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Spindletop Oil & Gas Co Tex (SPND+1.56%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing oil and gas revenues of $2,600,000, a decrease from $3,459,000 in the same period the previous year. This decrease is attributed to lower oil and gas production and natural gas prices.
Oil sales for the first nine months of 2024 were approximately $1,699,000, down from $2,062,000 in the same period of 2023. Oil sales volumes decreased to approximately 20,325 bbls from 26,567 bbls.
Natural gas revenue for the first nine months of 2024 was $901,000, compared to $1,397,000 in the same period of 2023. Natural gas sales volumes decreased to approximately 378,000 mcf from 471,000 mcf.
Interest income was $721,000 during the first nine months of 2024, an increase from $533,000 in the same period of 2023. This is due to investments in long-term and short-term certificates of deposit.
Lease operating expenses increased to $1,283,000 in the first nine months of 2024 from $898,000 in the same period of 2023.
The company reported net income of $84,000 for the first nine months of 2024, compared to $605,000 in the previous year.
For the three months ended September 30, 2024, oil and natural gas revenues were $745,000, compared to $1,517,000 in the same period of 2023.
Oil sales for the third quarter of 2024 were approximately $485,000, down from $1,033,000 in the same period of 2023.
Natural gas revenues for the third quarter of 2024 were $260,000, compared to $484,000 in the same period of 2023.
General and administrative expenses for the third quarter of 2024 were $484,000, compared to $533,000 in the same period of 2023.
The report also discusses the company's financial condition and liquidity, indicating that operating capital needs are generally funded from cash flow generated by operations.
The company purchased an operating working interest in eight wells in the Blocker Gas Field of Harrison County, Texas, subsequent to the end of the third quarter of 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Spindletop Oil & Gas Co Tex quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.