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Note 4 - Segment Reporting
 9 Months Ended
Sep. 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:

 

  

Nine Months Ended

  

Year Ended

 
  

September 30,

  

December 31,

 
  

2021

  

2020

 

Identifiable Assets, net of accumulated depreciation

        

Timber

 $2,214,057  $2,196,942 

General corporate assets

  14,874,074   14,119,755 

Total

  17,088,131   16,316,697 
         

Capital expenditures:

        

Timber

  17,650   9,321 

Surface

  4,063   - 

General corporate assets

  -   - 

Total segment costs and expenses

 $21,713  $9,321 
         

Depreciation and depletion

        

Oil and gas

  -   - 

Timber

  534   974 

General corporate assets

  1,517   2,303 

Total

 $2,051  $3,277 

 

  

Three Months Ended September 30,

  

Nine Months Ended September 30,

 
  

2021

  

2020

  

2021

  

2020

 

Revenues:

                

Oil and gas

 $108,208  $50,811  $257,555  $233,789 

Timber sales

  11,936   59,416   114,877   71,052 

Surface revenue

  53,402   50,615   167,297   225,089 

Total segment revenues

  173,546   160,842   539,729   529,930 
                 

Cost and expenses:

                

Oil and gas costs

  12,264   5,226   29,930   28,034 

Timber costs

  3,255   666   8,468   3,870 

Surface costs

  -   198   -   456 

Total segment costs and expenses

  15,519   6,090   38,398   32,360 
                 

Net income from operations:

                

Oil and gas

  95,944   45,585   227,625   205,755 

Timber

  8,681   58,750   106,409   67,182 

Surface

  53,402   50,417   167,297   224,633 

Total segment net income from operations

  158,027   154,752   501,331   497,570 

Unallocated other income (expense) before income taxes

  123,295   (74,507)  470,602   (109,022)

Income before income taxes

 $281,322  $80,245  $971,933  $388,548 

 

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.