Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 19, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | SPINDLETOP OIL & GAS CO | |
Entity Central Index Key | 0000867038 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity's Reporting Status Current? | Yes | |
Is Entity Emerging Growth Company? | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 6,809,602 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2019 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 13,967,000 | $ 14,036,000 |
Restricted cash | 363,000 | 363,000 |
Accounts receivable | 2,980,000 | 2,615,000 |
Income tax receivable | 256,000 | 235,000 |
Total Current Assets | 17,566,000 | 17,249,000 |
Property and Equipment - at cost | ||
Oil and gas properties (full cost method) | 28,009,000 | 27,892,000 |
Rental equipment | 412,000 | 412,000 |
Gas gathering system | 115,000 | 115,000 |
Other property and equipment | 308,000 | 296,000 |
Total Property and Equipment | 28,844,000 | 28,715,000 |
Accumulated depreciation and amortization | (25,628,000) | (25,256,000) |
Total Property and Equipment, Net | 3,216,000 | 3,459,000 |
Real Estate Property - at cost | ||
Land | 688,000 | 688,000 |
Commercial office building | 1,580,000 | 1,580,000 |
Accumulated depreciation | (980,000) | (945,000) |
Total Real Estate Property | 1,288,000 | 1,323,000 |
Other Assets | ||
Deferred Income Tax Asset | 163,000 | |
Other long-term investments | 2,358,000 | 2,358,000 |
Other | 3,000 | 9,000 |
Total Other Assets | 2,524,000 | 2,367,000 |
Total Assets | 24,594,000 | 24,398,000 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 6,319,000 | 5,857,000 |
Total Current Liabilities | 6,319,000 | 5,857,000 |
Noncurrent Liabilities | ||
Asset retirement obligation | 1,432,000 | 1,324,000 |
Total Noncurrent Liabilities | 1,432,000 | 1,324,000 |
Deferred Income Tax Payable | 86,000 | |
Total Liabilities | 7,751,000 | 7,267,000 |
Shareholders' Equity | ||
Common stock, $.01 par value, 100,000,000 shares authorized; 7,677,471 shares issued and 6,809,602 shares outstanding at September 30, 2019 and at December 31, 2018. | 77,000 | 77,000 |
Additional paid-in capital | 943,000 | 943,000 |
Treasury stock, at cost | (1,806,000) | (1,806,000) |
Retained earnings | 17,629,000 | 17,917,000 |
Total Shareholders' Equity | 16,843,000 | 17,131,000 |
Total Liabilities and Shareholders' Equity | $ 24,594,000 | $ 24,398,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Common Stock, Par Value $0.01 | ||
Common Stock, Par Value | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares Issued | 7,677,471 | 7,677,471 |
Common Stock, Shares Outstanding | 6,809,602 | 6,809,602 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues | ||||
Oil and gas revenues | $ 1,126,000 | $ 1,268,000 | $ 3,501,000 | $ 4,538,000 |
Revenue from lease operations | 62,000 | 69,000 | 249,000 | 199,000 |
Gas gathering, compression, equipment rental | 28,000 | 39,000 | 94,000 | 100,000 |
Real estate rental revenue | 60,000 | 57,000 | 179,000 | 173,000 |
Interest Income | 37,000 | 36,000 | 150,000 | 124,000 |
Other revenues | 27,000 | 10,000 | 49,000 | 39,000 |
Total Revenues | 1,340,000 | 1,479,000 | 4,222,000 | 5,173,000 |
Expenses | ||||
Lease operating expenses | 418,000 | 368,000 | 1,239,000 | 1,106,000 |
Production taxes, gathering and marketing expenses | 204,000 | 120,000 | 592,000 | 616,000 |
Pipeline and rental expenses | 6,000 | 6,000 | 25,000 | 43,000 |
Real estate expenses | 32,000 | 41,000 | 104,000 | 114,000 |
Depreciation and amortization expenses | 137,000 | 141,000 | 407,000 | 433,000 |
ARO accretion expense | 48,000 | 9,000 | 142,000 | 27,000 |
General and administrative expenses | 721,000 | 619,000 | 2,212,000 | 1,920,000 |
Total Expenses | 1,566,000 | 1,304,000 | 4,721,000 | 4,259,000 |
Income (Loss) before Income tax | (226,000) | 175,000 | (499,000) | 914,000 |
Current income tax provision (benefit) | 58,000 | 98,000 | 38,000 | 181,000 |
Deferred income tax benefit | (98,000) | 172,000 | (249,000) | (179,000) |
Total income tax benefit | (40,000) | 270,000 | (211,000) | 2,000 |
Net Income | $ (186,000) | $ (95,000) | $ (288,000) | $ 912,000 |
Earnings per Share of Common Stock: Basic and Diluted | $ (0.03) | $ (0.01) | $ (0.04) | $ 0.13 |
Weighted Average Shares Outstanding: Basic and Diluted | 6,809,602 | 6,936,269 | 6,809,602 | 6,936,269 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders Equity - USD ($) | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings |
Beginning Balance, Amount at Dec. 31, 2017 | $ 77,000 | $ 943,000 | $ (1,536,000) | $ 17,653,000 |
Beginning Balance, Shares at Dec. 31, 2017 | 7,677,471 | 741,202 | ||
Net loss | 305,000 | |||
Ending Balance, Amount at Mar. 31, 2018 | $ 77,000 | 943,000 | $ (1,536,000) | 17,958,000 |
Enidng Balance, shares at Mar. 31, 2018 | 7,677,471 | 741,202 | ||
Net loss | 702,000 | |||
Ending Balance, Amount at Jun. 30, 2018 | $ 77,000 | 943,000 | $ (1,536,000) | 18,660,000 |
Enidng Balance, shares at Jun. 30, 2018 | 7,677,471 | 741,202 | ||
Net loss | (95,000) | |||
Ending Balance, Amount at Sep. 30, 2018 | $ 77,000 | 943,000 | $ (1,536,000) | 18,565,000 |
Enidng Balance, shares at Sep. 30, 2018 | 7,677,471 | 741,202 | ||
Beginning Balance, Amount at Dec. 31, 2018 | $ 77,000 | 943,000 | $ (1,806,000) | 17,917,000 |
Beginning Balance, Shares at Dec. 31, 2018 | 7,677,471 | 867,869 | ||
Net loss | 21,000 | |||
Ending Balance, Amount at Mar. 31, 2019 | $ 77,000 | 943,000 | $ (1,806,000) | 17,938,000 |
Enidng Balance, shares at Mar. 31, 2019 | 7,677,471 | 867,869 | ||
Net loss | (123,000) | |||
Ending Balance, Amount at Jun. 30, 2019 | $ 77,000 | 943,000 | $ (1,806,000) | 17,815,000 |
Enidng Balance, shares at Jun. 30, 2019 | 7,677,471 | 867,869 | ||
Net loss | (186,000) | |||
Ending Balance, Amount at Sep. 30, 2019 | $ 77,000 | $ 943,000 | $ (1,806,000) | $ 17,629,000 |
Enidng Balance, shares at Sep. 30, 2019 | 7,677,471 | 867,869 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash Flows from Operating Activities | ||
Net Income (Loss) | $ (288,000) | $ 912,000 |
Reconciliation of net Income (Loss) to net cash provided by operating activities | ||
Depreciation and amortization | 407,000 | 433,000 |
Accretion of asset retirement obligation | 142,000 | 27,000 |
Changes in accounts receivable | (365,000) | 1,040,000 |
Changes in income tax receivable | (21,000) | (19,000) |
Changes in accounts payable and accrued liabilities | 462,000 | (506,000) |
Changes in deferred Income tax asset | (163,000) | |
Changes in deferred Income tax payable | (86,000) | (179,000) |
Changes in other assets | 6,000 | (1,000) |
Net cash provided for operating activities | 94,000 | 1,707,000 |
Cash Flows from Investing Activities | ||
Capitalized acquisition, exploration and development | (151,000) | (182,000) |
Purchase of other property and equipment | (12,000) | |
Changes in Other long-term investments | 308,000 | |
Net cash provided (used) for investing activities | (163,000) | 126,000 |
Increase in cash, cash equivalents, and restricted cash | (69,000) | 1,833,000 |
Cash, cash equivalents, and restricted cash at beginning of period | 14,399,000 | 12,070,000 |
Cash, cash equivalents, and restricted cash at end of period | 14,330,000 | 13,903,000 |
Income taxes paid in cash | $ 60,000 | $ 200,000 |
Basis of Presentation and Organ
Basis of Presentation and Organization | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Organization | 1. BASIS OF PRESENTATION AND ORGANIZATION The accompanying financial statements are presented in accordance with the requirements of Form 10-Q and consequently do not include all of the disclosures normally required by generally accepted accounting principles or those normally made in the Company's annual Form 10-K filing. Accordingly, the reader of this Form 10-Q may wish to refer to the Company's Form 10-K for the year ended December 31, 2018 for further information. The consolidated financial statements presented herein include the accounts of Spindletop Oil & Gas Co., a Texas corporation ("the Company") and its wholly owned subsidiaries, Prairie Pipeline Co., a Texas corporation and Spindletop Drilling Company, a Texas corporation. All significant inter-company transactions and accounts have been eliminated. In the opinion of management, the accompanying unaudited interim financial statements contain all material adjustments, consisting only of normal recurring adjustments necessary to present fairly the financial condition, the results of operations and changes in cash flows of the Company and its consolidated subsidiaries for the interim periods presented. Although the Company believes that the disclosures are adequate to make the information presented not misleading, certain information and footnote disclosures, including a description of significant accounting policies normally included in financial statements prepared in accordance with generally accepted accounting principles generally accepted in the United States of America, have been condensed or omitted pursuant to such rules and regulations. Subsequent Events Management has evaluated subsequent events through November 19, 2019, the date on which the financial statements were available to be issued. |
Basis of Presentation and Org_2
Basis of Presentation and Organization (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Organization | 1. BASIS OF PRESENTATION AND ORGANIZATION The accompanying financial statements are presented in accordance with the requirements of Form 10-Q and consequently do not include all of the disclosures normally required by generally accepted accounting principles or those normally made in the Company's annual Form 10-K filing. Accordingly, the reader of this Form 10-Q may wish to refer to the Company's Form 10-K for the year ended December 31, 2018 for further information. The consolidated financial statements presented herein include the accounts of Spindletop Oil & Gas Co., a Texas corporation ("the Company") and its wholly owned subsidiaries, Prairie Pipeline Co., a Texas corporation and Spindletop Drilling Company, a Texas corporation. All significant inter-company transactions and accounts have been eliminated. In the opinion of management, the accompanying unaudited interim financial statements contain all material adjustments, consisting only of normal recurring adjustments necessary to present fairly the financial condition, the results of operations and changes in cash flows of the Company and its consolidated subsidiaries for the interim periods presented. Although the Company believes that the disclosures are adequate to make the information presented not misleading, certain information and footnote disclosures, including a description of significant accounting policies normally included in financial statements prepared in accordance with generally accepted accounting principles generally accepted in the United States of America, have been condensed or omitted pursuant to such rules and regulations. |
Subsequent Events | Subsequent Events Management has evaluated subsequent events through November 19, 2019, the date on which the financial statements were available to be issued. |