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Note 4 - Segment Reporting
 9 Months Ended
Sep. 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:

 

   

Nine Months Ended

September 30,

   

Year Ended

December 31,

 
   

2023

    

2022

  

Identifiable Assets, net of accumulated depreciation

                

Timber

   $ 2,250,761     $ 2,230,564  

General corporate assets

     15,925,372       15,457,026  

Total

     18,176,133       17,687,590  
                 

Capital expenditures:

                

Timber

   $ 20,737     $ 16,461  

Surface

     -       564  

General corporate assets

     -       12,271  

Total segment costs and expenses

   $ 20,737     $ 29,296  
                 

Depreciation and depletion

                

Oil and gas

   $ -     $ -  

Timber

     540       883  

General corporate assets

     3,196       5,039  

Total

   $ 3,736     $ 5,922  

 

   

Three Months Ended September 30,

   

Nine Months Ended September 30,

 
   

2023

    

2022

    

2023

    

2022

  

Revenues:

                                

Oil and gas

   $ 47,924     $ 188,233     $ 198,480     $ 412,375  

Timber sales

     118,365       87,904       131,048       198,283  

Surface revenue

     92,742       54,095       465,645       211,704  

Total segment revenues

     259,031       330,232       795,173       822,362  
                                 

Cost and expenses:

                                

Oil and gas costs

     7,043       17,844     $ 26,271     $ 38,194  

Timber costs

     842       3,516       4,805       6,701  

Surface costs

     -       -       225       5,129  

Total segment costs and expenses

     7,885       21,360       31,301       50,024  
                                 

Net income (loss) from operations:

                                

Oil and gas

     40,881       170,389     $ 172,209     $ 374,181  

Timber

     117,523       84,388       126,243       191,582  

Surface

     92,742       54,095       465,420       206,575  

Total segment net income from operations

     251,146       308,872       763,872       772,338  

Unallocated other income (expense) before income taxes

     (203,504 )     (397,126 )     (895,444 )     (1,158,221 )

Income (loss) before income taxes

   $ 47,642     $ (88,254 )   $ (131,572 )   $ (385,883 )

 

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.