Reserve Petroleum Co. Files Q3 2024 10-Q

TL;DR

**RSRV Q3 10-Q filed. Oil & Gas ops details inside.**

AI Summary

Reserve Petroleum Co. filed its 10-Q for the period ending September 30, 2024. The company, incorporated in Delaware, operates in the crude petroleum and natural gas sector. Its principal business address is in Oklahoma City, OK. The filing covers the third quarter of 2024 and includes financial data related to oil and gas operations.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational details for Reserve Petroleum Co. during the third quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediately apparent unusual risks or disclosures.

Key Numbers

• 20240930 — Period End Date (The filing covers financial data up to this date.)
• 20241114 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• RESERVE PETROLEUM CO (company) — Filer
• 0000083350 (company) — Central Index Key
• OKLAHOMA CITY (location) — Business Address City
• DE (location) — State of Incorporation
• 20240930 (date) — Period of Report

FAQ

Key Financial Figures

• $0.50 — 024, 154,615 shares of the Registrant's $0.50 par value common stock were outstanding

Filing Documents

• rsrv-20240930.htm (10-Q) — 731KB
• rsrv-20240930xexx311.htm (EX-31.1) — 10KB
• rsrv-20240930xexx312.htm (EX-31.2) — 10KB
• rsrv-20240930xexx32.htm (EX-32) — 6KB
• rsrv-20240930_g1.jpg (GRAPHIC) — 2KB
• 0000083350-24-000030.txt ( ) — 4637KB
• rsrv-20240930.xsd (EX-101.SCH) — 30KB
• rsrv-20240930_cal.xml (EX-101.CAL) — 58KB
• rsrv-20240930_def.xml (EX-101.DEF) — 144KB
• rsrv-20240930_lab.xml (EX-101.LAB) — 441KB
• rsrv-20240930_pre.xml (EX-101.PRE) — 307KB
• rsrv-20240930_htm.xml (XML) — 548KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Page Item 1. Consolidated Financial Statements (Unaudited) 2 Consolidated Balance Sheets 2 Consolidated Statements of Income 4 Consolidated Statements of Equity 5 Consolidated Statements of Cash Flows 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8 Note 1 - Basis of Presentation 8 Note 2 - Revenue Recognition 9 Note 3 - Other Income, Net 10 Note 4 - Investments and Related Commitments and Contingent Liabilities, Including Guaranties 10 Note 5 - Non-Controlling Interest and Variable Interest Entities 12 Note 6 - Note Payable 14 Note 7 - Provision for Income Taxes 14 Note 8 - Asset Retirement Obligation 14 Note 9 - Fair Value Measurements 15 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 21 Item 4.

Controls and Procedures

Controls and Procedures 21

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 22 Item 1A.

Risk Factors

Risk Factors 22 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Purchases of Equity Securities 22 Item 3. Defaults Upon Senior Securities 22 Item 4. Mine Safety Disclosures 22 Item 5. Other Information 22 Item 6. Exhibits 23 1 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) THE RESERVE PETROLEUM COMPANY CONSOLIDATED BALANCE SHEETS (1) (Unaudited) ASSETS September 30, 2024 December 31, 2023 Current Assets: Cash and Cash Equivalents $ 3,729,992 $ 5,218,474 Available-for-Sale Debt Securities — 2,220,901 Equity Securities 4,188,075 2,664,066 Refundable Income Taxes 370,006 317,755 Accounts Receivable, Net of Allowance for Credit Losses 2,342,087 2,366,663 Total Current Assets 10,630,160 12,787,859 Investments: Equity Method Investments 2,769,164 2,818,790 Other Investments 5,227,657 5,332,553 Total Investments 7,996,821 8,151,343 Property, Plant and Equipment: Oil and Gas Properties, at Cost, Based on the Successful Efforts Method of Accounting – Unproved Properties 4,935,013 3,403,051 Proved Properties 73,753,852 69,152,923 Oil and Gas Properties, Gross 78,688,865 72,555,974 Less – Accumulated Depreciation, Depletion, Amortization and Valuation Allowance ( 59,019,759 ) ( 57,622,564 ) Oil and Gas Properties, Net 19,669,106 14,933,410 Other Property and Equipment, at Cost 348,270 820,965 Less – Accumulated Depreciation ( 179,876 ) ( 306,587 ) Other Property and Equipment, Net 168,394 514,378 Total Property, Plant and Equipment, Net 19,837,500 15,447,788 Total Assets $ 38,464,481 $ 36,386,990 See accompanying notes to unaudited consolidated financial statements 2 Table of Contents THE RESERVE PETROLEUM COMPANY CONSOLIDATED BALANCE SHEETS, CONTINUED (1) (Unaudited) LIABILITIES AND EQUITY September 30, 2024 December 31, 2023 Current Liabilities: Accounts Payable $ 47,086 $ 537,796 Other Current Liabilities 63,051 12,839 Note Payable, Current Portion 146,667 142,136 Total Current Liabilities 256,804 692,771 Long-Term Liabilities: Asset Retirement Obligation 2,303,934 2,566,368 Deferred Tax Liability, Net 2,257,896 1,219,511 Note Payable, Less Current Portion 1,048,211 1,158,736 Total Long-Term Liabilities 5,610,041 4,944,615 Total Li

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 30, 2024 (Unaudited) Note 1 – BASIS OF PRESENTATION The Reserve Petroleum Company, a Delaware corporation, is an independent oil and gas company engaged in oil and natural gas exploration, development and minerals management with areas of concentration in Arkansas, Kansas, Oklahoma, South Dakota, Texas and Wyoming, a single business segment. The Company is also engaged in investments that are not significant business segments. The Company's consolidated entities consist of Grand Woods Development, LLC ("Grand Woods"), an Oklahoma limited liability company and Trinity Water Services, LLC ("TWS"), an Oklahoma limited liability company. Unless otherwise specified or the context otherwise requires, all references in these notes to "the Company," "its," "our," and "we" are to The Reserve Petroleum Company and its consolidated entities. The Company's consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and the rules and regulations of the Securities and Exchange Commission ("SEC"). The consolidated financial statements include the accounts of The Reserve Petroleum Company and variable interest entities ("VIEs") in which the Company holds a controlling interest, reflecting ownership of a majority of the voting interest, as of the financial statement date. Additionally, the Company consolidates VIEs under certain criteria discussed further below. All intercompany accounts and transactions have been eliminated in consolidation. When necessary, reclassifications that are not material to the consolidated financial statements are made to prior period financial information to conform to the current year presentation. These reclassifications had no impact on net income or retained earnings. The accompanying consolidated financial statements and notes thereto should be read in conjunction with the financial statements a

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