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Reserve Petroleum Co. (RSRV0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in oil and gas sales to $3,874,796 from $3,008,485 in the same quarter the previous year. This increase is attributed to higher volumes and prices for oil and gas.
Operating costs and expenses decreased slightly to $2,592,376 from $2,635,852 in the same quarter of the previous year. The decrease is due to lower exploration and production costs.
The company reported a net income of $1,749,907 for the quarter, compared to $617,509 in the previous year, with the increase attributed to higher operating revenues.
Cash provided by operating activities was $5,521,459, while cash used in investing and financing activities was $5,226,485 and $1,783,456, respectively.
Reserve Petroleum had a working capital of $10,630,160 as of September 30, 2024. The company continues to fund its business activities using internal cash sources.
The filing also mentions a negligence and breach of contract lawsuit filed against Trinity Water Services, LLC, a consolidated entity of Reserve Petroleum, seeking relief in excess of $1,000,000.
Reserve Petroleum does not anticipate the adoption of new accounting standards to have a material impact on its financial position, results of operations, or cash flow.
The company identified no significant changes in its internal control over financial reporting during the quarter.
The filing details various investments and commitments, including equity method investments and other investments in real estate and start-up ventures.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Reserve Petroleum Co. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.