Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 05, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000083350 | |
Entity Registrant Name | RESERVE PETROLEUM CO | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-08157 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 73-0237060 | |
Entity Address, Address Line One | 6801 BROADWAY EXT., SUITE 300 | |
Entity Address, City or Town | OKLAHOMA CITY | |
Entity Address, State or Province | OK | |
Entity Address, Postal Zip Code | 73116-9037 | |
City Area Code | 405 | |
Local Phone Number | 848-7551 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 156,161 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and Cash Equivalents | $ 9,900,890 | $ 10,129,157 |
Equity Securities | 9,878,008 | 9,142,357 |
Refundable Income Taxes | 301,601 | 350,927 |
Accounts Receivable | 2,115,256 | 1,362,963 |
Notes Receivable | 472,445 | 472,445 |
Total Current Assets | 22,668,200 | 21,457,849 |
Investments: | ||
Equity Method Investments | 1,410,744 | 1,426,201 |
Other Investments | 2,897,662 | 2,791,656 |
Total Investments | 4,308,406 | 4,217,857 |
Property, Plant and Equipment: | ||
Unproved Properties | 1,518,040 | 1,663,567 |
Proved Properties | 58,234,715 | 58,046,754 |
Oil and Gas Properties, Gross | 59,752,755 | 59,710,321 |
Less – Accumulated Depreciation, Depletion, Amortization and Valuation Allowance | (52,216,857) | (52,686,001) |
Oil and Gas Properties, Net | 7,535,898 | 7,024,320 |
Other Property and Equipment, at Cost | 680,043 | 680,043 |
Less – Accumulated Depreciation | (175,246) | (146,425) |
Other Property and Equipment, Net | 504,797 | 533,618 |
Total Property, Plant and Equipment, Net | 8,040,695 | 7,557,938 |
Other Assets | 106,067 | 112,400 |
Total Assets | 35,123,368 | 33,346,044 |
Current Liabilities: | ||
Accounts Payable | 234,268 | 261,114 |
Other Current Liabilities | 66,560 | 262,554 |
Total Current Liabilities | 300,828 | 523,668 |
Long-Term Liabilities: | ||
Asset Retirement Obligation | 2,363,426 | 2,359,826 |
Dividends Payable | 106,067 | 112,400 |
Deferred Tax Liability, Net | 868,738 | 551,320 |
Total Long-Term Liabilities | 3,338,231 | 3,023,546 |
Total Liabilities | 3,639,059 | 3,547,214 |
Commitments and Contingencies | ||
Stockholders’ Equity: | ||
Common Stock | 92,368 | 92,368 |
Additional Paid-in Capital | 65,000 | 65,000 |
Retained Earnings | 33,074,719 | 31,389,240 |
Stockholders’ Equity Before Treasury Stock | 33,232,087 | 31,546,608 |
Less – Treasury Stock, at Cost | (1,747,778) | (1,747,778) |
Total Stockholders’ Equity | 31,484,309 | 29,798,830 |
Total Liabilities and Stockholders’ Equity | $ 35,123,368 | $ 33,346,044 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Revenues: | ||
Operating revenues | $ 3,433,824 | $ 1,600,454 |
Lease Bonuses and Other | 236,400 | |
Water Well Drilling Services | 275,534 | |
Total Operating Revenues | 3,945,758 | 1,600,454 |
Operating Costs and Expenses: | ||
Production | 778,175 | 526,559 |
Exploration | (53,781) | 16,190 |
Water Well Drilling Services | 149,521 | |
Depreciation, Depletion, Amortization and Valuation Provisions | 335,046 | 245,125 |
General, Administrative and Other | 534,167 | 573,671 |
Total Operating Costs and Expenses | 1,743,128 | 1,361,545 |
Income from Operations | 2,202,630 | 238,909 |
Equity Income/(Loss) in Investees | (83,457) | 1,085 |
Other Income/(Loss), Net | (65,106) | 86,944 |
Income Before Income Taxes | 2,054,067 | 326,938 |
Income Tax Provision/(Benefit): | ||
Current | 51,170 | (96,203) |
Deferred | 317,418 | 163,675 |
Total Income Tax Provision | 368,588 | 67,472 |
Net Income | $ 1,685,479 | $ 259,466 |
Per Share Data: | ||
Net Income, Basic (in dollars per share) | $ 10.79 | $ 1.66 |
Weighted Average Shares Outstanding, Basic (in shares) | 156,173 | 156,583 |
Oil and Gas [Member] | ||
Operating Revenues: | ||
Operating revenues | $ 3,433,824 | $ 1,600,454 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2020 | $ 92,368 | $ 65,000 | $ 30,920,837 | $ (1,692,893) | $ 29,385,312 |
Net income (loss) | 259,466 | 259,466 | |||
Purchase of Treasury Stock | (1,585) | (1,585) | |||
Balance at Mar. 31, 2021 | 92,368 | 65,000 | 31,180,303 | (1,694,478) | 29,643,193 |
Balance at Dec. 31, 2021 | 92,368 | 65,000 | 31,389,240 | (1,747,778) | 29,798,830 |
Net income (loss) | 1,685,479 | 1,685,479 | |||
Balance at Mar. 31, 2022 | $ 92,368 | $ 65,000 | $ 33,074,719 | $ (1,747,778) | $ 31,484,309 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net Cash Provided by Operating Activities | $ 1,441,668 | $ 408,694 |
Cash Provided by/(Applied to) Investing Activities: | ||
Maturity of Available-for-Sale Debt Securities | 1,515,234 | |
Proceeds from Disposal of Property, Plant and Equipment | 457,898 | |
Purchase of Property, Plant and Equipment | (1,069,680) | (637,236) |
Purchase of Equity Method and Other Investments | (174,006) | (10,000) |
Cash Distributions from Other Investments | 8,318 | |
Sale of Equity Securities | 628,126 | 700,602 |
Purchase of Equity Securities | (1,520,591) | (1,036,150) |
Net Cash Provided by/(Applied to) Investing Activities | (1,669,935) | 532,450 |
Purchase of Treasury Stock | (1,585) | |
Total Cash Applied to Financing Activities | (1,585) | |
Net Change in Cash and Cash Equivalents | (228,267) | 939,559 |
Cash and Cash Equivalents, Beginning of Period | 10,129,157 | 16,187,085 |
Cash and Cash Equivalents, End of Period | $ 9,900,890 | $ 17,126,644 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | Note 1 In these notes the term “Company” refers to The Reserve Petroleum Company and its consolidated wholly owned subsidiary, Trinity Water Services, LLC (“TWSOK”), an Oklahoma limited liability company formed in March 2021 The accompanying unaudited interim consolidated financial statements and these notes have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, certain disclosures normally included in financial statements prepared in accordance with the accounting principles generally accepted in the United States of America (“GAAP”) have been omitted. The accompanying consolidated financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10 December 31, 2021 “2021 10 In the opinion of management, the accompanying consolidated financial statements reflect all adjustments (consisting only of normal recurring accruals), which are necessary for a fair presentation of the results of the interim periods presented. The results of operations for the current interim periods are not |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 2 A portion of oil and gas sales recorded in the consolidated statements of income are the result of estimated volumes and pricing for oil and gas payments not three March 31, 2022 2021, The Company’s disaggregated revenue has two Three Months Ended March 31, 2022 2021 Oil Sales $ 2,352,133 $ 989,228 Natural Gas Sales 936,808 550,836 Miscellaneous Oil and Gas Product Sales 144,883 60,390 $ 3,433,824 $ 1,600,454 |
Note 3 - Other Income (Loss), N
Note 3 - Other Income (Loss), Net | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | Note 3 The following is an analysis of the components of Other Income/(Loss), Net: Three Months Ended March 31, 2022 2021 Net Realized and Unrealized Gain/(Loss) on Equity Securities $ (146,076 ) $ 70,722 Interest Income 7,529 7,097 Dividend Income 96,302 19,653 Income from Other Investments 8,318 --- Interest and Other Expenses (31,179 ) (10,528 ) Other Income/(Loss), Net $ (65,106 ) $ 86,944 |
Note 4 - Equity Method and Othe
Note 4 - Equity Method and Other Investments and Related Commitments and Contingent Liabilities, Including Guarantees | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Note 4 The Company’s Equity Method Investments include: Broadway Sixty-Eight, LLC (“Broadway 68” 68 68 68 three March 31, 2022 2021. 68 March 31, 2022 December 31, 2021, Broadway Seventy-Two, LLC (“Broadway 72” March 29, 2021. 72 72 March 31, 2022 December 31, 2021, Grand Woods Development, LLC (“Grand Woods”), an Oklahoma limited liability company, with a 47% ownership, was acquired in 2015. November 23, 2026. not March 31, 2022 December 31, 2021, QSN Office Park (“QSN”), an Oklahoma limited liability company, with a 20% ownership, was acquired in 2016. 20% July 15, 2023 20% March 9, 2027. March 31, 2022 December 31, 2021, The Company’s Other Investments primarily include: Bailey Hilltop Pipeline (“Bailey”), with a 10% ownership, was acquired in 2008. March 31, 2022 December 31, 2021. Cloudburst International, Inc. (“Cloudburst”), with a 12.99% ownership, was acquired in 2019. March 31, 2022 December 31, 2021. Genlith, Inc. (“Genlith”), with a 5.15% ownership, was acquired in July 2020. March 31, 2022 December 31, 2021. OKC Industrial Properties, LC (“OKC”), with a 10% ownership, was acquired in 1992. March 31, 2022 December 31, 2021. VCC Accern Investment, LLC (“VCC Accern”), with a 9.9% ownership, was acquired in September 2021. no March 31, 2022 December 31, 2021. VCC Beachy Investment, LLC (“VCC Beachy”), with a 4.29% ownership, was acquired in November 2021. March 31, 2022 December 31, 2021. Victorum BHR2 “BHR2” 16.3% August 2021. BHR2 BHR2 March 31, 2022 December 31, 2021. VCC Homebase Investment, LLC (“VCC Homebase”), with a 7.29% ownership, was acquired in June 2021. March 31, 2022 December 31, 2021. VCC Mamenta Investment, LLC (“VCC Mamenta”), with a 4.17% ownership, was acquired in July 2021. March 31, 2022 December 31, 2021. VCC MooveGuru Investment, LLC (“VCC MooveGuru”), with a 3.53% ownership, was acquired in February 2022. March 31, 2022. VCC Squarefoot Investment, LLC (“VCC SquareFoot”), with a 14.85% ownership, was acquired in March 2022. March 31, 2022. |
Note 5 - Provision for Income T
Note 5 - Provision for Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 5 In 2022 2021, Excess federal percentage depletion, which is limited to certain production volumes and by certain income levels, reduces estimated taxable income projected for any year. The federal excess percentage depletion estimates will be updated throughout the year until finalized with the detail well-by-well calculations at year-end. When a provision for income taxes is recorded, federal excess percentage depletion benefits decrease the effective tax rate. When a benefit for income taxes is recorded, federal excess percentage depletion benefits increase the effective tax rate. The benefit of federal excess percentage depletion is not may |
Note 6 - Asset Retirement Oblig
Note 6 - Asset Retirement Obligation | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Asset Retirement Obligation Disclosure [Text Block] | Note 6 The Company records the fair value of its estimated liability to retire its oil and natural gas producing properties in the period in which it is incurred (typically the date of first first A reconciliation of the Company’s asset retirement obligation liability is as follows: Balance at December 31, 2021 $ 2,359,826 Liabilities settled (wells sold or plugged) (13,028 ) Accretion expense 15,059 Revision to estimate 1,569 Balance at March 31, 2022 $ 2,363,426 |
Note 7 - Fair Value Measurement
Note 7 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 7 The Company uses a three three Level 1 Level 2 not Level 3 Recurring Fair Value Measurements Certain of the Company’s assets are reported at fair value in the accompanying consolidated balance sheets on a recurring basis. The Company determined the fair value of equity securities using quoted market prices, and where applicable, securities with similar maturity dates and interest rates. At March 31, 2022 December 31, 2021, March 31, 2022 Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets: Equity Securities: Domestic Equities $ 7,375,684 $ --- $ --- International Equities 2,037,550 --- --- Others 464,774 --- --- $ 9,878,008 $ --- $ --- December 31, 2021 Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets: Equity Securities: Domestic Equities $ 6,822,808 $ --- $ --- International Equities 1,856,904 --- --- Others 462,645 --- --- $ 9,142,357 $ --- $ --- Non-Recurring Fair Value Measurements The Company’s asset retirement obligation annually represents a non-recurring fair value liability, for which there were no liabilities incurred in the period ending March 31, 2022 2021. 6 There was no impairment loss in the quarter ended March 31, 2022 2021. 3 8 Fair Value of Other Financial Instruments The Company’s other financial instruments consist primarily of cash and cash equivalents, trade receivables, trade payables and dividends payable. At March 31, 2022 December 31, 2021, |
Note 8 - Long-lived Assets Impa
Note 8 - Long-lived Assets Impairment Loss | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Long Lived Assets Impairment Loss [Text Block] | Note 8 Certain oil and gas producing properties have been deemed to be impaired because the assets, evaluated on a property-by-property basis, are not March 31, 2022 2021. |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2022 2021 Oil Sales $ 2,352,133 $ 989,228 Natural Gas Sales 936,808 550,836 Miscellaneous Oil and Gas Product Sales 144,883 60,390 $ 3,433,824 $ 1,600,454 |
Note 3 - Other Income (Loss),_2
Note 3 - Other Income (Loss), Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Interest and Other Income [Table Text Block] | Three Months Ended March 31, 2022 2021 Net Realized and Unrealized Gain/(Loss) on Equity Securities $ (146,076 ) $ 70,722 Interest Income 7,529 7,097 Dividend Income 96,302 19,653 Income from Other Investments 8,318 --- Interest and Other Expenses (31,179 ) (10,528 ) Other Income/(Loss), Net $ (65,106 ) $ 86,944 |
Note 6 - Asset Retirement Obl_2
Note 6 - Asset Retirement Obligation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Asset Retirement Obligations [Table Text Block] | Balance at December 31, 2021 $ 2,359,826 Liabilities settled (wells sold or plugged) (13,028 ) Accretion expense 15,059 Revision to estimate 1,569 Balance at March 31, 2022 $ 2,363,426 |
Note 7 - Fair Value Measureme_2
Note 7 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | March 31, 2022 Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets: Equity Securities: Domestic Equities $ 7,375,684 $ --- $ --- International Equities 2,037,550 --- --- Others 464,774 --- --- $ 9,878,008 $ --- $ --- December 31, 2021 Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets: Equity Securities: Domestic Equities $ 6,822,808 $ --- $ --- International Equities 1,856,904 --- --- Others 462,645 --- --- $ 9,142,357 $ --- $ --- |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 1,064,818 | $ 426,160 |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue | $ 3,433,824 | $ 1,600,454 |
Oil and Condensate [Member] | ||
Revenue | 2,352,133 | 989,228 |
Natural Gas, Production [Member] | ||
Revenue | 936,808 | 550,836 |
Miscellaneous Oil and Gas Sales [Member] | ||
Revenue | $ 144,883 | $ 60,390 |
Note 3 - Other Income (Loss),_3
Note 3 - Other Income (Loss), Net - Schedule of Components of Other Income, Net (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net Realized and Unrealized Gain/(Loss) on Equity Securities | $ (146,076) | $ 70,722 |
Interest Income | 7,529 | 7,097 |
Dividend Income | 96,302 | 19,653 |
Income from Other Investments | 8,318 | |
Interest and Other Expenses | (31,179) | (10,528) |
Other Income/(Loss), Net | $ (65,106) | $ 86,944 |
Note 4 - Equity Method and Ot_2
Note 4 - Equity Method and Other Investments and Related Commitments and Contingent Liabilities, Including Guarantees (Details Textual) | 3 Months Ended | ||||||||
Mar. 31, 2022USD ($)a | Mar. 31, 2021USD ($) | Feb. 28, 2022 | Dec. 31, 2021USD ($) | Nov. 30, 2021 | Sep. 30, 2021 | Jul. 31, 2021 | Jun. 30, 2021 | Dec. 31, 1992a | |
Equity Method Investments | $ 1,410,744 | $ 1,426,201 | |||||||
Other Long-Term Investments | 2,897,662 | 2,791,656 | |||||||
Corporate Office from Broadway [Member] | |||||||||
Operating Lease, Expense | 8,700 | $ 8,700 | |||||||
Equity Method Investments | $ 150,784 | 141,457 | |||||||
Broadway Sixty-Eight Partnership [Member] | |||||||||
Equity Method Investment, Ownership Percentage | 33.00% | ||||||||
Broadway 72 Partnership [Member] | |||||||||
Equity Method Investment, Ownership Percentage | 40.00% | ||||||||
Equity Method Investments | $ 947,234 | 948,693 | |||||||
Grand Woods Development, LLC [Member] | |||||||||
Equity Method Investment, Ownership Percentage | 47.00% | ||||||||
Equity Method Investments | $ 38,481 | 56,288 | |||||||
Area of Real Estate Property (Acre) | a | 26.56 | ||||||||
Loan Guaranteed | $ 1,200,000 | ||||||||
Loans Payable, Total | 1,579,500 | ||||||||
Financing Receivable, after Allowance for Credit Loss, Total | $ 472,445 | ||||||||
QSN Office Park [Member] | |||||||||
Equity Method Investment, Ownership Percentage | 20.00% | ||||||||
Equity Method Investments | $ 274,245 | 279,763 | |||||||
QSN Office Park [Member] | Development Loan [Member] | |||||||||
Loan Guaranteed | 1,100,000 | ||||||||
QSN Office Park [Member] | Construction Loan [Member] | |||||||||
Loan Guaranteed | $ 550,000 | ||||||||
OKC Industrial Properties [Member] | |||||||||
Other Investment, Ownership Percentage | 10.00% | ||||||||
Other Long-Term Investments | $ 82,482 | 82,482 | |||||||
Area of Land (Acre) | a | 23 | 260 | |||||||
Bailey [Member] | |||||||||
Other Long-Term Investments | $ 77,377 | 77,377 | |||||||
Cloudburst Solutions [Member] | |||||||||
Other Investment, Ownership Percentage | 12.99% | ||||||||
Other Long-Term Investments | $ 1,596,007 | 1,596,007 | |||||||
Genlith [Member] | |||||||||
Other Investment, Ownership Percentage | 5.15% | ||||||||
Other Long-Term Investments | $ 500,000 | 500,000 | |||||||
VCC Smarter Firms [Member] | |||||||||
Other Investment, Ownership Percentage | 9.90% | ||||||||
Other Long-Term Investments | 50,458 | 50,458 | |||||||
VCC Beachy [Member] | |||||||||
Other Investment, Ownership Percentage | 4.29% | ||||||||
Other Long-Term Investments | 30,198 | 30,198 | |||||||
BHR2 [Member] | |||||||||
Other Long-Term Investments | 300,754 | 300,754 | |||||||
VCC Homebase [Member] | |||||||||
Other Investment, Ownership Percentage | 7.29% | ||||||||
Other Long-Term Investments | 100,337 | 100,337 | |||||||
VCC Mamenta [Member] | |||||||||
Other Investment, Ownership Percentage | 4.17% | ||||||||
Other Long-Term Investments | 45,193 | $ 45,193 | |||||||
VCC MooveGuru Investment, LLC [Member] | |||||||||
Other Investment, Ownership Percentage | 3.53% | ||||||||
Other Long-Term Investments | $ 30,163 | ||||||||
VCC Squarefoot Investment, LLC [Member] | |||||||||
Other Investment, Ownership Percentage | 14.85% | ||||||||
Other Long-Term Investments | $ 75,843 |
Note 6 - Asset Retirement Obl_3
Note 6 - Asset Retirement Obligation (Details Textual) | 3 Months Ended |
Mar. 31, 2022 | |
Current Year Inflation Rate | 4.08% |
Change In Present Value, Percent | 3.25% |
Note 6 - Asset Retirement Obl_4
Note 6 - Asset Retirement Obligation - Schedule of Asset Retirement Obligation (Details) | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Balance, asset retirement obligation | $ 2,359,826 |
Liabilities settled (wells sold or plugged) | (13,028) |
Accretion expense | 15,059 |
Revision to estimate | 1,569 |
Balance, asset retirement obligation | $ 2,363,426 |
Note 7 - Fair Value Measureme_3
Note 7 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Impairment Of Oil And Gas Cost Properties | $ 0 | $ 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Asset Retirement Obligation, Liabilities Incurred | 0 | 0 |
Impairment Of Oil And Gas Cost Properties | $ 0 | $ 0 |
Note 7 - Fair Value Measureme_4
Note 7 - Fair Value Measurements - Schedule of Fair Value Reported on a Recurring Basis (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Equity Securities | $ 9,878,008 | $ 9,142,357 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Equity Securities | 9,878,008 | 9,142,357 |
Domestic Equities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Equity Securities | 7,375,684 | 6,822,808 |
International Equities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Equity Securities | 2,037,550 | 1,856,904 |
Other [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Equity Securities | $ 464,774 | $ 462,645 |
Note 8 - Long-lived Assets Im_2
Note 8 - Long-lived Assets Impairment Loss (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Impairment Of Oil And Gas Cost Properties | $ 0 | $ 0 |