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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549





Form 10-Q







|x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ---------------------------------------------------------------------------------------

For the quarterly period ended June 30, 2015

OR



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

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.)
|                                                               | 
|Southwest Bank
Trustee P.O. Box 962020,
Fort Worth, Texas      |  | 76162-2020                          
|(Address of principal executive offices)                       |  | (Zip Code)                          

(855) 588-7839

(Registrants telephone number, including area code)

NONE

(Former name,
former address and former fiscal year, if change since last report)





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  x    No   ̈

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required
to be submitted and posted 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 and post such
files).    Yes   ̈    No   ̈



Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act
(check one):



|                        |  |                                                  |  |                           |  |  
|----------------------- |  | ------------------------------------------------ |  | ------------------------- |  | -
|Large accelerated filer |  |  ̈                                                |  | Accelerated filer         |  | x
|                        |  |                                                  | 
|Non-accelerated filer   |  |  ̈  (Do not check if a smaller reporting company) |  | Smaller reporting company |  |  ̈

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule
12b-2).    Yes   ̈    No  x

Indicate the number of units of beneficial interest outstanding, as of the latest practicable date:

Outstanding as of July 1, 2015

6,000,000









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CROSS TIMBERS ROYALTY TRUST

FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2015

TABLE OF CONTENTS



|         |  |                                                                                                           |  |      |    | 
|-------- |  | --------------------------------------------------------------------------------------------------------- |  | ---- | -- | 
|         |  |                                                                                                           |  | Page |   
|         |  |                                                                                                          
|         |  | Glossary of Terms                                                                                         |  |      | 3  | 
|         |  |                                                                                                          
|PART I.  |  | FINANCIAL INFORMATION                                                                                     |  |      |    | 
|         |  |                                                                                                          
|Item 1.  |  | Financial Statements                                                                                      |  |      | 4  | 
|         |  |                                                                                                          
|         |  | Report of Independent Registered Public Accounting Firm                                                   |  |      | 5  | 
|         |  |                                                                                                          
|         |  | Condensed Statements of Assets, Liabilities and Trust Corpus at June 30, 2015 and December 31,
2014       |  |      | 6  | 
|         |  |                                                                                                          
|         |  | Condensed Statements of Distributable Income for the Three and Six Months Ended June 30, 2015 and
2014    |  |      | 7  | 
|         |  |                                                                                                          
|         |  | Condensed Statements of Changes in Trust Corpus for the Three and Six Months Ended June 30, 2015 and
2014 |  |      | 8  | 
|         |  |                                                                                                          
|         |  | Notes to Condensed Financial Statements                                                                   |  |      | 9  | 
|         |  |                                                                                                          
|Item 2.  |  | Trustees Discussion and Analysis                                                                         |  |      | 12 | 
|         |  |                                                                                                          
|Item 3.  |  | Quantitative and Qualitative Disclosures about Market Risk                                                |  |      | 18 | 
|         |  |                                                                                                          
|Item 4.  |  | Controls and Procedures                                                                                   |  |      | 18 | 
|         |  |                                                                                                          
|PART II. |  | OTHER INFORMATION                                                                                         |  |      |    | 
|         |  |                                                                                                          
|Item 1A. |  | Risk Factors                                                                                              |  |      | 19 | 
|         |  |                                                                                                          
|Item 6.  |  | Exhibits                                                                                                  |  |      | 19 | 
|         |  |                                                                                                          
|         |  | Signatures                                                                                                |  |      | 20 | 



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CROSS TIMBERS ROYALTY TRUST

GLOSSARY OF TERMS

The following are definitions of
significant terms used in this Form 10-Q:



|                                                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|-------------------------------------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Bbl                                                |  | Barrel (of oil)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|                                                   | 
|Mcf                                                |  | Thousand cubic feet (of natural gas)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|                                                   | 
|MMBtu                                              |  | One million British Thermal Units, a common energy measurement                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|                                                   | 
|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 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 nonoperating 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                           



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CROSS TIMBERS ROYALTY TRUST

PART I - FINANCIAL INFORMATION



|Item 1. | Financial Statements.
|------- | ---------------------

The condensed financial statements included herein are presented, without audit,
pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted pursuant to such rules and regulations,
although the trustee believes that the disclosures are adequate to make the information presented not misleading. These condensed financial statements should be read in conjunction with the financial statements and the notes thereto included in the
Trusts latest Annual Report on Form 10-K. In the opinion of the trustee, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the assets, liabilities and trust
corpus of the Cross Timbers Royalty Trust at June 30, 2015, and the distributable income and changes in trust corpus for the three- and six-month periods ended June 30, 2015 and 2014, have been included. Distributable income for such
interim periods is not necessarily indicative of distributable income for the full year. The condensed financial statements as of June 30, 2015, and for the three-month and six-month periods ended June 30, 2015 and 2014 have been subjected
to a review by PricewaterhouseCoopers LLP, the Trusts independent registered public accounting firm, whose report is included herein.



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Report of Independent Registered Public Accounting Firm

To the Unitholders of Cross Timbers Royalty Trust and

Southwest
Bank, Trustee:

We have reviewed the accompanying condensed statement of assets, liabilities and trust corpus of Cross Timbers Royalty Trust (the
Trust) as of June 30, 2015, and the related condensed statements of distributable income and changes in trust corpus for the three-month and six-month periods ended June 30, 2015 and 2014. These interim financial statements are
the responsibility of the Trustee.

We conducted our review in accordance with the standards of the Public Company Accounting Oversight Board (United
States). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in
accordance with the standards of the Public Company Accounting Oversight Board (United States), the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an
opinion.

As described in Note 1, these financial statements were prepared on the modified cash basis of accounting, which is a comprehensive basis of
accounting other than accounting principles generally accepted in the United States of America.

Based on our review, we are not aware of any material
modifications that should be made to the accompanying condensed interim financial statements for them to be in conformity with the basis of accounting described in Note 1.

We previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the statement of assets, liabilities
and trust corpus as of December 31, 2014, and the related statements of distributable income and changes in trust corpus for the year then ended (not presented herein), and in our report dated March 6, 2015, we expressed an unqualified
opinion on those financial statements. In our opinion, the information set forth in the accompanying condensed statement of assets, liabilities and trust corpus as of December 31, 2014 is fairly stated in all material respects in relation to
the statement of assets, liabilities and trust corpus from which it has been derived.



|                              
|------------------------------
|/s/ PricewaterhouseCoopers LLP
|Dallas, TX                    
|August 7, 2015                



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CROSS TIMBERS ROYALTY TRUST



Condensed Statements of Assets, Liabilities and
Trust Corpus



|                                                                                 |  |             |            |  |              |   |            | 
|-------------------------------------------------------------------------------- |  | ----------- | ---------- |  | ------------ | - | ---------- | 
|                                                                                 |  | June 30,    |            |  | December 31, |  
|                                                                                 |  | 2015        |            |  | 2014         |  
|                                                                                 |  | (Unaudited) |            |  |              |  
|ASSETS                                                                           |  |             |            |  |              |   |            | 
|                                                                                 |  |            
|Cash and short-term investments                                                  |  | $           | 605,673    |  |              | $ | 1,278,294  | 
|                                                                                 |  |            
|Interest to be received                                                          |  |             | 5          |  |              |   | 6          | 
|                                                                                 |  |            
|Net profits interests in oil and gas properties - net (Note 1)                   |  |             | 10,778,704 |  |              |   | 10,994,298 | 
|                                                                                 |  |             |            |  |              |   |            | 
|                                                                                 |  |            
|                                                                                 |  | $           | 11,384,382 |  |              | $ | 12,272,598 | 
|                                                                                 |  |             |            |  |              |   |            | 
|LIABILITIES AND TRUST CORPUS                                                     |  |             |            |  |              |   |            | 
|                                                                                 |  |            
|Distribution payable to unitholders                                              |  | $           | 480,678    |  |              | $ | 1,278,300  | 
|                                                                                 |  |            
|Expense reserve (a)                                                              |  |             | 125,000    |  |              |   |           | 
|                                                                                 |  |            
|Trust corpus (6,000,000 units of beneficial interest authorized and outstanding) |  |             | 10,778,704 |  |              |   | 10,994,298 | 
|                                                                                 |  |             |            |  |              |   |            | 
|                                                                                 |  |            
|                                                                                 |  | $           | 11,384,382 |  |              | $ | 12,272,598 | 
|                                                                                 |  |             |            |  |              |   |            | 



|(a) | Expense reserve allows trustee to maintain an estimated three months of administrative expenses on hand should it be unable to pay them out of the net profits income.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------

The accompanying notes to condensed financial statements are an integral part of these statements.



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CROSS TIMBERS ROYALTY TRUST



Condensed Statements of Distributable Income(Unaudited)



|                                                |  |                    |           |  |                  |   |           |      |  |   |           |  |  |   |           | 
|----------------------------------------------- |  | ------------------ | --------- |  | ---------------- | - | --------- | ---- |  | - | --------- |  |  | - | --------- | 
|                                                |  | Three Months Ended |           |  | Six Months Ended |  
|                                                |  | June 30            |           |  | June 30          |  
|                                                |  | 2015               |           |  | 2014             |   |           | 2015 |  |   | 2014      | 
|                                                |  |                    |           | 
|Net profits income                              |  | $                  | 1,851,313 |  |                  | $ | 3,859,488 |      |  | $ | 4,675,684 |  |  | $ | 8,245,633 | 
|                                                |  |                    |           | 
|Interest income                                 |  |                    | 11        |  |                  |   | 65        |      |  |   | 23        |  |  |   | 122       | 
|                                                |  |                    |           |  |                  |   |           |      |  |   |           |  |  |   |           | 
|                                                |  |                    |           | 
|Total income                                    |  |                    | 1,851,324 |  |                  |   | 3,859,553 |      |  |   | 4,675,707 |  |  |   | 8,245,755 | 
|                                                |  |                    |           | 
|Administration expense                          |  |                    | 114,696   |  |                  |   | 93,299    |      |  |   | 373,089   |  |  |   | 275,541   | 
|                                                |  |                    |           |  |                  |   |           |      |  |   |           |  |  |   |           | 
|                                                |  |                    |           | 
|Distributable income                            |  | $                  | 1,736,628 |  |                  | $ | 3,766,254 |      |  | $ | 4,302,618 |  |  | $ | 7,970,214 | 
|                                                |  |                    |           |  |                  |   |           |      |  |   |           |  |  |   |           | 
|                                                |  |                    |           | 
|Distributable income per unit (6,000,000 units) |  | $                  | 0.289438  |  |                  | $ | 0.627709  |      |  | $ | 0.717103  |  |  | $ | 1.328369  | 
|                                                |  |                    |           |  |                  |   |           |      |  |   |           |  |  |   |           | 

The accompanying notes to condensed financial statements are an integral part of these statements.



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CROSS TIMBERS ROYALTY TRUST



Condensed Statements of Changes in Trust Corpus(Unaudited)



|                                      |  |                    |            |   |                  |   |            |      |  |   |            |   |  |   |            |  
|------------------------------------- |  | ------------------ | ---------- | - | ---------------- | - | ---------- | ---- |  | - | ---------- | - |  | - | ---------- | -
|                                      |  | Three Months Ended |            |   | Six Months Ended |  
|                                      |  | June 30            |            |   | June 30          |  
|                                      |  | 2015               |            |   | 2014             |   |            | 2015 |  |   | 2014       |  
|                                      |  |                    |            |  
|Trust corpus, beginning of period     |  | $                  | 10,867,893 |   |                  | $ | 11,595,798 |      |  | $ | 10,994,298 |   |  | $ | 11,791,689 |  
|                                      |  |                    |            |  
|Amortization of net profits interests |  |                    | (89,189    | ) |                  |   | (182,521   | )    |  |   | (215,594   | ) |  |   | (378,412   | )
|                                      |  |                    |            |  
|Distributable income                  |  |                    | 1,736,628  |   |                  |   | 3,766,254  |      |  |   | 4,302,618  |   |  |   | 7,970,214  |  
|                                      |  |                    |            |  
|Distributions declared                |  |                    | (1,736,628 | ) |                  |   | (3,766,254 | )    |  |   | (4,302,618 | ) |  |   | (7,970,214 | )
|                                      |  |                    |            |   |                  |   |            |      |  |   |            |   |  |   |            |  
|                                      |  |                    |            |  
|Trust corpus, end of period           |  | $                  | 10,778,704 |   |                  | $ | 11,413,277 |      |  | $ | 10,778,704 |   |  | $ | 11,413,277 |  
|                                      |  |                    |            |   |                  |   |            |      |  |   |            |   |  |   |            |  

The accompanying notes to condensed financial statements are an integral part of these statements.



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CROSS TIMBERS ROYALTY TRUST



Notes to Condensed Financial Statements(Unaudited)



|1. | Basis of Accounting
|-- | -------------------

The financial statements of Cross Timbers Royalty 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 (GAAP):



| |  |  | Net profits income recorded for a month is the amount computed and paid by XTO Energy Inc., the owner of the underlying properties, to Southwest Bank, as trustee for the Trust. XTO Energy is a wholly owned subsidiary of
Exxon Mobil Corporation. Net profits income consists of net proceeds received by XTO Energy from the underlying properties in the prior month, multiplied by net profit percentages of 90% for the 90% net profits interests, and 75% for the 75% net
profits interests.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Costs deducted in the calculation of net proceeds for the 90% net profits interests generally include
applicable taxes, transportation, marketing and legal costs, and do not include production expense or development costs. For the 75% net profits interests, costs deducted in the calculation of net proceeds include production expense, development
costs, applicable taxes, transportation, marketing and legal costs, operating charges and other costs.



| |  |  | Net profits income is computed separately for each of 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 proceeds from the other conveyances.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | 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 to unitholders.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Trust expenses are recorded based on liabilities paid and cash reserves established by the trustee for liabilities and contingencies.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Distributions to unitholders are recorded when declared by the trustee.
| | - |  | -----------------------------------------------------------------------



| |  |  | The trustee routinely reviews the Trusts net profits interests in oil and gas properties for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. If an
impairment event occurs and it is determined that the carrying value of the Trusts net profits interests may not be recoverable, an impairment will be recognized as measured by the amount by which the carrying amount of the net profits
interests exceeds the fair value of these assets, which would likely be measured by discounting projected cash flows. There is no impairment of the assets as of June 30, 2015.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The financial statements of the Trust differ from those prepared in conformity with U.S. GAAP because revenues are recognized when received
rather than accrued in the month of production, expenses are recognized when paid rather than when incurred, and certain cash reserves may be established by the trustee for contingencies which would not be recorded under U.S. GAAP. This



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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.

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.

The initial carrying value of the net profits interests of $61,100,449 represents XTO Energys historical net book value for the interests
on February 12, 1991, the creation date of the Trust. Amortization of the net profits interests is calculated on a unit-of-production basis and is charged directly to trust corpus. Accumulated
amortization was $50,321,745 as of June 30, 2015 and $50,106,151 as of December 31, 2014.



|2. | 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.

All revenues from the Trust are from sources within Texas, Oklahoma or New Mexico. Because it 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 a return with Oklahoma 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. Texas does not impose a state income tax, so no part of the Trusts income will be subject to income tax at the trust level in Texas.

Each unitholder should consult his or her own tax advisor regarding income tax requirements, if any, applicable to such persons ownership
of trust units.

Unitholders should consult the Trusts latest annual report on Form 10-K for a complete discussion of federal and
state tax matters.



|3. | Contingencies
|-- | -------------

Several states have enacted legislation requiring state income tax
withholding from 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.



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|4. | Excess Costs
|-- | ------------



|                                              |  |       |          |   |              |   |          |       |  |   |            |  
|--------------------------------------------- |  | ----- | -------- | - | ------------ | - | -------- | ----- |  | - | ---------- | -
|                                              |  |       |          |   | Conveyances  |   |          |       | 
|                                              |  |       |          |   | (Underlying) |   |          |       | 
|                                              |  | TX WI |          |   | OK WI        |   |          | Total | 
|                                              |  |       |         
|Cumulative excess costs remaining at 12/31/14 |  | $     | (53,971  | ) |              | $ |         |       |  | $ | (53,971    | )
|Excess costs for the quarter ended 3/31/15    |  |       | (410,337 | ) |              |   | (43,414  | )     |  |   | (453,751   | )
|Excess costs for the quarter ended 6/30/15    |  |       | (310,588 | ) |              |   | (807,158 | )     |  |   | (1,117,746 | )
|                                              |  |       |          |   |              |   |          |       |  |   |            |  
|Cumulative excess costs remaining at 6/30/15  |  | $     | (774,896 | ) |              | $ | (850,572 | )     |  | $ | (1,625,468 | )
|                                              |  |       |          |   |              |   |          |       |  |   |            |  

XTO Energy advised the trustee that lower oil prices caused costs to exceed revenues by a total of $310,588
($232,941 net to the Trust) on properties underlying the Texas working interest for the quarter ended June 30, 2015. However, these excess costs did not reduce net proceeds from the remaining conveyances. XTO Energy advised the trustee that
lower oil prices and increased costs caused costs to exceed revenues by a total of $410,337 ($307,753 net to the Trust) on properties underlying the Texas working interest for the quarter ended March 31, 2015. However, these excess costs did
not reduce net proceeds from the remaining conveyances.

XTO Energy advised the trustee that lower oil prices, decreased oil production and
increased costs caused costs to exceed revenues by a total of $807,158 ($605,369 net to the Trust) on properties underlying the Oklahoma working interest for the quarter ended June 30, 2015. However, these excess costs did not reduce net
proceeds from the remaining conveyances. Lower oil prices caused costs to exceed revenues by a total of $43,414 ($32,560 net to the Trust) on properties underlying the Oklahoma working interest for the quarter ended March 31, 2015. However,
these excess costs did not reduce net proceeds from the remaining conveyances.

XTO Energy advised the trustee that a missing payment from
a purchaser caused costs to exceed revenues by a total of $166 ($125 net to the Trust) on properties underlying the Oklahoma working interest for the quarter ended June 30, 2014. However, these excess costs did not reduce net proceeds from the
remaining conveyances. XTO Energy advised the trustee that increased oil production led to the full recovery of excess costs, plus accrued interest, of $166 ($125 net to the Trust) for the quarter ended September 30, 2014.

Lower oil prices caused costs to exceed revenues by a total of $42,061 ($31,546 net to the Trust) on properties underlying the Texas working
interest for the quarter ended March 31, 2014. However, these excess costs did not reduce net proceeds from the remaining conveyances. XTO Energy advised the trustee that higher oil prices and decreased costs led to the full recovery of excess
costs, plus accrued interest, of $42,177 ($31,633 net to the Trust) for the quarter ended March 31, 2014.

Cumulative excess costs
remaining for the Texas and Oklahoma working interest conveyances as of June 30, 2015 totaled $1,625,468 ($1,219,101 net to the Trust).



|5. | Other Proceeds
|-- | --------------

The calculation of net profits income for the quarter ended
March 31, 2014 included $519,071 ($467,164 net to the Trust), which includes interest of $210,242 ($189,218 net to the Trust), related to a one-time purchaser refund for deductions attributable to coal seam gas wells located in the San Juan
Basin for the period December 1997 through May 2006.



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|Item 2. | Trustees Discussion and Analysis.
|------- | ----------------------------------

The following discussion should be read in conjunction with the
trustees discussion and analysis contained in the Trusts 2014 Annual Report on Form 10-K, as well as the condensed financial statements and notes thereto included in this Quarterly Report on Form 10-Q. The Trusts Annual Report on
Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to those reports are available on the Trusts web site at www.crt-crosstimbers.com.

Distributable Income

Quarter

For the quarter ended June 30, 2015, net profits income was $1,851,313 compared to $3,859,488 for second quarter 2014. This 52% decrease in net profits
income is the result of lower oil and gas prices ($3.3 million) and increased development costs ($0.2 million), partially offset by excess costs on the Texas and Oklahoma working interest properties in 2015 ($0.8 million), decreased taxes,
transportation and other costs ($0.5 million) and increased oil production ($0.4 million). See Net Profits Income on the following page.

After considering interest income of $11 and administration expense of $114,696, distributable income for the quarter ended June 30, 2015 was $1,736,628,
or $0.289438 per unit of beneficial interest. Administration expense for the quarter increased $21,397 from the prior year quarter. Administration expense for second quarter 2015 included $25,000 which the trustee reserved for administrative
expenses. For second quarter 2014, distributable income was $3,766,254, or $0.627709 per unit. Distributions to unitholders for the quarter ended June 30, 2015 were:



|               |  |               |  |                      |          | 
|-------------- |  | ------------- |  | -------------------- | -------- | 
|Record Date    |  | Payment Date  |  | Distributionper Unit |         
|April 30, 2015 |  | May 14, 2015  |  | $                    | 0.156955 | 
|May 29, 2015   |  | June 12, 2015 |  |                      | 0.052370 | 
|June 30, 2015  |  | July 14, 2015 |  |                      | 0.080113 | 
|               |  |               |  |                      |          | 
|               |  |              
|               |  |               |  | $                    | 0.289438 | 
|               |  |               |  |                      |          | 

Six Months

For the six
months ended June 30, 2015, net profits income was $4,675,684 compared to $8,245,633 for the same 2014 period. This 43% decrease in net profits income is the result of lower oil and gas prices ($5.0 million), a one-time purchaser refund
included in 2014 ($0.5 million), decreased gas production ($0.4 million) and increased production expenses ($0.4 million), partially offset by excess costs on the Texas and Oklahoma working interest properties in 2015 ($1.2 million), decreased
taxes, transportation and other costs ($0.9 million) and increased oil production ($0.6 million). See Net Profits Income on the following page.

After considering interest income of $23 and administration expense of $373,089, distributable income for the six months ended June 30, 2015 was
$4,302,618, or $0.717103 per unit of beneficial interest. Administration expense for the six months ended June 30, 2015 increased $97,548 from the prior year six-month period. Administration expense for the six months ended June 30, 2015
included $125,000 which the trustee reserved for administrative expenses. For the six months ended June 30, 2014, distributable income was $7,970,214, or $1.328369 per unit.



12



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##### Table of Contents

Net Profits Income

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:



| |  |  | oil and gas sales volumes,
| | - |  | --------------------------



| |  |  | oil and gas sales prices, and
| | - |  | -----------------------------



| |  |  | costs deducted in the calculation of net profits income.
| | - |  | --------------------------------------------------------

Because properties underlying the 90% net profits
interests are royalty and overriding royalty interests, the calculation of net profits income from these interests only 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.



13



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##### Table of Contents

The following is a summary of the calculation of net profits income received by the Trust:



|                                    |  |                  |            |   |          |   |           |                  |  |  |          |    |  |      |            |   |            |   |            |   |  |  |     |   
|----------------------------------- |  | ---------------- | ---------- | - | -------- | - | --------- | ---------------- |  |  | -------- | -- |  | ---- | ---------- | - | ---------- | - | ---------- | - |  |  | --- | --
|                                    |  | Three Months     |            |   |          |   |           | Six Months       |  |  |          |   
|                                    |  | Ended June 30(a) |            |   | Increase |   |           | Ended June 30(a) |  |  | Increase |   
|                                    |  | 2015             |            |   | 2014     |   |           | (Decrease)       |  |  | 2015     |    |  | 2014 |            |   | (Decrease) |  
|Sales Volumes                       |  |                  |            |   |          |   |           |                  |  |  |          |    |  |      |            |   |            |   |            |   |  |  |     |   
|Oil (Bbls) (b)                      |  |                  |            |   |          |   |           |                  |  |  |          |    |  |      |            |   |            |   |            |   |  |  |     |   
|Underlying properties               |  |                  | 58,247     |   |          |   | 49,706    |                  |  |  | 17       | %  |  |      | 118,130    |   |            |   | 106,247    |   |  |  | 11  | % 
|Average per day                     |  |                  | 654        |   |          |   | 558       |                  |  |  | 17       | %  |  |      | 653        |   |            |   | 587        |   |  |  | 11  | % 
|Net profits interests               |  |                  | 17,469     |   |          |   | 20,749    |                  |  |  | (16      | %) |  |      | 38,226     |   |            |   | 44,437     |   |  |  | (14 | %)
|                                    |  |                  |            |   |          |  
|Gas (Mcf) (b)                       |  |                  |            |   |          |   |           |                  |  |  |          |    |  |      |            |   |            |   |            |   |  |  |     |   
|Underlying properties               |  |                  | 343,498    |   |          |   | 371,333   |                  |  |  | (7       | %) |  |      | 711,729    |   |            |   | 804,244    |   |  |  | (12 | %)
|Average per day                     |  |                  | 3,817      |   |          |   | 4,126     |                  |  |  | (7       | %) |  |      | 3,911      |   |            |   | 4,419      |   |  |  | (11 | %)
|Net profits interests               |  |                  | 297,916    |   |          |   | 328,571   |                  |  |  | (9       | %) |  |      | 619,436    |   |            |   | 735,586    |   |  |  | (16 | %)
|                                    |  |                  |            |   |          |  
|Average Sales Prices                |  |                  |            |   |          |   |           |                  |  |  |          |    |  |      |            |   |            |   |            |   |  |  |     |   
|Oil (per Bbl)                       |  | $                | 49.36      |   |          | $ | 94.30     |                  |  |  | (48      | %) |  | $    | 56.17      |   |            | $ | 92.09      |   |  |  | (39 | %)
|Gas (per Mcf)                       |  | $                | 3.92       |   |          | $ | 8.33      |                  |  |  | (53      | %) |  | $    | 4.85       |   |            | $ | 7.58       |   |  |  | (36 | %)
|                                    |  |                  |            |   |          |  
|Revenues                            |  |                  |            |   |          |   |           |                  |  |  |          |    |  |      |            |   |            |   |            |   |  |  |     |   
|Oil sales                           |  | $                | 2,875,117  |   |          | $ | 4,687,193 |                  |  |  | (39      | %) |  | $    | 6,635,762  |   |            | $ | 9,783,856  |   |  |  | (32 | %)
|Gas sales                           |  |                  | 1,347,953  |   |          |   | 3,093,013 |                  |  |  | (56      | %) |  |      | 3,450,621  |   |            |   | 6,098,027  |   |  |  | (43 | %)
|                                    |  |                  |            |   |          |   |           |                  |  |  |          |    |  |      |            |   |            |   |            |   |  |  |     |   
|Total Revenues                      |  |                  | 4,223,070  |   |          |   | 7,780,206 |                  |  |  | (46      | %) |  |      | 10,086,383 |   |            |   | 15,881,883 |   |  |  | (36 | %)
|                                    |  |                  |            |   |          |   |           |                  |  |  |          |    |  |      |            |   |            |   |            |   |  |  |     |   
|                                    |  |                  |            |   |          |  
|Costs                               |  |                  |            |   |          |   |           |                  |  |  |          |    |  |      |            |   |            |   |            |   |  |  |     |   
|Taxes, transportation and other (e) |  |                  | 603,999    |   |          |   | 1,109,047 |                  |  |  | (46      | %) |  |      | 1,345,562  |   |            |   | 2,044,162  |   |  |  | (34 | %)
|Production expense (c)              |  |                  | 1,530,991  |   |          |   | 1,363,679 |                  |  |  | 12       | %  |  |      | 3,276,013  |   |            |   | 2,798,230  |   |  |  | 17  | % 
|Development costs                   |  |                  | 1,148,812  |   |          |   | 865,724   |                  |  |  | 33       | %  |  |      | 1,793,587  |   |            |   | 1,809,974  |   |  |  | (1  | %)
|Excess costs (d)                    |  |                  | (1,117,746 | ) |          |   | (166      | )                |  |  |         |    |  |      | (1,571,497 | ) |            |   | (50        | ) |  |  |    |   
|                                    |  |                  |            |   |          |   |           |                  |  |  |          |    |  |      |            |   |            |   |            |   |  |  |     |   
|Total Costs                         |  |                  | 2,166,056  |   |          |   | 3,338,284 |                  |  |  | (35      | %) |  |      | 4,843,665  |   |            |   | 6,652,316  |   |  |  | (27 | %)
|                                    |  |                  |            |   |          |   |           |                  |  |  |          |    |  |      |            |   |            |   |            |   |  |  |     |   
|                                    |  |                  |            |   |          |  
|Other Proceeds                      |  |                  |            |   |          |   |           |                  |  |  |          |    |  |      |            |   |            |   |            |   |  |  |     |   
|Interest income (e)                 |  |                  |           |   |          |   |          |                  |  |  |         |    |  |      |           |   |            |   | 210,242    |   |  |  |    |   
|                                    |  |                  |            |   |          |  
|Net Proceeds                        |  | $                | 2,057,014  |   |          | $ | 4,441,922 |                  |  |  | (54      | %) |  | $    | 5,242,718  |   |            | $ | 9,439,809  |   |  |  | (44 | %)
|                                    |  |                  |            |   |          |   |           |                  |  |  |          |    |  |      |            |   |            |   |            |   |  |  |     |   
|                                    |  |                  |            |   |          |  
|Net Profits Income                  |  | $                | 1,851,313  |   |          | $ | 3,859,488 |                  |  |  | (52      | %) |  | $    | 4,675,684  |   |            | $ | 8,245,633  |   |  |  | (43 | %)
|                                    |  |                  |            |   |          |   |           |                  |  |  |          |    |  |      |            |   |            |   |            |   |  |  |     |   



|(a) | Because of the interval between time of production and receipt of royalty income by the Trust, (1) oil and gas sales for the quarter ended June 30 generally represent oil production for the period
February through April and gas production for the period January through March and (2) oil and gas sales for the six-months ended June 30 generally represent oil production for the period November through April and gas production for the
period October through March.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) | 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 product prices
change, the Trusts share of the production volumes is impacted as the quantity of production to cover expenses in reaching the net profits break-even level changes inversely with price. 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. Therefore, comparative discussion of oil and gas sales volumes is based on the underlying properties.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(c) | Production expense is primarily from seven working interest properties in the 75% net profits interest. Six of these properties are not operated by XTO Energy or ExxonMobil. Production expense includes an
overhead charge which is deducted and retained by the operator. As of June 30, 2015, this charge was $38,430 per month (including a monthly overhead charges of $5,490 which XTO Energy deducts as operator of the Hewitt Unit) and is subject to
adjustment each May based on an oil and gas industry index.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(d) | See Note 4 to Condensed Financial Statements.
|--- | ---------------------------------------------

|(e) | See Note 5 to Condensed Financial Statements.
|--- | ---------------------------------------------



14



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##### Table of Contents

The following are explanations of significant variances on the underlying properties from second quarter 2014 to
second quarter 2015 and from the first six months of 2014 to the comparable period in 2015:

Sales Volumes

Oil

Oil sales volumes increased 17% for second quarter
2015 and increased 11% for the six-month period as compared with the same 2014 periods primarily because of increased production from new wells and workovers and the timing of cash receipts, partially offset by natural production decline.

Gas

Gas sales volumes decreased 7% for second quarter
2015 and decreased 12% for the six-month period as compared with the same 2014 periods primarily because of the timing of cash receipts and natural production decline, partially offset by increased production from new wells and workovers.

The estimated rate of natural production decline on the underlying oil and gas properties is approximately 6% to 8% a year.

Sales Prices

Oil

The average oil price decreased 48% to $49.36 per Bbl for the second quarter and decreased 39% to $56.17 per Bbl for the six-month period. Oil prices are
expected to remain volatile. The second quarter 2015 oil price is primarily related to production from February through April 2015, when the average NYMEX price was $50.92 per Bbl. The average NYMEX price for May and June 2015 was $59.71 per Bbl. On
July 20, 2015, the average NYMEX futures price for the following twelve months was $52.50 per Bbl.

Gas

Gas prices for the second quarter decreased 53% to $3.92 per Mcf and for the six-month period decreased 36% to $4.85 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 import levels of liquefied natural gas. Natural gas prices are expected to remain volatile. The second quarter
2015 gas price is primarily related to production from January through March 2015, when the average NYMEX price was $2.98 per MMBtu. The average NYMEX price for April through June 2015 was $2.64 per MMBtu. On July 20, 2015, the average NYMEX
futures price for the following twelve months was $3.05 per MMBtu.



15



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##### Table of Contents

Costs

Taxes, Transportation and Other

Taxes, transportation and
other costs decreased 46% for the second quarter primarily because of decreased oil and gas production taxes and other deductions related to lower oil and gas revenues. Taxes, transportation and other decreased 34% for the six-month period primarily
because of decreased oil and gas production taxes and other costs deductions related to lower oil and gas revenues, partially offset by a one-time purchaser refund for coal seam gas deductions included in 2014 and increased property taxes related to
increased valuations.

Production Expense

Production
expense increased 12% for the second quarter primarily because of increased outside operated costs. Production expense increased 17% for the six-month period primarily because of increased outside operated, repairs and maintenance, and energy costs,
partially offset by decreased non-operated overhead costs.

Development Costs

Development costs increased 33% for the second quarter primarily because of the timing of expenditures and increased activity and costs related to non-operated
Texas and Oklahoma oil properties underlying the 75% net profits interest. Development costs decreased 1% for the six-month period primarily because of the timing of expenditures and decreased activity and costs related to non-operated Texas and
Oklahoma oil properties underlying the 75% net profits interest.

Excess Costs

XTO Energy advised the trustee that lower oil prices caused costs to exceed revenues by a total of $310,588 ($232,941 net to the Trust) on properties
underlying the Texas working interest for the quarter ended June 30, 2015. However, these excess costs did not reduce net proceeds from the remaining conveyances. XTO Energy advised the trustee that lower oil prices and increased costs caused
costs to exceed revenues by a total of $410,337 ($307,753 net to the Trust) on properties underlying the Texas working interest for the quarter ended March 31, 2015. However, these excess costs did not reduce net proceeds from the remaining
conveyances.

XTO Energy advised the trustee that lower oil prices, decreased oil production and increased costs caused costs to exceed revenues by a
total of $807,158 ($605,369 net to the Trust) on properties underlying the Oklahoma working interest for the quarter ended June 30, 2015. However, these excess costs did not reduce net proceeds from the remaining conveyances. Lower oil prices
caused costs to exceed revenues by a total of $43,414 ($32,560 net to the Trust) on properties underlying the Oklahoma working interest for the quarter ended March 31, 2015. However, these excess costs did not reduce net proceeds from the
remaining conveyances.

XTO Energy advised the trustee that a missing payment from a purchaser caused costs to exceed revenues by a total of $166 ($125
net to the Trust) on properties underlying the Oklahoma working interest for the quarter ended June 30, 2014. However, these excess costs did not reduce net proceeds from the remaining conveyances. XTO Energy advised the trustee that increased
oil production led to the full recovery of excess costs, plus accrued interest, of $166 ($125 net to the Trust) for the quarter ended September 30, 2014.



16



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##### Table of Contents

Lower oil prices caused costs to exceed revenues by a total of $42,061 ($31,546 net to the Trust) on properties
underlying the Texas working interest for the quarter ended March 31, 2014. However, these excess costs did not reduce net proceeds from the remaining conveyances. XTO Energy advised the trustee that higher oil prices and decreased costs led to
the full recovery of excess costs, plus accrued interest, of $42,177 ($31,633 net to the Trust) for the quarter ended March 31, 2014.

Cumulative
excess costs remaining for the Texas and Oklahoma working interest conveyances as of June 30, 2015 totaled $1,625,468 ($1,219,101 net to the Trust).

Other Proceeds

The calculation of net profits income for
the quarter ended March 31, 2014 included $519,071 ($467,164 net to the Trust), which includes interest of $210,242 ($189,218 net to the Trust), related to a one-time purchaser refund for deductions attributable to coal seam gas wells located
in the San Juan Basin for the period December 1997 through May 2006.

Contingencies

Several states have enacted legislation requiring state income tax withholding from 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.

Forward-Looking Statements

Statements in this report
relating to future plans, predictions, events or conditions are forward-looking statements. All statements other than statements of historical fact included in this Form 10-Q including, without limitation, statements regarding the net profits
interests, underlying properties, development activities, development, production and other costs and expenses, oil and gas prices and differentials to NYMEX prices, distributions to unitholders, and industry and market conditions, are
forward-looking statements that are subject to risks and uncertainties which are detailed in Part I, Item 1A of the Trusts Annual Report on Form 10-K for the year ended December 31, 2014, which is incorporated by this reference as
though fully set forth herein. XTO Energy and the trustee assume no duty to update these statements as of any future date.



17



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##### Table of Contents

|Item 3. | Quantitative and Qualitative Disclosures about Market Risk.
|------- | -----------------------------------------------------------

There have been no material changes in the
Trusts market risks from the information disclosed in Part II, Item 7A of the Trusts Annual Report on Form 10-K for the year ended December 31, 2014.



|Item 4. | Controls and Procedures.
|------- | ------------------------

As of the end of the period covered by this report, the trustee carried out an
evaluation of the effectiveness of the Trusts disclosure controls and procedures pursuant to Exchange Act Rules 13a-15 and 15d-15. Based upon that evaluation, the trustee concluded that the Trusts disclosure controls and procedures are
effective in timely recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by the Trust in the reports that it files or submits under the Securities Exchange Act of 1934 and are effective in
ensuring that information required to be disclosed by the Trust in the reports that it files or submits under the Securities Exchange Act of 1934 is accumulated and communicated to the trustee to allow timely decisions regarding required disclosure.
In its evaluation of disclosure controls and procedures, the trustee has relied, to the extent considered reasonable, on information provided by XTO Energy. There has not been any change in the Trusts internal control over financial reporting
during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trusts internal control over financial reporting.



18



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##### Table of Contents

PART II - OTHER INFORMATION



|Item 1. | 
|------- | 

Not applicable.



|Item 1A. | Risk Factors.
|-------- | -------------

There have been no material changes in the risk factors disclosed under
Part I, Item 1A of the Trusts Annual Report on Form 10-K for the year ended December 31, 2014.

Items 2 through 5.

Not applicable.



|Item 6. | Exhibits.
|------- | ---------



| | (a) | Exhibits.
| | --- | ---------



|                               |  |                                                                                                                                                                                           
|------------------------------ |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit Number and Description
|                               | 
|(31)                           |  | Rule 13a-14(a)/15d-14(a) Certification                                                                                                                                                    
|                               | 
|(32)                           |  | Section 1350 Certification                                                                                                                                                                
|                               | 
|(99)                           |  | Items 1A, 7 and 7A to the Annual Report on Form 10-K for Cross Timbers Royalty Trust filed with the Securities and Exchange Commission on March 6, 2015 (incorporated herein by reference)



19



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##### Table of Contents

SIGNATURES

Pursuant to the requirements 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 SOUTHWEST BANK, TRUSTEE 
|                     |  |  | 
|                     |  |  |  | By                          |  | /S/    NANCY G.
WILLIS                     
|                     |  |  |  |                             |  | Nancy G. Willis                            
|                     |  |  |  |                             |  | Vice President                             
|                     |  | 
|                     |  |  |  | EXXON MOBIL CORPORATION    
|                     |  |  | 
|Date: August 7, 2015 |  |  |  | By                          |  | /S/    BETH E.
CASTEEL                     
|                     |  |  |  |                             |  | Beth E. Casteel                            
|                     |  |  |  |                             |  | Vice President - Upstream Business Services



20