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Note 5 - Segment Reporting
 9 Months Ended
Sep. 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 September 30,
   
Nine Months Ended September 30,
 
   
2020
    
2019
    
2020
    
2019
  
Revenues:
                                
Oil and gas
   $
50,811
     $
174,097
     $
233,789
     $
408,029
  
Timber sales
    
59,416
      
16,717
      
71,052
      
31,198
  
Surface revenue
    
50,615
      
37,523
      
225,089
      
159,393
  
Total segment revenues
    
160,842
      
228,337
      
529,930
      
598,620
  
                                 
Cost and expenses:
                                
Oil and gas costs
    
5,226
      
20,196
      
28,034
      
48,364
  
Timber costs
    
666
      
9,292
      
3,870
      
14,376
  
Surface costs
    
198
      
581
      
456
      
1,274
  
Total segment costs and expenses
    
6,090
      
30,069
      
32,360
      
64,014
  
                                 
Net income from operations:
                                
Oil and gas
    
45,585
      
153,901
      
205,755
      
359,665
  
Timber
    
58,750
      
7,425
      
67,182
      
16,822
  
Surface
    
50,417
      
36,942
      
224,633
      
158,119
  
Total segment net income from operations
    
154,752
      
198,268
      
497,570
      
534,606
  
Other income (expense) before income taxes
    
(74,507
 )    
(115,193
 )    
(109,022
 )    
(307,785
 )
Income before income taxes
   $
80,245
     $
83,075
     $
388,548
     $
226,821
  
 
 
   
Nine Months Ended
September 30,
   
Year Ended
December 31,
 
   
2020
    
2019
  
Identifiable Assets, net of accumulated depreciation
                
Timber
   $
2,187,911
     $
2,188,594
  
General corporate assets
    
14,133,962
      
13,673,936
  
Total
    
16,321,873
      
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
    
683
      
611
  
General corporate assets
    
1,793
      
1,751
  
Total
   $
2,476
     $
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.