Spindletop Oil & Gas Co. Files Q2 2025 10-Q

TL;DR

Spindletop Oil & Gas filed its Q2 2025 10-Q, showing financial details for the period ending June 30.

AI Summary

Spindletop Oil & Gas Co. filed its 10-Q for the period ending June 30, 2025. The filing provides financial updates for the quarter and year-to-date, detailing changes in common stock, additional paid-in capital, treasury stock, and retained earnings across various reporting dates including December 31, 2023, March 31, 2024, June 30, 2024, December 31, 2024, March 31, 2025, and June 30, 2025.

Why It Matters

This filing provides investors with the latest financial snapshot of Spindletop Oil & Gas Co., crucial for understanding the company's performance and financial health in the oil and gas sector.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new risks disclosed.

Key Numbers

• 20250630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 20250819 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• SPINDLETOP OIL & GAS CO (company) — Filer of the 10-Q report
• 20250630 (date) — End of the reporting period for the 10-Q
• 20250819 (date) — Filing date of the 10-Q
• 12850 SPURLING RD. SUITE 200 DALLAS TX 75230-1279 (address) — Business and mailing address of Spindletop Oil & Gas Co.

FAQ

Key Financial Figures

• $0.01 — Section 12(g) of the Act: Common Stock, $0.01 par value Indicate by check mark if t
• $1,928,000 — s for the first six months of 2025 were $1,928,000, as compared to $1,855,000 for the same
• $1,855,000 — of 2025 were $1,928,000, as compared to $1,855,000 for the same period in 2024, an increas
• $73,000 — d in 2024, an increase of approximately $73,000 or 3.9% Oil sales for the first six mo
• $987,000 — t six months of 2025 were approximately $987,000 compared to approximately $1,214,000 fo
• $1,214,000 — tely $987,000 compared to approximately $1,214,000 for the first six months of 2024, a dec
• $227,000 — hs of 2024, a decrease of approximately $227,000 or 18.7%. Oil sales volumes for the fir
• $66.64 — 5.3%. Average oil prices received were $66.64 per bbl in the first half of 2025 compa
• $77.16 — l in the first half of 2025 compared to $77.16 per bbl in the first half of 2024, a de

Filing Documents

• spnd_2025jun30-10q.htm (10-Q) — 367KB
• exhibit_31-1.htm (EX-31.1) — 9KB
• exhibit_31-2.htm (EX-31.2) — 10KB
• exhibit_32-1.htm (EX-32.1) — 7KB
• 0001017386-25-000101.txt ( ) — 1454KB
• spnd-20250630.xsd (EX-101.SCH) — 11KB
• spnd-20250630_cal.xml (EX-101.CAL) — 34KB
• spnd-20250630_def.xml (EX-101.DEF) — 11KB
• spnd-20250630_lab.xml (EX-101.LAB) — 122KB
• spnd-20250630_pre.xml (EX-101.PRE) — 78KB
• spnd_2025jun30-10q_htm.xml (XML) — 82KB

– Financial Information

Part I – Financial Information: Page

– Financial Statements

Item 1. – Financial Statements Consolidated Balance Sheets June 30, 2025 (Unaudited) and December 31, 2024 4 - 5 Consolidated Statements of Operations (Unaudited) 6 Six Months Ended June 30, 2025 and 2024 Three Months Ended June 30, 2025 and 2024 Consolidated Statements of Changes in Shareholders' Equity (Unaudited) 7 Six Months Ended June 30, 2025 and 2024 Three Months Ended June 30, 2025 and 2024 Consolidated Statements of Cash Flow (Unaudited) Six Months Ended June 30, 2025 and 2024 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 16

– Other Information

Part II – Other Information:

– Other Information

Item 5. – Other Information 17

– Exhibits

Item 6. – Exhibits 17 3

- Financial Information

Part I - Financial Information

- Financial Statements

Item 1. - Financial Statements SPINDLETOP OIL & GAS CO. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS June 30, December 31, 2025 (Unaudited) 2024 ASSETS Current Assets Cash and cash equivalents $ 7,166,000 $ 6,472,000 Restricted cash 270,000 270,000 Accounts receivable 1,606,000 1,854,000 Income tax receivable 11,000 26,000 Total Current Assets 9,053,000 8,622,000 Property and Equipment - at cost Oil and gas properties (full cost method) 26,808,000 26,490,000 Rental equipment 465,000 465,000 Gas gathering system 115,000 115,000 Other property and equipment 479,000 479,000 27,867,000 27,549,000 Accumulated depreciation and amortization ( 26,739,000 ) ( 26,586,000 ) Total Property and Equipment 1,128,000 963,000 Real Estate Property - at cost Land 688,000 688,000 Commercial office building 1,925,000 1,925,000 Accumulated depreciation ( 1,339,000 ) ( 1,304,000 ) Total Real Estate Property 1,274,000 1,309,000 Other Assets Deferred Income Tax Asset 85,000 102,000 Other long-term investments 15,550,000 16,575,000 Other 3,000 3,000 Total Other Assets 15,638,000 16,680,000 Total Assets $ 27,093,000 $ 27,574,000 The accompanying notes are an integral part of these statements. 4 SPINDLETOP OIL & GAS CO. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS June 30, December 31, 2025 (Unaudited) 2024 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable and accrued liabilities $ 6,489,000 $ 6,699,000 Total Current Liabilities 6,489,000 6,699,000 Noncurrent Liabilities Asset retirement obligation 4,314,000 4,314,000 Total Noncurrent Liabilities 4,314,000 4,314,000 Total Liabilities 10,803,000 11,013,000 Shareholders' Equity Common stock, $ .01 par value, 100,000,000 shares authorized; 7,677,471 shares issued and 6,598,370 outstanding at June 30, 2025, and 6,739,943 outstanding at December 31, 2024. 77,000 77,000 Additi

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, 2024, 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. COMMON STOCK Effective June 10, 2025, the Company repurchased 141,573 shares of its common stock from a non-controlling, unaffiliated shareholder for a negotiated purchase price of $ 351,101 .04 or $ 2.48 per share. The repurchased shares are held as Treasury Stock. The Company has not approved

- 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 statements. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which 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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