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Note 6 - Segment Reporting
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

Note 6:      Segment Reporting

 

The Company’s operations are classified into three principal operating segments that are all located in the United States: oil and gas, surface and timber. 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:

 

  

Years Ended December 31,

 
  

2021

  

2020

 

Identifiable Assets, net of accumulated depreciation

        

Timber

 $2,214,985  $2,196,942 

General corporate assets

  14,840,102   14,119,755 

Total

 $17,055,087  $16,316,697 
         

Capital expenditures:

        

Timber

 $18,606  $9,321 

Surface

  4,063   - 

General corporate assets

  -   - 

Total segment costs and expenses

 $22,669  $9,321 
         

Depreciation and depletion

        

Oil and gas

 $-  $- 

Timber

  563   974 

General corporate assets

  2,027   2,303 

Total

 $2,590  $3,277 

 

  

Years Ended December 31,

 
  

2021

  

2020

 

Revenues:

        

Oil and gas

 $364,907  $257,247 

Timber sales

  151,102   134,720 

Surface revenue

  228,536   279,977 

Total segment revenues

 $744,545  $671,944 
         

Cost and expenses:

        

Oil and gas costs

 $41,685  $29,379 

Timber costs

  11,684   9,409 

Surface costs

  -   1,154 

Total segment costs and expenses

 $53,369  $39,942 
         

Net income from operations:

        

Oil and gas

 $323,222  $227,868 

Timber

  139,418   125,311 

Surface

  228,536   278,823 

Total segment net income from operations

 $691,176  $632,002 

Unallocated other income (expense) before income taxes

  392,143   (193,778)

Income before income taxes

 $1,083,319  $438,224 

 

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. The Company evaluates performance based on income or loss from operations before income taxes excluding nonrecurring gains and losses on equity investment. 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.