$MXC

MEXCO ENERGY CORP

CIK:0000066418|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating revenues:
Total operating revenues	$ 1,983,169	$ 1,756,940
Operating expenses:
Production	411,006	404,770
Accretion of asset retirement obligations	8,513	7,973
Depreciation, depletion and amortization	606,521	675,270
General and administrative	389,829	394,437
Total operating expenses	1,415,869	1,482,450
Operating income	567,300	274,490
Other income (expense):
Interest from investments in LLCs	115,254	57,236
Interest income	14,852	14,531
Interest expense	(1,031)	(1,075)
Net other income	129,075	70,692
Income before provision for income taxes	696,375	345,182
Provision for income taxes	195,310	103,231
Net income	$ 501,065	$ 241,951
Income per common share:
Basic:	$ 0.24	$ 0.12
Diluted:	$ 0.24	$ 0.12
Weighted average common shares outstanding:
Basic:	2,046,000	2,046,000
Diluted:	2,079,484	2,073,309
Dividends declared per share	$ 0.10	$ 0.10
Oil Sales [Member]
Operating revenues:
Total operating revenues	$ 1,811,183	$ 1,395,937
Natural Gas Sales [Member]
Operating revenues:
Total operating revenues	166,975	358,797
Other [Member]
Operating revenues:
Total operating revenues	$ 5,011	$ 2,206

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 501,065	$ 241,951
Adjustments to reconcile net income to net cash provided
Deferred income tax expense (benefit)	101,530	(38,685)
Stock-based compensation	39,880	51,208
Depreciation, depletion and amortization	606,521	675,270
Accretion of asset retirement obligations	8,513	7,973
Amortization of debt issuance costs	1,031	1,075
Changes in operating assets and liabilities
Decrease in accounts receivable	121,264	256,816
Decrease in prepaid expenses	13,307	8,176
Decrease in right-of-use asset	13,481	12,325
Increase in accounts payable and accrued expenses	77,596	51,461
Settlement of asset retirement obligations	(2,257)	(7,284)
(Decrease) increase in income taxes payable	(17,203)	115,316
Decrease in operating lease liability	(13,481)	(12,325)
Net cash provided by operating activities	1,451,247	1,363,277
Cash flows from investing activities:
Additions to oil and gas properties	(2,741,044)	(372,300)
Drilling refunds	11,294
Proceeds from sale of oil and gas properties and equipment		6,390
Net cash used in investing activities	(2,729,750)	(365,910)
Cash flows from financing activities:
Dividends paid	(204,600)	(204,600)
Net cash used in financing activities	(204,600)	(204,600)
Net (decrease) increase in cash and cash equivalents	(1,483,103)	792,767
Cash and cash equivalents at beginning of period	2,775,976	1,753,955
Cash and cash equivalents at end of period	1,292,873	2,546,722
Supplemental disclosure of cash flow information:
Cash paid for income taxes	17,203
Accrued capital expenditures included in accounts payable	156,493	55,949
Non-cash investing and financing activities:
Asset retirement obligations	$ 2,511	$ 862

Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Mar. 31, 2026
Current assets
Cash and cash equivalents	$ 1,292,873	$ 2,775,976
Accounts receivable:
Oil and natural gas sales	1,222,282	1,287,841
Trade	55,790	111,494
Prepaid drilling	622,132	204,218
Prepaid costs and expenses	55,540	68,846
Total current assets	3,248,617	4,448,375
Property and equipment, at cost
Oil and gas properties, using the full cost method	55,991,042	53,664,668
Other	125,501	125,501
Accumulated depreciation, depletion and amortization	(39,767,879)	(39,161,357)
Property and equipment, net	16,348,664	14,628,812
Investments – cost basis	2,527,429	2,527,429
Operating lease, right-of-use asset	62,041	75,522
Other noncurrent assets	11,294	12,325
Total assets	22,198,045	21,692,463
Current liabilities
Accounts payable and accrued expenses	469,973	379,929
Income tax payable		17,203
Operating lease liability, current	57,052	55,787
Total current liabilities	527,025	452,919
Long-term liabilities
Operating lease liability, long-term	4,989	19,735
Asset retirement obligations	707,665	699,317
Deferred income tax liabilities	635,202	533,673
Total long-term liabilities	1,347,856	1,252,725
Total liabilities	1,874,881	1,705,644
Commitments and contingencies
Stockholders’ equity
Preferred stock - $1.00 par value; 10,000,000 shares authorized; none outstanding
Common stock - $0.50 par value; 40,000,000 shares authorized; 2,239,283 shares issued; and, 2,046,000 shares outstanding as of June 30, 2026 and March 31, 2026, respectively	1,119,641	1,119,641
Additional paid-in capital	9,058,833	9,018,953
Retained earnings	12,023,436	11,726,971
Treasury stock, at cost (193,283 shares)	(1,878,746)	(1,878,746)
Total stockholders’ equity	20,323,164	19,986,819
Total liabilities and stockholders’ equity	$ 22,198,045	$ 21,692,463