HUGOTON ROYALTY TRUST

HUGOTON ROYALTY TRUST is an express trust that holds 80% net profits interests in certain predominantly natural gas producing working interest properties. The Trust was established on December 1, 1998, under Texas law, with XTO Energy Inc. (formerly Cross Timbers Oil Company) as the grantor and NationsBank, N.A. as the initial Trustee. The current trustee is Argent Trust Company, a Tennessee chartered trust company, which assumed the role on April 10, 2023, following the resignation of Simmons Bank. The Trust's assets consist of net profits interests conveyed by XTO Energy Inc. These properties are located in Kansas, Oklahoma, and Wyoming. In exchange for these conveyances, 40 million units of beneficial interest were issued to XTO Energy Inc. XTO Energy Inc. subsequently sold a total of 17 million units in the Trust's initial public offering in April and May 1999, and an additional 1.3 million Trust units to certain of its officers in 1999 and 2000. The Trust did not receive any proceeds from these sales of Trust units. The Trust's principal office is located at 3838 Oak Lawn Ave, Suite 1720, Dallas, Texas 75219.