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Note 5 - Segment Reporting
 6 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]
Note
5:
      Segment Reporting
 
The Company's operations are classified into
three
principal operating segments that are all located in the United States: oil and gas, timber and surface. The Company's reportable business segments are strategic business units that offer income from different products. They are managed separately due to the unique aspects of each area.
 
The tables below present financial information for the Company's
three
operating business segments:
 
   
Three Months Ended June 30,
   
Six Months Ended June 30,
 
   
2020
    
2019
    
2020
    
2019
  
Revenues:
                                
Oil and gas
   $
67,929
     $
143,036
     $
182,979
     $
233,932
  
Timber sales
    
3,747
      
-
      
11,635
      
14,481
  
Surface revenue
    
117,021
      
73,772
      
174,474
      
121,870
  
Total segment revenues
    
188,697
      
216,808
      
369,088
      
370,283
  
                                 
Cost and expenses:
                                
Oil and gas costs
    
11,072
      
13,643
      
22,809
      
28,167
  
Timber costs
    
754
      
687
      
3,205
      
5,084
  
Surface costs
    
258
      
115
      
258
      
693
  
Total segment costs and expenses
    
12,084
      
14,445
      
26,272
      
33,944
  
                                 
Net income from operations:
                                
Oil and gas
    
56,857
      
129,393
      
160,170
      
205,765
  
Timber
    
2,993
      
(687
 )    
8,430
      
9,397
  
Surface
    
116,763
      
73,657
      
174,216
      
121,177
  
Total segment net income from operations
    
176,613
      
202,363
      
342,816
      
336,339
  
Other income (expense) before income taxes
    
57,860
      
(174,501
 )    
(34,513
 )    
(192,593
 )
Income before income taxes
   $
234,473
     $
27,862
     $
308,303
     $
143,746
  
 
   
Six Months Ended
June 30,
   
Year Ended
December 31,
 
   
2020
    
2019
  
Identifiable Assets, net of accumulated depreciation
                
Timber
   $
2,188,409
     $
2,188,594
  
General corporate assets
    
14,055,674
      
13,673,936
  
Total
    
16,244,083
      
15,862,530
  
                 
Capital expenditures:
                
Timber
    
-
      
26,815
  
Surface
    
-
      
-
  
General corporate assets
    
-
      
-
  
Total segment costs and expenses
    
-
      
26,815
  
                 
Depreciation and depletion
                
Oil and gas
    
-
      
-
  
Timber
    
184
      
611
  
General corporate assets
    
467
      
1,751
  
Total
   $
651
     $
2,362
  
 
There are
no
intersegment sales reported in the accompanying income statements. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in the Company's Form
10
-K for the year ended
December 31, 2019.
The Company evaluates performance based on income or loss from operations before income taxes excluding any nonrecurring gains and losses. Income before income tax represents net revenues less costs and expenses less other income and expenses of a general corporate nature. Identifiable assets by segment are those assets used solely in the Company's operations within that segment.