This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Cross Timbers Royalty Trust is a passive financial vehicle that holds a 90% net profits interest in producing oil and gas properties across Texas, Oklahoma, and New Mexico. Its entire revenue stream is derived from royalties on the production and sale of fossil fuels from these underlying assets. The Trust does not engage in exploration, drilling, or production activities itself, but its economic existence is wholly dependent on the continued extraction of oil and gas.
The Trust’s monthly distribution reports detail underlying sales volumes and prices, providing a direct financial link to active oil and gas operations. Recent corporate activity, including a planned $200 million asset sale by its managing partner TXO Partners, underscores the ongoing, active management of these fossil fuel assets to generate cash flows for the Trust’s unitholders. As a pure-play royalty trust, Cross Timbers offers no transition plan away from fossil fuels and represents a direct financial investment in the upstream segment of the oil and gas value chain.
Research Sources
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Related Exclusions
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.