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Note 8 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

		Years Ended December 31,
(Thousands of dollars)		2023				2022
Current:
Federal		$	(891	)		$	8,330
State			(258	)			774
Total current			(1,149	)			9,104
Deferred:
Federal			6,544				886
State			724				339
Total deferred			7,268				1,225
Total income tax provision		$	6,119			$	10,329

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

		At December 31,
(Thousands of dollars)		2023				2022
Deferred Tax Assets:
Accrued liabilities		$	349			$	353
Allowance for doubtful accounts			154				77
Derivative Contracts			-				223
Partnership basis difference			106				90
State Net operating loss carry-forwards			278				283
Total deferred tax assets			887				1,026
Deferred Tax Liabilities:
Depletion and depreciation			48,123				40,994
Total deferred tax liabilities			48,123				40,994
Net deferred tax liabilities		$	47,236			$	39,968

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

		Years Ended December 31,
(Thousands of dollars)		2023				2022
Expected tax expense		$	7,187			$	12,389
Permanent differences			221				870
State income tax, net of federal benefit			204				612
Provision to return adjustment			(1,534	)			(3,540	)
Other, net			41				(2	)
Total income tax provision		$	6,119			$	10,329

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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