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Note 4 - Segment Reporting
 6 Months Ended
Jun. 30, 2021
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

Note 4:      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:

 

  

Six Months Ended

  

Year Ended

 
  

June 30,

  

December 31,

 
  

2021

  

2020

 

Identifiable Assets, net of accumulated depreciation

        

Timber

 $2,210,626  $2,196,942 

General corporate assets

  14,664,529   14,119,755 

Total

  16,875,155   16,316,697 
         

Capital expenditures:

        

Timber

  14,114   9,321 

Surface

  -   - 

General corporate assets

  -   - 

Total segment costs and expenses

 $14,114  $9,321 
         

Depreciation and depletion

        

Oil and gas

  -   - 

Timber

  430   974 

General corporate assets

  1,010   2,303 

Total

 $1,440  $3,277 

 

  

Three Months Ended June 30,

  

Six Months Ended June 30,

 
  

2021

  

2020

  

2021

  

2020

 

Revenues:

                

Oil and gas

 $99,202  $67,929  $149,347  $182,979 

Timber sales

  49,414   3,747   102,941   11,635 

Surface revenue

  62,690   117,021   113,894   174,474 

Total segment revenues

  211,306   188,697   366,182   369,088 
                 

Cost and expenses:

                

Oil and gas costs

  9,445   11,072   17,666   22,809 

Timber costs

  4,255   754   5,213   3,205 

Surface costs

  -   258   -   258 

Total segment costs and expenses

  13,700   12,084   22,879   26,272 
                 

Net income from operations:

                

Oil and gas

  89,757   56,857   131,681   160,170 

Timber

  45,159   2,993   97,728   8,430 

Surface

  62,690   116,763   113,894   174,216 

Total segment net income from operations

  197,606   176,613   343,303   342,816 

Unallocated other income (expense) before income taxes

  40,013   57,860   347,309   (34,513)

Income before income taxes

 $237,619  $234,473  $690,612  $308,303 

 

There are no intersegment sales reported in the accompanying statements of operations. 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, 2020. 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.