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Note 4 - Segment Reporting
 6 Months Ended
Jun. 30, 2023
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

June 30,

   

Year Ended

December 31,

 
   

2023

    

2022

  
Identifiable Assets, net of accumulated depreciation                

Timber

   $ 2,251,215     $ 2,230,564  

General corporate assets

     15,781,686       15,457,026  

Total

     18,032,901       17,687,590  
                 
Capital expenditures:                

Timber

   $ 20,735     $ 16,461  

Surface

     -       564  

General corporate assets

     -       12,271  

Total segment costs and expenses

   $ 20,735     $ 29,296  
                 
Depreciation and depletion                

Oil and gas

   $ -     $ -  

Timber

     85       883  

General corporate assets

     2,130       5,039  

Total

   $ 2,215     $ 5,922  

 

 

   

Three Months Ended June 30,

   

Six Months Ended June 30,

 
   

2023

    

2022

    

2023

    

2022

  
Revenues:                                

Oil and gas

   $ 101,361     $ 141,714     $ 150,556     $ 224,142  

Timber sales

     10,782       88,637       12,683       110,379  

Surface revenue

     258,237       79,863       372,903       157,609  

Total segment revenues

     370,380       310,214       536,142       492,130  
                                 
Cost and expenses:                                

Oil and gas costs

     10,291       14,615     $ 19,229     $ 20,350  

Timber costs

     2,706       2,950       3,963       3,185  

Surface costs

     225       -       225       5,129  

Total segment costs and expenses

     13,222       17,565       23,417       28,664  
                                 
Net income (loss) from operations:                                

Oil and gas

     91,070       127,099     $ 131,327     $ 203,792  

Timber

     8,076       85,687       8,720       107,194  

Surface

     258,012       79,863       372,678       152,480  

Total segment net income from operations

     357,158       292,649       512,725       463,466  

Unallocated other income (expense) before income taxes

     (219,521 )     (593,870 )     (691,938 )     (761,096 )

Income (loss) before income taxes

   $ 137,637     $ (301,221 )   $ (179,213 )   $ (297,630 )

 

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, 2022. 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.