SPINDLETOP OIL & GAS CO Files Q1 2024 10-Q

TL;DR

SPINDLETOP OIL & GAS CO filed its Q1 2024 10-Q. Check financials.

AI Summary

SPINDLETOP OIL & GAS CO filed its 10-Q for the period ending March 31, 2024. The company, incorporated in Texas, operates in the Crude Petroleum & Natural Gas sector. Its principal business address is in Dallas, TX.

Why It Matters

This filing provides investors with the latest financial performance and operational details for SPINDLETOP OIL & GAS CO for the first quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly filing with no immediate red flags or significant new information presented.

Key Numbers

• 2024 Q1 — Reporting Period (First quarter of 2024 financial reporting)
• 2024-03-31 — Period End Date (End date for the reported financial quarter)
• 2023-12-31 — Prior Period End Date (End date for the preceding financial quarter)
• 2023-03-31 — Prior Year Quarter End Date (End date for the same quarter in the previous year)

Key Players & Entities

• SPINDLETOP OIL & GAS CO (company) — Filer
• 0000867038 (company) — Central Index Key
• Dallas, TX (location) — Business Address
• 20240331 (date) — Reporting Period End Date

FAQ

Key Financial Figures

• $0.01 — Section 12(g) of the Act: Common Stock, $0.01 par value Indicate by check mark if t
• $104,000 — e sale of the property in the amount of $104,000 related to the sale. In determining the
• $892,000 — for the first three months of 2024 were $892,000, as compared to $1,030,000 for the same
• $1,030,000 — s of 2024 were $892,000, as compared to $1,030,000 for the same period in 2023 a decrease
• $138,000 — iod in 2023 a decrease of approximately $138,000 or 13.4%, due primarily to lower gas pr
• $594,000 — three months of 2024 were approximately $594,000 compared to approximately $492,000 for
• $492,000 — tely $594,000 compared to approximately $492,000 for the first three months of 2023, an
• $102,000 — s of 2023, an increase of approximately $102,000 or 20.7%. Oil sales volumes for the fir

Filing Documents

• spnd_2024mar31-10.htm (10-Q) — 308KB
• exhibit_31-1.htm (EX-31.1) — 8KB
• exhibit_31-2.htm (EX-31.2) — 9KB
• exhibit_32-1.htm (EX-32.1) — 6KB
• 0001017386-24-000162.txt ( ) — 1321KB
• spnd-20240331.xsd (EX-101.SCH) — 10KB
• spnd-20240331_cal.xml (EX-101.CAL) — 34KB
• spnd-20240331_def.xml (EX-101.DEF) — 10KB
• spnd-20240331_lab.xml (EX-101.LAB) — 117KB
• spnd-20240331_pre.xml (EX-101.PRE) — 76KB
• spnd_2024mar31-10_htm.xml (XML) — 61KB

– Financial Information

Part I – Financial Information: Page

– Financial Statements

Item 1. – Financial Statements Consolidated Balance Sheets March 31, 2024 (Unaudited) and December 31, 2023 4 - 5 Consolidated Statements of Operations (Unaudited) 6 Three Months Ended March 31, 2024 and 2023 Consolidated Statements of Changes in Shareholders' Equity (Unaudited) 7 Three Months Ended March 31, 2024 and 2023 Consolidated Statements of Cash Flow (Unaudited) Three Months Ended March 31, 2024 and 2023 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9

– Management's Discussion and Analysis of Financial

Item 2. – Management's Discussion and Analysis of Financial Condition and Results of Operations 10

– Controls and Procedures

Item 4. – Controls and Procedures 14

– Other Information

Part II – Other Information:

– Other Information

Item 5. – Other Information 15

– Exhibits

Item 6. – Exhibits 16 3

- Financial Information

Part I - Financial Information

- Financial Statements

Item 1. - Financial Statements SPINDLETOP OIL & GAS CO. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS March 31, December 31, 2024 2023 (Unaudited) ASSETS Current Assets Cash and cash equivalents $ 7,265,000 $ 6,868,000 Restricted cash 270,000 270,000 Accounts receivable 2,053,000 2,090,000 Income tax receivable 86,000 90,000 Total Current Assets 9,674,000 9,318,000 Property and Equipment - at cost Oil and gas properties (full cost method) 25,896,000 26,087,000 Rental equipment 465,000 465,000 Gas gathering system 115,000 115,000 Other property and equipment 479,000 479,000 26,955,000 27,146,000 Accumulated depreciation and amortization ( 26,320,000 ) ( 26,300,000 ) Total Property and Equipment 635,000 846,000 Real Estate Property - at cost Land 688,000 688,000 Commercial office building 1,907,000 1,907,000 Accumulated depreciation ( 1,250,000 ) ( 1,232,000 ) Total Real Estate Property 1,345,000 1,363,000 Other Assets Deferred Income Tax Asset 41,000 40,000 Other long-term investments 16,550,000 16,575,000 Other 4,000 $ 4,000 Total Other Assets 16,595,000 16,619,000 Total Assets $ 28,249,000 $ 28,146,000 The accompanying notes are an integral part of these statements. 4 SPINDLETOP OIL & GAS CO. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS March 31, December 31, 2024 2023 (Unaudited) LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable and accrued liabilities $ 6,667,000 $ 6,542,000 Total Current Liabilities 6,667,000 6,542,000 Noncurrent Liabilities Asset retirement obligation 4,314,000 4,414,000 Total Noncurrent Liabilities 4,314,000 4,414,000 Total Liabilities 10,981,000 10,956,000 Shareholders' Equity Common stock, $ .01 par value, 100,000,000 shares authorized; 7,677,471 shares issued and 6,739,943 outstanding at March 31, 2024 and 6,739,943 outstanding at December 31, 2023. 77,000 77,000 Add

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 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, 2023, 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 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. 2. GAIN ON SALE OF PROPERTY During the first quarter of 2023, the Company sold its interest in five operated wells and associated leasehold acreage in various counties in the state of Arkansas for $ 104,000 . At the time of the sale, the Company's unamortized full cost pool was approximately $ 230,0

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 3. CONTINGENCIES On July 23, 2020, a subsidiary of the Company received notice of a lawsuit filed in Louisiana against the Company's subsidiary and numerous other oil and gas companies alleging a pollution claim for properties operated by the defendants in Louisiana, and the Company's subsidiary filed an answer. The Plaintiffs filed a First Supplemental and Amending Petition for Damages on January 21, 2021. The litigation is currently in the discovery phase. Management has regular litigation reviews, including updates from corporate and outside counsel, to assess the need for accounting recognition or disclosure of contingencies for litigation. The Company will continue to defend its subsidiary vigorously in this matter. Subsequent Events The Company has evaluated subsequent events through May 20, 2024, the date on which the financial statements were available to be issued. 10

- Management's Discussion and Analysis of Financial Condition

Item 2. - Management's Discussion and Analysis of Financial Condition and Results of Operations WARNING CONCERNING FORWARD LOOKING STATEMENTS The following discussion should be read in conjunction with the financial This Report on Form 10-Q may contain forward-looking statements within the meaning of the federal securities laws, principally, but not only, under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations." We caution investors that any forward-looking statements in this report, or which management may make orally or in writing from time to time, are based on management's beliefs and on assumptions made by, and information currently available to, management. When used, the words "anticipate," "believe," "expect," "intend," "may," "might," "plan," "estimate," "project," "should," "will," "result" and similar expressions which do not relate solely to historical matters are intended to identify forward-looking may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We caution you that while forward-looking statements reflect our good faith beliefs when we make them, they are not guarantees of future performance and are impacted by actual events when they occur after we make such statements. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on results and trends at th

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