Mon, Aug 19, 5:05 PM (148 days ago)
For Q2 2024, Spindletop Oil & Gas Co. reported a total revenue of $1,116,000, up 5.6% from Q2 2023, driven by higher oil sales despite a decline in natural gas revenue. Oil revenues rose to $620,000, reflecting increased sales volumes and prices, while natural gas revenues fell to $343,000 due to lower prices. Operating expenses surged significantly, with lease operating expenses nearly doubling to $720,000, largely due to well pluggings. The company incurred a net loss of $140,000 for the quarter compared to a profit of $125,000 in Q2 2023. Cash flow from operations was $422,000, down from $632,000 in the prior year. Total assets decreased to $27,987,000 from $28,146,000, while shareholder equity slightly declined to $17,128,000. The company faces uncertainties from fluctuating commodity prices, rising operational costs, and potential challenges in accessing capital markets, which could impact future operations and profitability. Management continues to monitor these risks closely as they assess funding alternatives for ongoing operations.