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Note 4 - Segment Reporting
 9 Months Ended
Sep. 30, 2022
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
September 30,

   

Year Ended
December 31,

 
   

2022

    

2021

  

Identifiable Assets, net of accumulated depreciation

                

Timber

   $ 2,230,710     $ 2,214,985  

General corporate assets

     14,974,609       14,840,102  

Total

     17,205,319       17,055,087  
                 

Capital expenditures:

                

Timber

   $ 16,462     $ 18,606  

Surface

     564       4,063  

General corporate assets

     12,271       -  

Total segment costs and expenses

   $ 29,297     $ 22,669  
                 

Depreciation and depletion

                

Oil and gas

   $ -     $ -  

Timber

     737       563  

General corporate assets

     1,901       2,027  

Total

   $ 2,638     $ 2,590  

 

   

Three Months Ended September 30,

   

Nine Months Ended September 30,

 
   

2022

    

2021

    

2022

    

2021

  

Revenues:

                                

Oil and gas

   $ 188,233     $ 108,208     $ 412,375     $ 257,555  

Timber sales

     87,904       11,936       198,283       114,877  

Surface revenue

     54,095       53,402       211,704       167,297  

Total segment revenues

     330,232       173,546       822,362       539,729  
                                 

Cost and expenses:

                                

Oil and gas costs

     17,844       12,264     $ 38,194     $ 29,930  

Timber costs

     3,516       3,255       6,701       8,468  

Surface costs

     -               5,129       -  

Total segment costs and expenses

     21,360       15,519       50,024       38,398  
                                 

Net income from operations:

                                

Oil and gas

     170,389       95,944     $ 374,181     $ 227,625  

Timber

     84,388       8,681       191,582       106,409  

Surface

     54,095       53,402       206,575       167,297  

Total segment net income from operations

     308,872       158,027       772,338       501,331  

Unallocated other income (expense) before income taxes

     (397,126 )     123,295       (1,158,221 )     470,602  

Income (loss) before income taxes

   $ (88,254 )   $ 281,322     $ (385,883 )   $ 971,933  

 

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, 2021. 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.