$RSRV

RESERVE PETROLEUM CO

CIK:0000083350|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($)	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($)	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating Revenues:
Total Operating Revenues	$ 6,066,662	$ 3,497,590	$ 11,620,476	$ 7,805,705
Operating Costs and Expenses:
Depreciation, Depletion, Amortization and Valuation Provision	1,731,967	897,526	3,209,310	1,805,404
Asset Retirement Obligation Accretion	43,057	43,835	86,770	87,392
Gain on Disposition of Oil and Gas Properties	(151,290)	(123,093)	(54,084)	(615,375)
General, Administrative and Other	648,658	632,818	1,282,256	1,304,254
Total Operating Costs and Expenses	3,508,156	2,611,026	7,466,237	4,894,255
Income from Operations	2,558,506	886,564	4,154,239	2,911,450
Equity Income in Investees	12,402	23,273	57,145	62,453
Interest Expense	(15,862)	(16,110)	(31,428)	(32,259)
Other Income/(Loss), Net	309,905	562,105	(52,419)	829,809
Income Before Income Taxes and Non-Controlling Interests	2,864,951	1,455,832	4,127,537	3,771,453
Income Tax Provision/(Benefit):
Current	559	(9,632)	(11,335)	2,602
Deferred	326,574	277,912	604,636	813,214
Total Income Tax Provision	327,133	268,280	593,301	815,816
Net Income	2,537,818	1,187,552	3,534,236	2,955,637
Less: Net Loss Attributable to Non-Controlling Interests	(11,781)	(9,003)	(22,180)	(19,079)
Net Income Attributable to Common Stockholders	$ 2,549,599	$ 1,196,555	$ 3,556,416	$ 2,974,716
Per Share Data
Net Income Attributable to Common Stockholders, Basic (in dollars per share)	$ 16.82	$ 7.88	$ 23.46	$ 19.60
Cash Dividends Declared and/or Paid (in dollars per share)	$ 10.00	$ 10.00	$ 10.00	$ 10.00
Weighted Average Shares Outstanding, Basic (in shares)	151,587	151,779	151,591	151,796
Oil and Gas Sales
Operating Revenues:
Total Operating Revenues	$ 5,348,916	$ 3,476,283	$ 10,891,971	$ 7,327,748
Lease Bonuses and Other
Operating Revenues:
Total Operating Revenues	717,746	21,307	728,505	477,957
Production
Operating Costs and Expenses:
Operating Costs and Expenses:	1,257,629	1,045,519	2,489,465	2,093,880
Exploration
Operating Costs and Expenses:
Operating Costs and Expenses:	$ (21,865)	$ 114,421	$ 452,520	$ 218,700

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Jun. 30, 2026	Jun. 30, 2025
Cash Provided by/(Applied to) Operating Activities:
Net Income	$ 3,534,236	$ 2,955,637
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation, Depletion, Amortization and Valuation Provisions	3,209,310	1,805,404
Accretion of Asset Retirement Obligation	86,770	87,392
Gain on Disposition of Oil and Gas Properties	(54,084)	(615,375)
Cash Distributions from Equity Method Investees	86,055	63,507
Net (Gain) on Equity Method and Income from Other Investments	(57,971)	(461,046)
Net (Gain)/Loss on Equity Securities	148,898	(211,150)
Deferred Income Tax Provision	604,636	813,214
Change in Refundable Income Taxes and Accounts Receivable	(12,149)	(53,000)
Change in Accounts Receivable	(258,801)	736,620
Change in Accounts Payable and Other Current Liabilities	(362,349)	(108,924)
Net Cash Provided by Operating Activities	6,924,551	5,012,279
Cash Provided by/(Applied to) Investing Activities:
Proceeds from Disposal of Property, Plant and Equipment	894,481	3,136,169
Purchase of Property, Plant and Equipment	(4,904,176)	(6,090,663)
Purchase of Investments	(449,776)	(668,885)
Cash Distributions from Other Investments	0	466,000
Sale of Equity Securities	121,277	1,007,226
Purchase of Equity Securities	(191,170)	(1,442,289)
Net Cash Applied to Investing Activities	(4,529,364)	(3,592,442)
Cash Provided by/(Applied to) Financing Activities:
Dividends Paid to Stockholders	(1,515,944)	(1,517,794)
Principal Payments on Note Payable	(76,260)	(73,097)
Capital Contributions from Non-Controlling Interests	40,223	32,709
Purchase of Treasury Stock	(1,600)	(25,440)
Total Cash Applied to Financing Activities	(1,553,581)	(1,583,622)
Net Change in Cash and Cash Equivalents	841,606	(163,785)
Cash and Cash Equivalents, Beginning of Period	2,051,330	3,923,822
Cash and Cash Equivalents, End of Period	2,892,936	3,760,037
Supplemental Disclosures of Cash Flow Information:
Interest Paid	19,945	23,108
Income Taxes Paid (Net of Refunds Received)	0	53,000
Supplemental Schedule of Noncash Investing and Financing Activities:
Net Decrease in Accounts Payable for Property, Plant and Equipment Additions	676,043	188,455
Revision to estimate	$ 28,395	$ (4,074)

CONSOLIDATED BALANCE SHEETS - USD ($)

Jun. 30, 2026

Dec. 31, 2025

Current Assets:

Cash and Cash Equivalents

^[1]

$ 2,892,936

$ 2,051,330

Equity Securities

^[1]

4,437,410

4,516,415

Refundable Income Taxes

^[1]

294,460

282,311

Accounts Receivable

^[1]

3,253,374

2,994,573

Total Current Assets

^[1]

10,878,180

9,844,629

Investments:

Equity Method Investments

^[1]

1,823,159

1,782,717

Other Investments

^[1]

3,821,656

3,440,406

Total Investments

^[1]

5,644,815

5,223,123

Property, Plant and Equipment:

Unproved Properties

^[1]

5,891,550

6,110,839

Proved Properties

^[1]

87,376,476

84,478,449

Oil and Gas Properties, Gross

^[1]

93,268,026

90,589,288

Less – Accumulated Depreciation, Depletion, Amortization and Valuation Allowance

^[1]

(68,895,712)

(66,392,912)

Oil and Gas Properties, Net

^[1]

24,372,314

24,196,376

Other Property and Equipment, at Cost

^[1]

2,573,154

Less – Accumulated Depreciation

^[1]

(254,666)

(228,759)

Other Property and Equipment, Net

^[1]

2,318,488

2,344,395

Total Property, Plant and Equipment, Net

^[1]

26,690,802

26,540,771

Total Assets

^[1]

43,213,797

41,608,523

Current Liabilities:

Accounts Payable & Other Current Liabilities

^[1]

143,750

1,182,142

Note Payable, Current Portion

^[1]

934,613

1,010,873

Total Current Liabilities

^[1]

1,078,363

2,193,015

Long-Term Liabilities:

Asset Retirement Obligation

^[1]

2,568,001

2,509,626

Deferred Tax Liability, Net

^[1]

3,511,152

2,906,516

Total Long-Term Liabilities

^[1]

6,079,153

5,416,142

Total Liabilities

^[1]

7,157,516

7,609,157

Equity:

Common Stock

^[1]

92,368

Additional Paid-in Capital

^[1]

65,000

Retained Earnings

^[1]

38,120,863

36,080,391

Equity Before Treasury Stock

^[1]

38,278,231

36,237,759

Less – Treasury Stock, at Cost

^[1]

(2,474,206)

(2,472,606)

Total Equity Applicable to The Reserve Petroleum Company

^[1]

35,804,025

33,765,153

Non-Controlling Interests

^[1]

252,256

234,213

Total Equity

^[1]

36,056,281

33,999,366

Total Liabilities and Equity

^[1]

$ 43,213,797

$ 41,608,523

[1]

At June 30, 2026, includes approximately $2,212,640 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and approximately $934,639 of liabilities of consolidated variable interest entities for which creditors do have partial recourse to the general credit of the Company. For more information, see Note 6 – Non-Controlling Interest and Variable Interest Entities.