Hugoton Royalty Trust was formed by Cross Timbers Oil Company (now XTO Energy) to pay royalties to shareholders based on the proceeds of sales from its oil and gas holdings. Payouts depend on oil and gas prices, the volume of gas and oil produced, and production and other costs. The trust receives 80% of the net proceeds from XTO Energy's properties, located in the Hugoton fields of Kansas, Oklahoma, and Texas; the Anadarko Basin of Oklahoma; and the Green River Basin of Wyoming. In 2008 the trust reported proved reserves of 3.3 million barrels of oil and 366.3 billion cu. ft. of natural gas. XTO Energy controls the trust, which is administered through Bank of America and has no officers.