78 per Mcf, down 18 percent from the fourth quarter 2023 average price of $4.63 per Mcf. For further information about oil and gas prices, see “Years Ended December 31, 2024 and 2023 – Prices” above.
 Costs
 Costs deducted in the calculation of fourth quarter 2024 net profits income decreased $1.1 million from fourth quarter 2023. This decrease was primarily attributable to decreased production expenses ($0.8 million), development costs ($0.3 million), and taxes, transportation and other costs ($0.3 million), partially offset by net excess costs activity ($0.3 million). For further information about development and excess costs, see “Years Ended December 31, 2024 and 2023 – Costs” above.
 Liquidity and Capital Resources
 The Trust’s only cash requirement is any declared monthly distribution of its income to unitholders, which is funded by the monthly receipt of net profits income after payment of Trust administration expenses. The Trust is not liable for any production costs or liabilities attributable to the underlying properties. If at any time the Trust receives net profits income in excess of the amount due, the Trust is not obligated to return such overpayment, but future net profits income payable to the Trust will be reduced by the overpayment, plus interest at the prime rate. The Trustee may establish cash reserves for certain contingencies. The Trust may borrow funds required to pay Trust liabilities if fully repaid prior to further distributions to unitholders.

 The Trust does not have any transactions, arrangements or other relationships with unconsolidated entities or persons that could materially affect the Trust’s liquidity or the availability of capital resources.
 Greenhouse Gas Emissions and Sustainability Regulations
 There is an increased focus by local, national and international regulatory bodies on greenhouse gas (“GHG”) emissions and sustainability. A number of nations and U.S. states have adopted or are considering some form of sustainability legislation and regulations, including carbon taxes, cap-and-trade policies and bans on drilling in certain areas or in certain ways. XTO Energy has informed the Trustee that it continues to anticipate that sustainability policies will increase the cost of carbon dioxide emissions over time. XTO Energy is unable to predict the impact of potential regulations to operators of the underlying properties, and it is possible that the operators of the underlying properties could face increases in operating costs in order to comply with sustainability or GHG emissions legislation, which costs could reduce or eliminate net proceeds payable to the Trust and Trust distributions.
 Off-Balance Sheet Arrangements
 The Trust has no off-balance sheet financing arrangements. The Trust has not guaranteed the debt of any other party, nor does the Trust have any other arrangements or relationships with other entities that could potentially result in unconsolidated debt, losses or contingent obligations.
 Related Party Transactions
 The underlying properties from which the net profits interests were carved are currently owned by XTO Energy or other affiliated companies of ExxonMobil.
 Approximately 23 of the underlying royalty interests burden working interests in properties operated by XTO Energy. XTO Energy operates the Hewitt Unit which is one of the properties underlying the Oklahoma 75% net profits interests. Other than these properties, XTO Energy and ExxonMobil do not operate or control any of the underlying properties or related working interests.
 In computing net proceeds for the 75% net profits interests (Note 3), XTO Energy deducts an overhead charge as reimbursement for costs associated with monitoring these interests. This overhead charge at December 31, 2024, was approximately $50,443 per month, or $605,316 annually (net to the Trust of $37,832 per month, or $453,984 annually), and is subject to annual adjustment based on an oil and gas industry index.
 XTO Energy deducts a monthly overhead charge for reimbursement of administrative expenses as operator of the Hewitt Unit, which is one of the properties underlying the Oklahoma 75% net profits interests. As of December 31, 2024, this charge was approximately $35,056 per month, or $420,672 annually (net to the Trust of $26,292 per month, or $315,504 annually), and is subject to annual adjustment based on an oil and gas industry index.
 On June 25, 2010, XTO Energy became a wholly owned subsidiary of Exxon Mobil Corporation.
 Critical Accounting Policies
 The financial statements of the Trust are significantly affected by its basis of accounting and estimates related to its oil and gas properties and proved reserves, as summarized below.
 Basis of Accounting
 The Trust’s financial statements are prepared on a modified cash basis, which is a comprehensive basis of accounting other than U.S. GAAP. This method of accounting is consistent with reporting of taxable income to Trust unitholders. The most significant differences between the Trust’s financial statements and those prepared in accordance with U.S. GAAP are:

 1.

 net profits income is recognized in the month received rather than accrued in the month of production;

 2.

 expenses are recognized when paid rather than when incurred; and

 3.

 cash reserves may be established by the Trustee for certain contingencies that would not be recorded under U.S. GAAP.

 This comprehensive basis of accounting other than U.S. GAAP corresponds to the accounting permitted for royalty trusts by the U.S. Securities and Exchange Commission, as specified by Staff Accounting Bulletin Topic 12:E, Financial Statements of Royalty

 Trusts. For further information regarding the Trust’s basis of accounting, see Note 2 to Financial Statements under Item 8. Financial Statements and Supplementary Data.
 All amounts included in the Trust’s financial statements are based on cash amounts received or disbursed, or on the carrying value of the net profits interests, which was derived from the historical cost of the interests at the date of their transfer from XTO Energy, less accumulated amortization to date. Accordingly, there are no fair value estimates included in the financial statements based on either exchange or non-exchange trade values.
 Impairment of Net Profits Interests
 The Trustee reviews the Trust’s net profits interests (“NPI”) in oil and gas properties for impairment whenever events or circumstances indicate that the carrying value of the NPI may not be recoverable. In general, the Trustee does not view temporarily low prices as an indication of impairment. The markets for crude oil and natural gas have a history of significant price volatility and though prices will occasionally drop significantly, industry prices over the long term will continue to be driven by market supply and demand. If events and circumstances indicate the carrying value may not be recoverable, the Trustee would use the estimated undiscounted future net cash flows from the NPI to evaluate the recoverability of the Trust assets. If the undiscounted future net cash flows from the NPI are less than the NPI carrying value, the Trust would recognize an impairment loss for the difference between the NPI carrying value and the estimated fair value of the NPI. The determination as to whether the NPI is impaired requires a significant amount of judgment by the Trustee and is based on the best information available to the Trustee at the time of the evaluation, including commodity pricing and other information provided by XTO Energy such as estimates of future production and development and operating expenses.
 During 2024, including fourth quarter, no trigger event occurred that would indicate a need for an impairment assessment. Accordingly, there was no impairment of the NPI as of December 31, 2024. Any impairment recorded for book purposes will not result in a deductible loss for tax purposes for the unitholders until the loss is recognized.
 Net profits interests in oil and gas properties
 The initial carrying value of the net profits interests of $61,100,449 was XTO Energy’s historical net book value of the interests on February 12, 1991, the date of the transfer to the Trust. Amortization of the net profits interests is calculated on a unit‑of‑production basis using proved reserves and is charged directly to trust corpus. Accumulated amortization was $58,667,105 as of December 31, 2024, and $58,428,866 as of December 31, 2023. Amortization of the NPI does not impact unitholder distributions or the determination of proved reserves.
 Oil and Gas Reserves
 The proved oil and gas reserves for the underlying properties are estimated by independent petroleum engineers. The estimated reserves for the underlying properties are then used by XTO Energy to calculate the estimated oil and gas reserves attributable to the net profits interests. Reserve engineering is a subjective process that is dependent upon the quality of available data and the interpretation thereof. Estimates by different engineers often vary, sometimes significantly. In addition, physical factors such as the results of drilling, testing and production subsequent to the date of an estimate, as well as economic factors such as changes in product prices, may justify revision of such estimates. Because proved reserves are required to be estimated using 12-month average prices, based on the first-day-of-the-month price for each month in the period, estimated reserve quantities can be significantly impacted by changes in product prices. Accordingly, oil and gas quantities ultimately recovered and the timing of production may be substantially different from original estimates.
 The standardized measure of discounted future net cash flows and changes in such cash flows, as reported in Note 8 to Financial Statements under Item 8. Financial Statements and Supplementary Data, is prepared using assumptions required by the Financial Accounting Standards Board and the Securities and Exchange Commission. Such assumptions include using 12-month average oil and gas prices, based on the first-day-of-the-month price for each month in the period, and year end costs for estimated future development and production expenditures, including recovery of cumulative excess costs remaining at year end. Discounted future net cash flows are calculated using a 10 percent rate. Changes in any of these assumptions, including consideration of other factors, could have a significant impact on the standardized measure. Accordingly, the standardized measure does not represent XTO Energy’s or the Trustee’s estimated current market value of proved reserves.

 Forward-Looking Statements
 Certain information included in this annual report and other materials filed, or to be filed, by the Trust with the Securities and Exchange Commission (as well as information included in oral statements or other written statements made or to be made by XTO Energy or the Trustee) contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, relating to the Trust, operations of the underlying properties and the oil and gas industry. Such forward-looking statements may concern, among other things, development activities, future development plans, increased density drilling, reserve-to-production ratios, future production, future net cash flows, maintenance projects, development, production, regulatory and other costs, oil and gas prices and expectations for future demand, the impact of inflation and economic downturns on economic activity, government policy and its impact on oil and gas prices and future demand, the development and competitiveness of alternative energy sources, pricing differentials, proved reserves, production levels, arbitration, litigation, liquidity, financing, political and regulatory matters, such as tax and environmental policy, climate policy, trade barriers, tariffs, sanctions, war and other political or security disturbances, and competition. Such forward-looking statements are based on XTO Energy’s and the Trustee’s current plans, expectations, assumptions, projections and estimates and are identified by words such as “may,” “expects,” “intends,” “plans,” “projects,” “anticipates,” “predicts,” “believes,” “goals,” “estimates,” “should,” “could,” “would,” and similar words that convey the uncertainty of future events. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual financial and operational results may differ materially from expectations, estimates or assumptions expressed in, implied in, or forecasted in such forward-looking statements. Some of the risk factors that could cause actual results to differ materially are explained in Item 1A. Risk Factors.
 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 Not required for smaller reporting companies; the Trust has elected to omit this information.
 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 Page

 Report of Independent Registered Public Accounting Firm (PCAOB 238)

 Statements of Assets, Liabilities and Trust Corpus

 Statements of Distributable Income

 Statements of Changes in Trust Corpus

 Notes to Financial Statements

 All financial statement schedules are omitted as they are inapplicable or the required information has been included in the consolidated financial statements or notes thereto.

 Report of Independent Registered Public Accounting Firm
 To the Unitholders of Cross Timbers Royalty Trust and Argent Trust Company, as Trustee
 Opinion on the Financial Statements
 We have audited the accompanying statements of assets, liabilities and trust corpus of Cross Timbers Royalty Trust (the “Trust”) as of December 31, 2024 and 2023, and the related statements of distributable income and of changes in trust corpus for the years then ended, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the assets, liabilities and trust corpus of the Trust as of December 31, 2024 and 2023, and its distributable income and its changes in trust corpus for the years then ended in conformity with the modified cash basis of accounting described in Note 2.
 Basis for Opinion
 These financial statements are the responsibility of the Trustee. Our responsibility is to express an opinion on the Trust’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
 We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
 Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by the Trustee, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
 Basis of Accounting
 As described in Note 2, these financial statements were prepared on the modified cash basis of accounting, which is a comprehensive basis of accounting other than generally accepted accounting principles.
 Critical Audit Matters
 Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the financial statements and (ii) involved our especially challenging, subjective, or complex judgments. We determined there are no critical audit matters.
 /s/ PricewaterhouseCoopers LLP
 Dallas, Texas
 March 27, 2025
 We have served as the Trust’s auditor since 2011.

 Cross Timbers Royalty Trust
 Statements of Assets, Liabilities and Trust Corpus

 December 31

 2024

 2023

 Assets

 Cash and short-term investments

 $

 1,369,379

 $

 1,852,320

 Interest to be received

 4,211

 5,062

 Net profits interests in oil and gas properties - net (Notes 1 and 2)

 2,433,344

 2,671,583

 $

 3,806,934

 $

 4,528,965

 Liabilities and Trust Corpus

 Distribution payable to unitholders

 $

 373,590

 $

 857,382

 Expense reserve (a)

 1,000,000

 1,000,000

 Trust corpus (6,000,000 units of beneficial interest authorized and outstanding)

 2,433,344

 2,671,583

 $

 3,806,934

 $

 4,528,965

 (a) Expense reserve allows the Trustee to pay its obligations should it be unable to pay them out of the net profits income. The reserve is currently funded at $1,000,000.

 Statements of Distributable Income

 Year Ended December 31

 2024

 2023

 Net profits income

 $

 6,563,177

 $

 12,300,176

 Interest income

 60,253

 63,897

 Total income

 6,623,430

 12,364,073

 Administration expense

 945,612

 816,185

 Distributable income

 $

 5,677,818

 $

 11,547,888

 Distributable income per unit (6,000,000 units)

 $

 0.946303

 $

 1.924648

 Statements of Changes in Trust Corpus

 Year Ended December 31

 2024

 2023

 Trust corpus, beginning of year

 $

 2,671,583

 $

 2,961,955

 Amortization of net profits interests

 (238,239

)

 (290,372

)

 Distributable income

 5,677,818

 11,547,888

 Distributions declared

 (5,677,818

)

 (11,547,888

)

 Trust corpus, end of year

 $

 2,433,344

 $

 2,671,583

 See accompanying notes to financial statements.

 CROSS TIMBERS ROYALTY TRUST
 NOTES TO FINANCIAL STATEMENTS
 1. Trust Organization and Provisions

 Cross Timbers Royalty Trust (the “Trust”) was created on February 12, 1991, by predecessors of XTO Energy Inc. (“XTO Energy”), when the following net profits interests were conveyed under five separate conveyances to the Trust effective October 1, 1990, in exchange for 6,000,000 units of beneficial interest in the Trust:

 1.

 90% net profits interests in certain producing and nonproducing royalty and overriding royalty interest properties in Texas, Oklahoma and New Mexico; and

 2.

 75% net profits interests in certain working interest properties in Texas and Oklahoma.

 The underlying properties from which the net profits interests were carved are currently owned by XTO Energy or other affiliated companies of ExxonMobil (Note 5). The Trust’s initial public offering was in February 1992.
 Effective December 30, 2022, Argent Trust Company (“Argent”) became the Trustee of the Trust. The defined term “Trustee” as used herein shall refer to Simmons Bank for periods from February 20, 2018, through December 29, 2022, and shall refer to Argent for periods on and after December 30, 2022.
 The Trust indenture provides, among other provisions, that:

 1.

 the Trust may not engage in any business activity or acquire any assets other than the net profits interests and specific short-term cash investments;

 2.

 the Trust may not dispose of all or part of the net profits interests unless approved by holders of 80 percent or more of the outstanding Trust units, or upon Trust termination, and any sale must be for cash with the proceeds promptly distributed to the unitholders on the next declared distribution;

 3.

 the Trustee may establish a cash reserve for payment of any liability that is contingent or not currently payable;

 4.

 the Trustee may borrow funds required to pay Trust liabilities if fully repaid prior to further distributions to unitholders;

 5.

 the Trustee will make monthly cash distributions to unitholders (Note 3); and

 6.

 the Trust will terminate upon the first occurrence of:

 a)

 disposition of all net profits interests pursuant to terms of the Trust indenture;

 b)

 gross revenue of the Trust is less than $1 million per year for two successive years; or

 c)

 a vote of holders of 80 percent or more of the outstanding Trust units to terminate the Trust in accordance with provisions of the Trust indenture.

 2. Basis of Accounting

 The financial statements of the Trust are prepared on the following basis and are not intended to present financial position and results of operations in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”):

 1.

 net profits income is recorded in the month received by the Trustee (Note 3);

 2.

 interest income, interest to be received and distribution payable to unitholders include interest to be earned on net profits income from the monthly record date (last business day of the month) through the date of the next distribution;

 3.

 trust expenses are recorded based on liabilities paid and cash reserves established by the Trustee for liabilities and contingencies; and

 4.

 distributions to unitholders are recorded when declared by the Trustee (Note 3).

 The most significant differences between the Trust’s financial statements and those prepared in accordance with U.S. GAAP are:

 1.

 net profits income is recognized in the month received rather than accrued in the month of production;

 2.

 expenses are recognized when paid rather than when incurred; and

 3.

 cash reserves may be established by the Trustee for certain contingencies that would not be recorded under U.S. GAAP.

 This comprehensive basis of accounting corresponds to the accounting permitted for royalty trusts by the U.S. Securities and Exchange Commission, as specified by Staff Accounting Bulletin Topic 12:E, Financial Statements of Royalty Trusts.

 Most accounting pronouncements apply to entities whose financial statements are prepared in accordance with U.S. GAAP, directing such entities to accrue or defer revenues and expenses in a period other than when such revenues were received or expenses were paid. Because the Trust’s financial statements are prepared on the modified cash basis, as described above, most accounting pronouncements are not applicable to the Trust’s financial statements.
 Impairment of Net Profits Interests
 The Trustee reviews the Trust’s net profits interests (“NPI”) in oil and gas properties for impairment whenever events or circumstances indicate that the carrying value of the NPI may not be recoverable. In general, the Trustee does not view temporarily low prices as an indication of impairment. The markets for crude oil and natural gas have a history of significant price volatility and though prices will occasionally drop significantly, industry prices over the long term will continue to be driven by market supply and demand. If events and circumstances indicate the carrying value may not be recoverable, the Trustee would use the estimated undiscounted future net cash flows from the NPI to evaluate the recoverability of the Trust assets. If the undiscounted future net cash flows from the NPI are less than the NPI carrying value, the Trust would recognize an impairment loss for the difference between the NPI carrying value and the estimated fair value of the NPI. The determination as to whether the NPI is impaired requires a significant amount of judgment by the Trustee and is based on the best information available to the Trustee at the time of the evaluation, including commodity pricing and other information provided by XTO Energy such as estimates of future production and development and operating expenses.
 During 2024, including fourth quarter, no trigger event occurred that would indicate a need for an impairment assessment. Accordingly, there was no impairment of the NPI as of December 31, 2024. Any impairment recorded for book purposes will not result in a deductible loss by the unitholders for tax purposes until the loss is recognized.
 Net profits interests in oil and gas properties
 The initial carrying value of the net profits interests of $61,100,449 was XTO Energy’s historical net book value of the interests on February 12, 1991, the date of the transfer to the Trust. Amortization of the net profits interests is calculated on a unit‑of‑production basis using proved reserves and charged directly to trust corpus. Accumulated amortization was $58,667,105 as of December 31, 2024, and $58,428,866 as of December 31, 2023. Amortization of the NPI does not impact unitholder distributions or the determination of proved reserves.
 3. Distributions to Unitholders

 The Trustee determines the amount to be distributed to unitholders each month by totaling net profits income, interest income and other cash receipts, and subtracting liabilities paid and adjustments in cash reserves established by the Trustee. The resulting amount (with estimated interest to be received on such amount through the distribution date) is distributed to unitholders of record within ten business days after the monthly record date, which is the last business day of the month.
 Net profits income received by the Trustee consists of net proceeds received in the prior month by XTO Energy from the underlying properties multiplied by the net profits percentage of 90% or 75%. Net proceeds are the gross proceeds received from the sale of production, less applicable costs. For the 90% net profits interests, such costs generally include production and property taxes, legal costs, and marketing and transportation charges. In addition to these costs, the 75% net profits interests include deductions for production expense and development costs.
 XTO Energy, as owner of the underlying properties, computes net profits income separately for each of the five conveyances. If costs exceed gross proceeds for any conveyance, such excess costs must be recovered, with accrued interest, from future net proceeds of that conveyance and cannot reduce net profits income from the other conveyances (Note 7).
 4. Income Taxes

 For federal income tax purposes, the Trust constitutes a fixed investment trust that is taxed as a grantor trust. A grantor trust is not subject to tax at the trust level. Accordingly, no provision for income taxes has been made in the financial statements. The unitholders are considered to own the Trust’s income and principal as though no trust were in existence. The income of the Trust is deemed to have been received or accrued by each unitholder at the time such income is received or accrued by the Trust and not when distributed by the Trust. Impairments recorded for book purposes will not result in a deductible loss by the unitholders for tax purposes until the loss is recognized.

 All revenues from the Trust are from sources within Texas, Oklahoma or New Mexico. Because the Trust distributes all of its net income to unitholders, the Trust has not been taxed at the trust level in New Mexico or Oklahoma. While the Trust has not owed tax, the Trustee is required to file an Oklahoma income tax return reflecting the income and deductions of the Trust attributable to properties located in that state, along with a schedule that includes information regarding distributions to unitholders. Oklahoma and New Mexico tax the income of nonresidents from real property located within those states, and the Trust has been advised by counsel that such states will tax nonresidents on income from the net profits interests located in those states. Oklahoma and New Mexico also impose a corporate income tax that may apply to unitholders organized as corporations (subject to certain exceptions for S corporations and limited liability companies, depending on their treatment for federal income tax purposes).
 Texas imposes a franchise tax at a rate of 0.75 percent on gross revenues less certain deductions, as specifically set forth in the Texas franchise tax statutes. Entities subject to tax generally include trusts and most other types of entities that provide limited liability protection, unless otherwise exempt. Trusts that receive at least 90 percent of their federal gross income from certain passive sources, including royalties from mineral properties and other non-operated mineral interest income, and do not receive more than 10 percent of their income from operating an active trade or business, generally are exempt from the Texas franchise tax as “passive entities.” The Trust has been and expects to continue to be exempt from Texas franchise tax as a passive entity. Because the Trust should be exempt from Texas franchise tax at the trust level as a passive entity, each unitholder that is a taxable entity under the Texas franchise tax generally will be required to include its Texas portion of Trust revenues in its own Texas franchise tax computation. This revenue is sourced to Texas under provisions of the Texas Administrative Code providing that such income is sourced according to the principal place of business of the Trust, which is Texas.
 During third quarter 2024, XTO Energy deducted a portion of the settlement costs arising from the Chieftain royalty class action settlement in its calculation of the net profits income payable to the Trust from the applicable net profits interests (Note 6). Thus, for unitholders, the portion of the settlement payment to the Chieftain royalty owner class borne by the Trust is reflected through a reduction in net profits income received from the Trust and thus in a reduction in the gross royalty income reported by and taxable to the unitholders.
 Each unitholder should consult their own tax advisor regarding income tax requirements, if any, applicable to such person’s ownership of Trust units.
 5. Related Party Transactions

 The underlying properties from which the net profits interests were carved are currently owned by XTO Energy or other affiliated companies of ExxonMobil.
 Approximately 23 of the underlying royalty interests burden working interests in properties operated by XTO Energy. XTO Energy operates the Hewitt Unit which is one of the properties underlying the Oklahoma 75% net profits interests. Other than these properties, XTO Energy and ExxonMobil do not operate or control any of the underlying properties or related working interests.
 In computing net proceeds for the 75% net profits interests (Note 3), XTO Energy deducts an overhead charge as reimbursement for costs associated with monitoring these interests. This overhead charge at December 31, 2024, was approximately $50,443 per month, or $605,316 annually (net to the Trust of $37,832 per month, or $453,984 annually), and is subject to annual adjustment based on an oil and gas industry index.
 XTO Energy deducts a monthly overhead charge for reimbursement of administrative expenses as operator of the Hewitt Unit, which is one of the properties underlying the Oklahoma 75% net profits interests. As of December 31, 2024, this charge was approximately $35,056 per month, or $420,672 annually (net to the Trust of $26,292 per month, or $315,504 annually), and is subject to annual adjustment based on an oil and gas industry index.
 On June 25, 2010, XTO Energy became a wholly owned subsidiary of Exxon Mobil Corporation.

 6. Contingencies

 Litigation
 A federal district court approved the settlement of a royalty class action lawsuit against XTO Energy Inc. (Chieftain Royalty Company v. XTO Energy Inc.) in March 2018. In July 2018, the class plaintiffs submitted their plan to allocate the settlement funds among members of the class. After that plan of allocation was approved, XTO Energy advised the Trustee that, based upon that plan, approximately $40,000 should be allocated to the Trust as additional production costs.
 The Trustee objected to similar claims relating to the Chieftain settlement with respect to another trust for which it serves as trustee (the Hugoton Royalty Trust) in an arbitration styled Simmons Bank (successor to Southwest Bank and Bank of America, N.A.) vs. XTO Energy Inc. through the American Arbitration Association. The Trustee and XTO Energy entered into a settlement agreement on June 18, 2024, which resolved the issues subject to the arbitration. As a result, the September distribution included a $24,128 (net to the Trust) deduction allocated to the Trust as a production cost for the Chieftain settlement, which represents the completion of this matter for the Trust.
 Other
 Several states have enacted legislation requiring state income tax withholding from payments made to nonresident recipients of oil and gas proceeds. After consultation with its tax counsel, the Trustee believes that it is not required to withhold on payments made to the unitholders. However, regulations are subject to change by the various states, which could change this conclusion. Should amounts be withheld on payments made to the Trust or the unitholders, distributions to the unitholders would be reduced by the required amount, subject to the filing of a claim for refund by the Trust or unitholders for such amount.
 7. Excess Costs

 If monthly costs exceed revenues for any conveyance, such excess costs must be recovered, with accrued interest, from future net proceeds of that conveyance and cannot reduce net proceeds from other conveyances.
 The following summarizes excess costs activity, cumulative excess costs balances and accrued interest to be recovered by conveyance as calculated by XTO Energy:

 Underlying

 TX WI

 OK WI

 Total

 Cumulative excess costs remaining at 12/31/23

 $

 2,276,069

 $

 —

 $

 2,276,069

 Net excess costs (recovery) for the quarter ended 3/31/24

 216,456

 724,327

 940,783

 Net excess costs (recovery) for the quarter ended 6/30/24

 80,661

 (532,024

)

 (451,363

)

 Net excess costs (recovery) for the quarter ended 9/30/24

 240,005

 (192,303

)

 47,702

 Net excess costs (recovery) for the quarter ended 12/31/24

 327,715

 —

 327,715

 Cumulative excess costs remaining at 12/31/24

 3,140,906

 —

 3,140,906

 Accrued interest at 12/31/24

 1,115,426

 —

 1,115,426

 Total remaining to be recovered at 12/31/24

 $

 4,256,332

 $

 —

 $

 4,256,332

 NPI

 TX WI

 OK WI

 Total

 Cumulative excess costs remaining at 12/31/23

 $

 1,707,053

 $

 —

 $

 1,707,053

 Net excess costs (recovery) for the quarter ended 3/31/24

 162,341

 543,245

 705,586

 Net excess costs (recovery) for the quarter ended 6/30/24

 60,496

 (399,018

)

 (338,522

)

 Net excess costs (recovery) for the quarter ended 9/30/24

 180,004

 (144,227

)

 35,777

 Net excess costs (recovery) for the quarter ended 12/31/24

 245,786

 —

 245,786

 Cumulative excess costs remaining at 12/31/24

 2,355,680

 —

 2,355,680

 Accrued interest at 12/31/24

 836,570

 —

 836,570

 Total remaining to be recovered at 12/31/24

 $

 3,192,250

 $

 —

 $

 3,192,250

 For the year ended December 31, 2024, excess costs on properties underlying the Texas working interest conveyance increased by $864,837 ($648,628 net to the Trust). This includes net excess costs of $327,715 ($245,786 net to the Trust) for the quarter ended December 31, 2024.

 For the year ended December 31, 2024, excess costs on properties underlying the Oklahoma working interest conveyance were fully recovered. In addition, recoveries of accrued interest were $11,427 ($8,571 net to the Trust), for the year ended December 31, 2024.
 Underlying cumulative excess costs for the Texas working interest conveyance remaining as of December 31, 2024, totaled $4.3 million ($3.2 million net to the Trust), including accrued interest of $1.1 million ($0.8 million net to the Trust).
 8. Supplemental Oil and Gas Reserve Information (Unaudited)

 Oil and Natural Gas Reserves
 Proved oil and gas reserves have been estimated by independent petroleum engineers. Proved reserves are those quantities of oil and natural gas, which, by analysis of geoscience and engineering data can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs and under existing economic conditions, operating methods, and government regulation before the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain. Proved developed reserves are the quantities expected to be recovered through existing wells with existing equipment and operating methods in which the cost of the required equipment is relatively minor compared with the cost of a new well. Due to the inherent uncertainties and the limited nature of reservoir data, such estimates are subject to change as additional information becomes available. The reserves actually recovered and the timing of production of these reserves may be substantially different from the original estimate. Revisions result primarily from new information obtained from development drilling and production history and from changes in economic factors.
 Standardized Measure
 The standardized measure of discounted future net cash flows and changes in such cash flows are prepared using assumptions required by the Financial Accounting Standards Board. Such assumptions include the use of 12-month average prices for oil and gas, based on the first-day-of-the-month price for each month in the period, and year end costs for estimated future development and production expenditures to produce the proved reserves, including recovery of cumulative excess costs remaining at year end. Future net cash flows are discounted at an annual rate of 10 percent. No provision is included for federal income taxes since future net cash flows are not subject to taxation at the trust level.
 The standardized measure does not represent XTO Energy’s or the Trustee’s estimate of future cash flows or the value of proved oil and gas reserves. Probable and possible reserves, which may become proved in the future, are excluded from the calculations. Furthermore, prices used to determine the standardized measure are influenced by supply and demand as affected by recent economic conditions as well as other factors and may not be the most representative in estimating future revenues or reserve data.
 Estimated costs to plug and abandon wells on the underlying working interest properties at the end of their productive lives have not been deducted from cash flows since this is not a legal obligation of the Trust. These costs are the legal obligation of XTO Energy as the owner of the underlying working interests and will only be deducted from net proceeds payable to the Trust if net proceeds from the related conveyance exceed such costs when paid, subject to excess cost carryforward provisions (Note 3).
 Because overhead costs charged by XTO Energy are deducted in the calculation of net proceeds, the standardized measure for the underlying properties and net profits interests have been reduced by these estimated overhead costs. See Note 5 to Financial Statements under Item 8. Financial Statements and Supplementary Data for more information on overhead costs charged by XTO Energy.
 Oil prices used to determine the standardized measure were based on average realized oil prices of $72.96 per Bbl in 2024, and $74.88 per Bbl in 2023. The weighted average realized gas prices used to determine the standardized measure were $3.55 per Mcf in 2024, and $4.40 per Mcf in 2023.
 Reserve quantities and revenues for the net profits interests were estimated from projections of reserves and revenues attributable to the underlying properties. Since the Trust has defined net profits interests, the Trust does not own a specific percentage of the oil and gas reserves. Oil and gas reserves are allocated to the net profits interests by dividing Trust net cash inflows by 12-month average oil and gas prices. Any fluctuations in 12-month average prices or estimated costs will result in revisions to the estimated reserve quantities allocated to the net profits interests, which may not correlate with revisions of underlying proved reserves. Significant revisions in reserves could potentially impact the pace of the amortization of the net profits interests.

 Proved Reserves

 90% Net

 75% Net

 Underlying

 Total

 Properties

 Oil

 Gas

 Oil

 Gas

 Oil

 Gas

 Oil

 Gas

 (Mcf)

 (Mcf)

 (Mcf)

 (Mcf)

 Balance, December 31, 2022

 14,808

 14,938

 1,813

 16,901

 Extensions, additions and discoveries

 —

 —

 Revisions of prior estimates

 (30

)

 (2,452

)

 (93

)

 (123

)

 (2,449

)

 (240

)

 (2,448

)

 Production

 (54

)

 (1,452

)

 (18

)

 (1

)

 (72

)

 (1,453

)

 (192

)

 (1,774

)

 Balance, December 31, 2023

 10,917

 11,049

 1,387

 12,693

 Extensions, additions and discoveries

 —

 —

 Revisions of prior estimates

 (14

)

 (3,037

)

 (22

)

 (6

)

 (36

)

 (3,043

)

 (3,191

)

 Production

 (35

)

 (974

)

 (13

)

 —

 (48

)

 (974

)

 (165

)

 (1,217

)

 Balance, December 31, 2024

 6,950

 7,076

 1,301

 8,334

 Extensions, additions and discoveries of proved gas reserves are primarily because of development in the Mid-Continent area. Revisions of prior estimates are primarily related to changes in prices and costs.
 Proved Developed Reserves

 90% Net

 75% Net

 Underlying

 Total

 Properties

 Oil

 Gas

 Oil

 Gas

 Oil

 Gas

 Oil

 Gas

 (Mcf)

 (Mcf)

 (Mcf)

 (Mcf)

 December 31, 2023

 10,917

 11,049

 1,387

 12,693

 December 31, 2024

 6,950

 7,076

 1,301

 8,334

 Standardized Measure of Discounted Future Net Cash Flows from Proved Reserves

 90% Net

 75% Net

 Total

 December 31,

 December 31,

 December 31,

 2024

 2023

 2024

 2023

 2024

 2023

 Future cash inflows

 $

 38,435

 $

 66,492

 $

 18,922

 $

 21,966

 $

 57,357

 $

 88,458

 Future production taxes

 (3,343

)

 (5,977

)

 (1,362

)

 (1,581

)

 (4,705

)

 (7,558

)

 Future net cash flows

 35,092

 60,515

 17,560

 20,385

 52,652

 80,900

 10% discount factor

 (14,234

)

 (27,429

)

 (7,088

)

 (8,768

)

 (21,322

)

 (36,197

)

 Standardized measure

 $

 20,858

 $

 33,086

 $

 10,472

 $

 11,617

 $

 31,330

 $

 44,703

 Future cash inflows

 $

 124,574

 $

 159,668

 Future costs

 (62,171

)

 (65,250

)

 Future net cash flows

 62,403

 94,418

 10% discount factor

 (25,252

)

 (42,157

)

 Standardized measure

 $

 37,151

 $

 52,261

 Changes in Standardized Measure of Discounted Future Net Cash Flows from Proved Reserves

 90% Net

 75% Net

 Total

 2024

 2023

 2024

 2023

 2024

 2023

 Standardized measure, January 1

 $

 33,086

 $

 73,493

 $

 11,617

 $

 19,406

 $

 44,703

 $

 92,899

 Extensions, additions and discoveries

 —

 —

 Accretion of discount

 2,846

 6,262

 1,049

 1,799

 3,895

 8,061

 Revisions of prior estimates, changes in price and other

 (9,715

)

 (35,897

)

 (1,309

)

 (8,334

)

 (11,024

)

 (44,231

)

 Net profits income

 (5,677

)

 (11,045

)

 (886

)

 (1,254

)

 (6,563

)

 (12,299

)

 Standardized measure, December 31

 $

 20,859

 $

 33,086

 $

 10,471

 $

 11,617

 $

 31,330

 $

 44,703

 Standardized measure, January 1

 $

 52,261

 $

 107,498

 Revisions:

 Prices and costs

 (11,152

)

 (44,236

)

 Quantity estimates

 (5,510

)

 Accretion of discount

 4,512

 9,264

 Future development costs

 (1,510

)

 (1,062

)

 Other

 (18

)

 (50

)

 Net revisions

 (7,975

)

 (41,594

)

 Extensions, additions and discoveries

 Production

 (8,999

)

 (15,008

)

 Development costs

 1,510

 1,062

 Net change

 (15,110

)

 (55,237

)

 Standardized measure, December 31

 $

 37,151

 $

 52,261

 9. Quarterly Financial Data (Unaudited)

 The following is a summary of net profits income, distributable income and distributable income per unit by quarter for 2024 and 2023:

 Net Profits

 Distributable

 Distributable

 Income

 Income

 Income per Unit

 2024

 First Quarter

 $

 1,837,741

 $

 1,493,214

 $

 0.248869

 Second Quarter

 1,564,871

 1,345,758

 0.224293

 Third Quarter

 1,697,724

 1,521,252

 0.253542

 Fourth Quarter

 1,462,841

 1,317,594

 0.219599

 $

 6,563,177

 $

 5,677,818

 $

 0.946303

 2023

 First Quarter

 $

 3,912,704

 $

 3,639,198

 $

 0.606533

 Second Quarter

 3,163,059

 3,040,614

 0.506769

 Third Quarter

 2,676,180

 2,451,192

 0.408532

 Fourth Quarter

 2,548,233

 2,416,884

 0.402814

 $

 12,300,176

 $

 11,547,888

 $

 1.924648

 10. Administration Expense

 Administrative expenses are incurred so that the Trustee may meet its reporting obligations to the unitholders and regulatory entities and otherwise manage the administrative functions of the Trust. These obligations include, but are not limited to, all expenses, taxes, compensation to the Trustee for managing the Trust, fees to consultants, accountants, attorneys, transfer agents, other professional and expert persons, expenses for clerical and other administrative assistance, and fees and expenses for all other services. See Item 11. Executive Compensation, for further information on the remuneration received by the Trustee.

 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
 None.
 ITEM 9A. CONTROLS AND PROCEDURES
 Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures
 The Trustee conducted an evaluation of the Trust’s disclosure controls and procedures, as such term is defined under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended. Based on this evaluation, the Trustee has concluded that the Trust’s disclosure controls and procedures were effective as of the end of the period covered by this annual report. In its evaluation of disclosure controls and procedures, the Trustee has relied, to the extent considered reasonable, on information provided by XTO Energy.
 Trustee’s Report on Internal Control Over Financial Reporting
 The Trustee is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) promulgated under the Securities Exchange Act of 1934, as amended. The Trustee conducted an evaluation of the effectiveness of the Trust’s internal control over financial reporting based on the criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on the Trustee’s evaluation under the framework in Internal Control – Integrated Framework (2013), the Trustee concluded that the Trust’s internal control over financial reporting was effective as of December 31, 2024.
 Changes in Internal Control Over Financial Reporting
 There were no changes in the Trust’s internal control over financial reporting during the quarter ended December 31, 2024, that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.
 ITEM 9B. OTHER INFORMATION
 The Trust has no directors or officers, and as a result, no such persons adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K, during the most recent fiscal quarter.
 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
 Not applicable.
 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

 (a)

 Directors, Officers and Committees. The Trust has no directors, executive officers, audit committee, audit committee financial expert, compensation committee or nominating committee. The Trustee is a corporate Trustee which may be removed, with or without cause, by the affirmative vote of the holders of a majority of all the units then outstanding.

 (b)

 Section 16(a) Beneficial Ownership Reporting Compliance. Section 16(a) of the Securities Exchange Act of 1934 requires that directors, officers, and beneficial owners of more than 10 percent of the registrant’s equity securities file initial reports of beneficial ownership and reports of changes in beneficial ownership with the Securities and Exchange Commission and the New York Stock Exchange. To the Trustee’s knowledge, based solely on the information furnished to the Trustee, the Trustee is unaware of any person that failed to file on a timely basis reports required by Section 16(a) filing requirements with respect to the Trust units of beneficial interest during and for the year ended December 31, 2024.

 (c)

 Code of Ethics. Because the Trust has no employees, it does not have a code of ethics. Employees of the Trustee, Argent Trust Company, must comply with the company’s code of ethics which may be found at www.argentfinancial.com.

 (d)

 Insider Trading Policy. Because the Trust does not have officers, directors, or employees, it has not adopted insider trading

 policies and procedures governing the purchase, sale and/or disposition of Trust securities by such persons.

 ITEM 11. EXECUTIVE COMPENSATION

 (a)

 Compensation Committee Interlocks and Insider Participation/Compensation Committee Report. The Trust has no officers or directors and is administered by a trustee. The Trust does not have a compensation committee or maintain any equity compensation plans and there are no units reserved for issuance under such plans.

 (b)

 Compensation of the Trustee. The Trustee received the following annual compensation for the fiscal years ended December 31, 2023, through December 31, 2024, as specified in the Trust indenture:

 2024

 2023

 Argent Trust Company, Trustee (1)

 $

 95,561

 $

 98,795

 (1) Under the Trust indenture, the trustee is entitled to an administrative fee of: (i) 1/20 of 1 percent of the first $100 million of the annual gross revenue of the Trust, and 1/30 of 1 percent of the annual gross revenue of the Trust in excess of $100 million, and (ii) trustee’s standard hourly rates for time in excess of 300 hours annually.

 ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED UNITHOLDER MATTERS

 (a)

 Equity Compensation Plans and Trust Repurchases. The Trust has no equity compensation plans. The Trust has not repurchased any units during the fourth quarter of fiscal 2024.

 (b)

 Security Ownership of Certain Beneficial Owners. The Trustee is not aware of any person who beneficially owns more than 5 percent of the outstanding units.

 (c)

 Security Ownership of Management. The Trust has no directors or executive officers. Argent Trust Company, the Trustee, held as of March 10, 2025, an aggregate of 4,452 units in various fiduciary capacities, and it had sole voting and investment power with respect to all such units.

 (d)

 Changes in Control. The Trustee knows of no arrangements which may subsequently result in a change in control of the Trust.

 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
 The underlying properties from which the net profits interests were carved are currently owned by XTO Energy or other affiliated companies of ExxonMobil.
 Approximately 23 of the underlying royalty interests burden working interests in properties operated by XTO Energy. XTO Energy operates the Hewitt Unit which is one of the properties underlying the Oklahoma 75% net profits interests. Other than these properties, XTO Energy and ExxonMobil do not operate or control any of the underlying properties or related working interests.
 In computing net proceeds for the 75% net profits interests (Note 3), XTO Energy deducts an overhead charge as reimbursement for costs associated with monitoring these interests. This overhead charge at December 31, 2024, was approximately $50,443 per month, or $605,316 annually (net to the Trust of $37,832 per month, or $453,984 annually), and is subject to annual adjustment based on an oil and gas industry index.
 XTO Energy deducts a monthly overhead charge for reimbursement of administrative expenses as operator of the Hewitt Unit, which is one of the properties underlying the Oklahoma 75% net profits interests. As of December 31, 2024, this charge was approximately $35,056 per month, or $420,672 annually (net to the Trust of $26,292 per month, or $315,504 annually), and is subject to annual adjustment based on an oil and gas industry index.
 On June 25, 2010, XTO Energy became a wholly owned subsidiary of Exxon Mobil Corporation.
 As of March 10, 2025, XTO Energy did not own any units.

 See Item 11. Executive Compensation, for the remuneration received by the Trustee for the fiscal years ended December 31, 2023, through December 31, 2024.
 As noted in Item 10. Directors, Executive Officers and Corporate Governance, the Trust has no directors, executive officers, audit committee, audit committee financial expert, compensation committee or nominating committee. The Trustee is a corporate trustee which may be removed, with or without cause, by the affirmative vote of the holders of a majority of all the units then outstanding.
 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
 Fees for services performed by PricewaterhouseCoopers LLP for the years ended December 31, 2024 and 2023 are:

 2024

 2023

 Audit fees-PwC

 $

 229,000

 $

 223,000

 Audit-related fees

 —

 —

 Tax fees

 —

 —

 All other fees

 —

 —

 $

 229,000

 $

 223,000

 The Trust does not have an audit committee. Any pre-approval and approval of all services performed by the principal auditor or any other professional services firms and related fees are granted by the Trustee.
 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

 (a)

 The following documents are filed as a part of this report:

 1.

 Financial Statements (included in Item 8 of this report)

 Report of Independent Registered Public Accounting Firm

 Statements of Assets, Liabilities and Trust Corpus at December 31, 2024 and 2023

 Statements of Distributable Income for the years ended December 31, 2024 and 2023

 Statements of Changes in Trust Corpus for the years ended December 31, 2024 and 2023

 Notes to Financial Statements

 2.

 Financial Statement Schedules

 Financial statement schedules are omitted because of the absence of conditions under which they are required or because the required information is given in the financial statements or notes thereto.

 3.

 Exhibits

 (4) (a)

 Cross Timbers Royalty Trust Indenture amended and restated on January 13, 1992 by NationsBank, N.A., as Trustee, heretofore filed as Exhibit 3.1 to the Trust’s Registration Statement No. 33-44385 filed with the Securities and Exchange Commission on February 19, 1992, is incorporated herein by reference. (P)

 (b)

 Amendment No. 1 to Amended and Restated Royalty Trust Indenture, dated October 13, 2022, of Cross Timbers Royalty Trust, heretofore filed as Exhibit 4.1 to the Trust’s Current Report on Form 8‑K filed with the Securities and Exchange Commission on October 14, 2022, is incorporated herein by reference.

 (c)

 Net Overriding Royalty Conveyance (Cross Timbers Royalty Trust, 90% - Texas) from South Timbers Limited Partnership, West Timbers Limited Partnership, North Timbers Limited Partnership, East Timbers Limited Partnership, Hickory Timbers Limited Partnership, and Cross Timbers Partners, L.P. (predecessors of XTO Energy) to NCNB Texas National Bank, as Trustee, dated February 12, 1991 (without Schedules A and B), heretofore filed as Exhibit 10.1 to the Trust’s Registration Statement No. 33-44385 filed with the Securities and Exchange Commission on February 19, 1992, is incorporated herein by reference. (P)

 (d)

 Correction to Net Overriding Royalty Conveyance (Cross Timbers Royalty Trust, 90% - Texas) from South Timbers Limited Partnership, West Timbers Limited Partnership, North Timbers Limited Partnership, East Timbers Limited Partnership, Hickory Timbers Limited Partnership, and Cross Timbers Partners, L.P. (predecessors of XTO Energy) to NCNB Texas National Bank, as Trustee, dated September 23, 1991 (without Schedules A and B), heretofore filed as Exhibit 10.2 to the Trust’s Registration Statement No. 33-44385 filed with the Securities and Exchange Commission on February 19, 1992, is incorporated herein by reference. (P)

 (e)

 Net Overriding Royalty Conveyance (Cross Timbers Royalty Trust, 75% - Texas) from South Timbers Limited Partnership, West Timbers Limited Partnership, North Timbers Limited Partnership, East Timbers Limited Partnership, Hickory Timbers Limited Partnership, and Cross Timbers Partners, L.P. (predecessors of XTO Energy) to NCNB Texas National Bank, as Trustee, dated February 12, 1991 (without Schedules A and B), heretofore filed as Exhibit 10.5 to the Trust’s Registration Statement No. 33-44385 filed with the Securities and Exchange Commission on February 19, 1992, is incorporated herein by reference. (P)

 (23)

 Consent of Miller and Lents, Ltd.

 (31)

 Rule 13a-14(a)/15d-14(a) Certification

 (32)

 Section 1350 Certification

 (97)

 Cross Timbers Royalty Trust Executive Officer Compensation Recovery Policy, is incorporated herein by reference.

 (99.1)

 Miller and Lents, Ltd. Report

 Copies of the above Exhibits are available to any unitholder, at the actual cost of reproduction, upon written request to the Trustee, Argent Trust Company, 3838 Oak Lawn Ave, Suite 1720, Dallas, Texas 75219.

 (P) Paper exhibits.

 SIGNATURES
 Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

 CROSS TIMBERS ROYALTY TRUST

 By ARGENT TRUST COMPANY, TRUSTEE

 By

 /s/ NANCY WILLIS

 Nancy Willis

 Director of Royalty Trust Services

 EXXON MOBIL CORPORATION

 Date: March 27, 2025

 By

 /s/ KRISTY WALKER

 Kristy Walker

 Unconventional Finance General Manager

 (The Trust has no directors or executive officers.)