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Reserve Petroleum Co. (RSRV0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in oil and gas sales to $15,139,535 from $12,490,047 in the previous year. This increase is attributed to higher sales volumes and an increase in miscellaneous oil and gas product sales.
Production costs for the year were $4,582,170, up from $4,383,384 in the previous year. The increase is due to higher processing deductions and production taxes.
The company reported a net income attributable to common stockholders of $2,029,278 for the year, compared to a net loss of $55,648 in the previous year.
Net cash provided by operating activities was $7,919,307, while net cash applied to investing and financing activities was $6,974,877 and $2,239,082, respectively.
Reserve Petroleum had a working capital of $9,435,985 as of December 31, 2024. The company continues to fund its operations primarily through internal sources of capital.
The filing also details the company's exploration and development activities, including participation in the drilling of 19 development wells and 11 exploratory wells during the year.
Reserve Petroleum does not anticipate significant changes in its dividend policy, having paid $10.00 per share in dividends in 2024.
The company identified no material weaknesses in its internal controls over financial reporting.
Reserve Petroleum continues to focus on managing its owned mineral properties and the exploration and development of oil and natural gas properties.
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. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.