v3.25.3
Morgan EP, LLC (Tables)
6 Months Ended
Jun. 30, 2025
Morgan EP, LLC  
Schedule of Unaudited Condensed Consolidated Balance Sheets

 

 

 June 30,

2025

 

 

 December 31,

2024

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

Cash

 

$10

 

 

$15

 

Revenue receivables

 

 

497

 

 

 

343

 

Joint interest billing receivables

 

 

1,671

 

 

 

1,738

 

Other receivables

 

 

19

 

 

 

2

 

Prepaids and other current assets

 

 

30

 

 

 

35

 

Current assets

 

 

2,227

 

 

 

2,133

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

 

 

 

 

 

 

Oil and gas properties, net - full cost method

 

 

6,923

 

 

 

6,959

 

Other property, plant and equipment, net

 

 

29

 

 

 

34

 

Total property, plant and equipment - net

 

 

6,952

 

 

 

6,993

 

 

 

 

 

 

 

 

 

 

Other noncurrent assets

 

 

 

 

 

 

 

 

Operating lease right-of-use assets, net

 

 

207

 

 

 

227

 

Total noncurrent assets

 

 

207

 

 

 

227

 

 

 

 

 

 

 

 

 

 

Total assets

 

$9,386

 

 

$9,353

 

 

 

 

 

 

 

 

 

 

Liabilities and Member's Deficit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$6,605

 

 

$6,656

 

Revenue payable

 

 

214

 

 

 

319

 

Current portion of operating lease liabilities

 

 

50

 

 

 

47

 

Due to parent

 

 

1,319

 

 

 

550

 

Accrued liabilities

 

 

3,080

 

 

 

3,162

 

Total current liabilities

 

 

11,268

 

 

 

10,734

 

 

 

 

 

 

 

 

 

 

Long-term liabilities

 

 

 

 

 

 

 

 

Asset retirement obligations

 

 

4

 

 

 

4

 

Long-term operating lease liabilities

 

 

181

 

 

 

207

 

Note payable - Due to parent

 

 

10,500

 

 

 

10,500

 

Long-term accrued liabilities - Due to parent

 

 

2,105

 

 

 

1,471

 

Total long-term liabilities

 

 

12,790

 

 

 

12,182

 

Total liabilities

 

 

24,058

 

 

 

22,916

 

 

 

 

 

 

 

 

 

 

Retained earnings - beginning of year

 

 

(13,563)

 

 

(1,804)

Current year deficit

 

 

(1,109)

 

 

(11,759)

Member's deficit

 

 

(14,672)

 

 

(13,563)

 

 

 

 

 

 

 

 

 

Total liabilities and member's deficit

 

$9,386

 

 

$9,353

 

Schedule of Unaudited Condensed Consolidated Statements of Operations

 

 

Three Months Ended June 30, 

 

 

Six Months Ended June 30, 

 

 

 

2025

 

 

2024

 

 

 2025

 

 

 2024

 

Oil and gas revenue

 

 

32

 

 

 

1,391

 

 

 

205

 

 

 

2,466

 

 

 

 

 

 

 

 

 

Operating costs and expenses

 

 

 

 

 

 

 

Lease operating

 

 

13

 

 

 

628

 

 

 

56

 

 

 

1,996

 

Production and ad valorem taxes

 

 

2

 

 

 

132

 

 

 

18

 

 

 

235

 

Marketing, transportation and gathering

 

 

10

 

 

 

50

 

 

 

16

 

 

 

78

 

Depreciation, depletion, and amortization

 

 

13

 

 

 

273

 

 

 

64

 

 

 

498

 

General and administrative

 

 

218

 

 

 

624

 

 

 

526

 

 

 

1,138

 

Total operating costs and expenses

 

 

256

 

 

 

1,707

 

 

 

680

 

 

 

3,945

 

Loss from operations

 

 

(224)

 

 

(316)

 

 

(475)

 

 

(1,479)

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

 

 

 

 

 

 

 

 

 

6

 

Interest expense

 

 

(319)

 

 

(324)

 

 

(634)

 

 

(607)

Total other income (expense), net

 

 

(319)

 

 

(324)

 

 

(634)

 

 

(601)

Net loss

 

$(543)

 

$(640)

 

$(1,109)

 

$(2,080)
Schedule of Unaudited Condensed Consolidated Statements of Cash Flows

 

 

Six Months Ended June 30,

 

 

 

 2025

 

 

2024

 

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$(1,109)

 

$(2,080)

Adjustments to reconcile net loss to cash flows provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation, depletion, amortization

 

 

64

 

 

 

498

 

Amortization of right-of-use asset

 

 

20

 

 

 

23

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Revenue receivables

 

 

(154)

 

 

(107)

Joint interest billing receivables

 

 

67

 

 

 

652

 

Prepaids and other current assets

 

 

(12)

 

 

(1)

Accounts payable

 

 

(52)

 

 

1,606

 

Revenue payable

 

 

(105)

 

 

496

 

Prepayments from working interest owners

 

 

 

 

 

(122)

Due to parent

 

 

769

 

 

 

 

Payment of operating lease liability

 

 

(23)

 

 

(7)

Accrued liabilities

 

 

(102)

 

 

(311)

Long Term Accrued liabilities - due to parent

 

 

634

 

 

 

601

 

Net cash provided by operating activities

 

 

(3)

 

 

1,248

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Additions to oil and gas properties

 

 

(2)

 

 

(5,519)

Net cash used in investing activities

 

 

(2)

 

 

(5,519)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from Note payable - Due to parent

 

 

 

 

 

2,247

 

Net cash provided by financing activities

 

 

 

 

 

2,247

 

 

 

 

 

 

 

 

 

 

Net change in cash

 

 

(5)

 

 

(2,024)

Cash at beginning of period

 

 

15

 

 

 

2,441

 

 

 

 

 

 

 

 

 

 

Cash at end of period

 

 

10

 

 

$417

 

 

 

 

 

 

 

 

 

 

Supplemental Disclosure of Cash Flow Information

 

 

 

 

 

 

 

 

Non-cash investing and financing activities

 

 

 

 

 

 

 

 

Changes in capital accounts payable and capital accruals

 

$(20)

 

$4,051

 

Prepayments applied to joint-interest receivables

 

 

 

 

 

(1)