Adams Resources & Energy, Inc(NYSE MKT:AE) 
Adams Resources & Energy, Inc., through its subsidiaries, primarily engages in the marketing, transportation, terminalling, and storage of crude oil in the United States. The company operates in three segments: Crude Oil Marketing, Transportation and Storage; Tank truck Transportation of Liquid Chem...
Website: http://www.adamsresources.com
Founded: 1947
Full Time Employees: 664
Sector: Energy
Industry: Oil & Gas Integrated
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At a glance:
- Diversified Energy Logistics Footprint: Adams Resources & Energy operates across crude oil marketing/transportation and related logistics services, providing multiple revenue streams tied to U.S. energy activity.
- Earnings and Cash Flow Sensitive to Commodity Cycles: Results are typically influenced by crude oil price dynamics, regional supply/demand conditions, and volume throughput, which can create meaningful quarter-to-quarter variability.
- Operational Execution and Margin Discipline Are Key Drivers: Performance often hinges on optimizing logistics utilization, managing operating costs, and maintaining favorable contract terms to protect margins in volatile markets.
- Balance Sheet and Liquidity Management Matter in Downcycles: Maintaining ample liquidity and prudent leverage is important given potential working-capital swings and cyclical downturn risk in energy markets.
- Regulatory, Safety, and Environmental Compliance Remain Ongoing Risks: As an energy transportation and logistics participant, the company faces compliance and operational risk related to environmental regulations, safety standards, and incident prevention.
Bull Thesis:
- Enhanced Financial Flexibility Post-Asset Sale: The sale of Gulfmark Energy, Inc. for $15 million significantly boosts Adams Resources & Energy's cash reserves. This provides substantial capital for potential debt reduction, increased shareholder returns (dividends or share buybacks), or strategic investments and acquisitions, strengthening the balance sheet.
- Focus on Core Profitable Operations: By divesting a non-core asset like Gulfmark Energy, management can now concentrate resources, capital, and strategic attention on its remaining crude oil marketing/transportation (Adams Trading) and chemical tank truck transportation (Service Transport) segments, potentially leading to improved operational efficiency and profitability in these core areas.
- Resilient Demand for Essential Logistics Services: Adams Resources & Energy operates in critical midstream and specialized transportation sectors for crude oil and chemicals. Despite broader energy transition narratives, the demand for these essential logistical services remains robust in the near to medium term, providing a stable foundation for revenue generation.
- Potential for Strategic Capital Deployment: With a strengthened cash position and a more focused operational footprint, AE is better positioned to pursue accretive acquisitions that complement its existing specialized transportation and marketing niches, or to invest in organic growth opportunities within these segments, driving future expansion.
Bear Thesis:
- Revenue and Earnings Headwinds from Asset Divestiture: While the Gulfmark Energy sale provides cash, it also removes a revenue-generating segment. This will likely lead to a near-term reduction in reported top-line revenue and potentially net income, requiring the remaining segments to perform exceptionally well or new investments to offset the loss.
- Increased Concentration Risk: Post-sale, Adams Resources & Energy's business becomes more concentrated in its Adams Trading (crude oil marketing/transportation) and Service Transport (chemical tank truck) segments. This increased concentration makes the company more susceptible to specific market downturns, competitive pressures, or regulatory changes within these particular industries.
- Exposure to Commodity Price Volatility and Economic Cycles: The company's performance remains sensitive to fluctuations in crude oil prices, demand for petroleum products, and overall industrial activity impacting chemical transportation volumes. Significant downturns in these markets could negatively impact volumes, margins, and overall profitability.
- Limited Organic Growth Prospects in Mature Markets: Operating in established midstream and specialized transportation sectors, Adams Resources & Energy may face challenges in achieving significant organic growth without substantial capital investment or successful mergers and acquisitions, which carry their own integration and execution risks.
Main Competitors:
- Enterprise Products Partners L.P. ($EPD) (Midstream energy services (natural gas, NGLs, crude oil, petrochemicals)), A diversified midstream giant that competes with Adams Resources & Energy in both crude oil and natural gas marketing and transportation, offering a vast integrated system of pipelines, processing plants, and storage.
- Kenan Advantage Group, Inc. (Bulk liquid transportation (petroleum, chemicals, food-grade)), As one of North America's largest tank truck transporters, KAG directly competes with Adams Resources & Energy's transportation segment for hauling crude oil, refined products, and other liquid chemicals.
- Energy Transfer LP ($ET) (Midstream energy services (natural gas, NGLs, crude oil, refined products)), A large and diversified midstream company that competes with Adams Resources & Energy in crude oil gathering, transportation, and marketing, as well as natural gas marketing, through its extensive infrastructure and market presence.
Moat:
Adams Resources & Energy, Inc. (AEI) operates in a highly competitive and capital-intensive segment of the energy industry. Its primary moat lies in its established relationships with crude oil producers and refiners, its operational efficiency in specific regional markets, and its specialized fleet for tank truck transportation. A long operating history and reputation for reliability in its core geographic areas (e.g., Texas, Oklahoma) also contribute to its competitive standing. However, AEI lacks the scale and integrated infrastructure of larger midstream players. It faces intense competition from diversified midstream companies like Plains All American, Enterprise Products, and Energy Transfer, which possess extensive pipeline networks, storage facilities, and greater financial resources, allowing them to offer more comprehensive services and potentially better pricing. In its transportation segment, AEI competes with other specialized bulk liquid carriers, including larger national players like Kenan Advantage Group, as well as numerous smaller, regional operators. The natural gas marketing segment also faces competition from large energy companies and specialized marketers. AEI's continued success depends on maintaining strong customer relationships, operational excellence, and identifying profitable niche opportunities within this challenging landscape.
Income Statements:
Quarterly
Annual
| Unit: USD | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenues: | ||||||||||||||||||||
marketing | 660,842,000 | 682,825,000 | 623,824,000 | 671,682,000 | 719,925,000 | 585,272,000 | 608,476,000 | 707,728,000 | 814,394,000 | 962,516,000 | 747,555,000 | 619,699,000 | 543,228,000 | 463,092,000 | 304,023,000 | 227,880,000 | 245,184,000 | 140,141,000 | 337,221,000 | |
transportation | 21,758,000 | 22,756,000 | 23,231,000 | 23,256,000 | 24,206,000 | 24,452,000 | 26,445,000 | 26,322,000 | 29,830,000 | 29,534,000 | 26,690,000 | 24,940,000 | 24,826,000 | 23,497,000 | 21,235,000 | 21,603,000 | 21,720,000 | 12,145,000 | 16,256,000 | |
pipeline and storage | 43,000 | 20,000 | 4,000 | 15,000 | 59,000 | 249,000 | 149,000 | 127,000 | 155,000 | 233,000 | ||||||||||
logistics and repurposing | 12,520,000 | 12,892,000 | 13,991,000 | 14,798,000 | 16,424,000 | 14,793,000 | 15,241,000 | 13,671,000 | 8,677,000 | |||||||||||
total revenues | 695,163,000 | 718,493,000 | 661,050,000 | 709,751,000 | 760,614,000 | 624,766,000 | 650,162,000 | 747,721,000 | 852,901,000 | 992,050,000 | 774,245,000 | 644,788,000 | 568,181,000 | 486,744,000 | 325,491,000 | 249,755,000 | 266,904,000 | 152,286,000 | 353,477,000 | |
yoy | -8.61% | 15.00% | 1.67% | -5.08% | -10.82% | -37.02% | -16.03% | 15.96% | 50.11% | 103.81% | 137.87% | 158.17% | 112.88% | 219.62% | -7.92% | |||||
qoq | -3.25% | 8.69% | -6.86% | -6.69% | 21.74% | -3.91% | -13.05% | -12.33% | -14.03% | 28.13% | 20.08% | 13.48% | 16.73% | 49.54% | 30.32% | -6.43% | 75.26% | -56.92% | ||
costs and expenses: | ||||||||||||||||||||
general and administrative | 4,520,000 | 4,454,000 | 4,781,000 | 4,283,000 | 4,162,000 | 1,715,000 | 4,772,000 | 4,858,000 | 4,630,000 | 4,211,000 | 4,018,000 | 3,862,000 | 3,502,000 | 2,961,000 | 3,376,000 | 3,254,000 | 1,405,000 | 2,731,000 | 2,894,000 | |
depreciation and amortization | 5,752,000 | 6,180,000 | 6,355,000 | 6,574,000 | 6,936,000 | 7,303,000 | 7,050,000 | 6,598,000 | 6,008,000 | 5,088,000 | 5,013,000 | 5,094,000 | 4,849,000 | 4,801,000 | 5,053,000 | 4,963,000 | 4,859,000 | 4,278,000 | 4,473,000 | |
total costs and expenses | 700,725,000 | 720,928,000 | 661,411,000 | 710,427,000 | 756,689,000 | 622,986,000 | 652,792,000 | 756,051,000 | 849,908,000 | 989,090,000 | 766,097,000 | 641,116,000 | 565,880,000 | 480,409,000 | 321,640,000 | 244,553,000 | 260,848,000 | 149,351,000 | 373,417,000 | |
operating earnings | -5,562,000 | -2,435,000 | -361,000 | -676,000 | 3,925,000 | 1,780,000 | -2,630,000 | -8,330,000 | 2,993,000 | 2,960,000 | 8,148,000 | 3,672,000 | 2,301,000 | 6,335,000 | 3,851,000 | 5,202,000 | 6,056,000 | 2,935,000 | -19,940,000 | |
yoy | -241.71% | -236.80% | -86.27% | -91.88% | 31.14% | -39.86% | -132.28% | -326.85% | 30.07% | -53.28% | 111.58% | -29.41% | -62.00% | 115.84% | -119.31% | |||||
qoq | 128.42% | 574.52% | -46.60% | -117.22% | 120.51% | -167.68% | -68.43% | -378.32% | 1.11% | -63.67% | 121.90% | 59.58% | -63.68% | 64.50% | -25.97% | -14.10% | 106.34% | -114.72% | ||
operating margin % | -0.80% | -0.34% | -0.05% | -0.10% | 0.52% | 0.28% | -0.40% | -1.11% | 0.35% | 0.30% | 1.05% | 0.57% | 0.40% | 1.30% | 1.18% | 2.08% | 2.27% | 1.93% | -5.64% | |
other income: | ||||||||||||||||||||
interest and other income | 528,000 | 573,000 | 561,000 | 223,250 | 119,000 | 570,000 | 204,000 | 166,250 | 338,000 | 303,000 | 24,000 | 58,250 | 37,000 | 62,000 | 134,000 | |||||
interest expense | -572,000 | -671,000 | -793,000 | -859,000 | -1,027,000 | -802,000 | -696,000 | -918,000 | -119,000 | -136,000 | -114,000 | -144,000 | -178,000 | -204,000 | -220,000 | -156,000 | -70,000 | -68,000 | -150,000 | |
total other income | -44,000 | -98,000 | -232,000 | -281,000 | -908,000 | -232,000 | -492,000 | -662,000 | 219,000 | 167,000 | -90,000 | -134,000 | -141,000 | -142,000 | -86,000 | -114,000 | 35,000 | 76,000 | 215,000 | |
earnings before income taxes | -5,606,000 | -2,533,000 | -593,000 | -957,000 | 3,017,000 | 1,548,000 | -3,122,000 | -8,992,000 | 3,212,000 | 3,127,000 | 8,058,000 | 3,538,000 | 2,160,000 | 6,193,000 | 3,765,000 | 5,088,000 | 6,091,000 | 3,011,000 | -19,725,000 | |
income tax benefit | 1,066,000 | 304,000 | 95,000 | -89,250 | -759,000 | -721,000 | 1,123,000 | -713,000 | -614,000 | -1,484,000 | -957,000 | 758,000 | -3,018,000 | 492,000 | 8,298,000 | |||||
net earnings | -4,540,000 | -2,229,000 | -498,000 | -874,000 | 2,258,000 | 827,000 | -1,999,000 | -7,269,000 | 2,190,000 | 2,476,000 | 6,090,000 | 2,825,000 | 1,546,000 | 4,709,000 | 2,808,000 | 5,846,000 | 3,073,000 | 3,503,000 | -11,427,000 | |
yoy | -301.06% | -369.53% | -75.09% | -87.98% | 3.11% | -66.60% | -132.82% | -357.31% | 41.66% | -47.42% | 116.88% | -51.68% | -49.69% | 34.43% | -124.57% | |||||
qoq | 103.68% | 347.59% | -43.02% | -138.71% | 173.04% | -141.37% | -72.50% | -431.92% | -11.55% | -59.34% | 115.58% | 82.73% | -67.17% | 67.70% | -51.97% | 90.24% | -12.28% | -130.66% | ||
net income margin % | -0.65% | -0.31% | -0.08% | -0.12% | 0.30% | 0.13% | -0.31% | -0.97% | 0.26% | 0.25% | 0.79% | 0.44% | 0.27% | 0.97% | 0.86% | 2.34% | 1.15% | 2.30% | -3.23% | |
earnings per share: | ||||||||||||||||||||
basic net earnings per common share | -1.76 | -0.87 | -0.19 | -0.35 | 0.89 | 0.33 | -0.79 | -1.6 | 0.5 | 0.57 | 1.4 | 0.65 | 0.36 | 1.11 | 0.66 | 1.37 | 0.72 | 0.83 | -2.7 | |
diluted net earnings per common share | -1.76 | -0.87 | -0.19 | -0.34 | 0.88 | 0.32 | -0.79 | -1.59 | 0.5 | 0.56 | 1.39 | 0.63 | 0.36 | 1.1 | 0.66 | 1.37 | 0.72 | 0.82 | -2.69 | |
dividends per common share | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | |
income tax provision | -910,250 | -1,022,000 | -651,000 | -1,968,000 | ||||||||||||||||
gain on dissolution of investment | ||||||||||||||||||||
interest income | 42,000 | 105,000 | 144,000 | 365,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||||
current assets: | ||||||||||||||||||||
cash and cash equivalents | 25,089,000 | 38,512,000 | 36,603,000 | 33,256,000 | 16,313,000 | 8,974,000 | 42,135,000 | 20,532,000 | 86,510,000 | 67,728,000 | 99,295,000 | 97,825,000 | 95,634,000 | 88,668,000 | 58,985,000 | 39,293,000 | 53,106,000 | 70,215,000 | 87,398,000 | 112,994,000 |
restricted cash | 10,448,000 | 11,124,000 | 11,664,000 | 11,990,000 | 8,575,000 | 8,784,000 | 8,847,000 | 10,535,000 | 7,404,000 | 7,853,000 | 8,850,000 | 9,492,000 | 6,788,000 | 7,033,000 | 12,377,000 | 12,772,000 | 4,865,000 | 7,982,000 | 8,827,000 | 9,261,000 |
accounts receivable | 164,295,000 | 189,039,000 | 137,789,000 | 99,799,000 | 94,534,000 | |||||||||||||||
losses of 42 and 117, respectively | 144,334,000 | 171,735,000 | ||||||||||||||||||
inventory | 30,028,000 | 19,895,000 | 27,326,000 | 19,827,000 | 27,650,000 | 26,523,000 | 22,275,000 | 26,919,000 | 29,844,000 | 61,281,000 | 42,382,000 | 18,942,000 | 24,362,000 | 29,712,000 | 29,223,000 | 19,336,000 | 15,942,000 | 19,837,000 | 10,021,000 | 26,407,000 |
income tax receivable | 823,000 | 109,000 | 510,000 | 469,000 | 5,140,000 | 6,424,000 | 6,189,000 | 5,846,000 | 11,638,000 | 13,288,000 | 7,054,000 | 10,005,000 | 14,495,000 | 2,569,000 | ||||||
prepayments and other current assets | 2,322,000 | 3,328,000 | 2,538,000 | 3,103,000 | 2,470,000 | 2,608,000 | 3,028,000 | 3,118,000 | 2,058,000 | 2,007,000 | 1,705,000 | 2,389,000 | 1,509,000 | 2,122,000 | 3,621,000 | 2,964,000 | 1,417,000 | 1,297,000 | 1,306,000 | 1,559,000 |
total current assets | 213,044,000 | 244,703,000 | 263,427,000 | 232,471,000 | 274,786,000 | 205,791,000 | 234,568,000 | 250,143,000 | 326,647,000 | 408,006,000 | 370,972,000 | 273,210,000 | 265,661,000 | 260,550,000 | 227,501,000 | 187,513,000 | 177,041,000 | 176,817,000 | 175,533,000 | 247,324,000 |
property and equipment | 99,607,000 | 100,426,000 | 104,659,000 | 105,065,000 | 111,042,000 | 111,834,000 | 110,264,000 | 106,425,000 | 107,991,000 | 84,528,000 | 86,543,000 | 88,036,000 | 90,739,000 | 90,577,000 | 90,643,000 | 94,134,000 | 64,469,000 | 69,280,000 | 65,381,000 | 69,046,000 |
operating lease right-of-use assets | 3,971,000 | 4,702,000 | 5,385,000 | 5,832,000 | 6,212,000 | 6,783,000 | 7,414,000 | 7,720,000 | 7,906,000 | 6,437,000 | 6,699,000 | 7,113,000 | 7,551,000 | 7,249,000 | 7,774,000 | 8,051,000 | 8,453,000 | 8,599,000 | 9,090,000 | 9,576,000 |
intangible assets | 6,743,000 | 7,144,000 | 7,563,000 | 7,985,000 | 8,407,000 | 8,837,000 | 9,294,000 | 9,745,000 | 10,379,000 | 2,938,000 | 3,126,000 | 3,317,000 | 3,509,000 | 3,700,000 | 3,902,000 | 4,106,000 | 4,304,000 | 4,491,000 | 1,465,000 | 1,597,000 |
goodwill | 6,673,000 | 6,673,000 | 6,673,000 | 6,673,000 | 6,673,000 | 6,673,000 | 6,428,000 | 6,428,000 | 5,755,000 | |||||||||||
other assets | 2,956,000 | 3,061,000 | 3,124,000 | 3,308,000 | 3,475,000 | 3,564,000 | 3,595,000 | 3,698,000 | 3,445,000 | 2,714,000 | 2,777,000 | 3,027,000 | 2,965,000 | 2,930,000 | 2,482,000 | 2,383,000 | ||||
total assets | 332,994,000 | 366,709,000 | 390,831,000 | 361,334,000 | 410,595,000 | 343,482,000 | 371,563,000 | 384,159,000 | 462,123,000 | 504,623,000 | 470,117,000 | 374,703,000 | 370,425,000 | 365,006,000 | 332,302,000 | 296,187,000 | 256,460,000 | 261,334,000 | 253,656,000 | 330,842,000 |
liabilities and shareholders’ equity | ||||||||||||||||||||
current liabilities: | ||||||||||||||||||||
accounts payable | 178,617,000 | 203,833,000 | 219,421,000 | 183,102,000 | 226,613,000 | 162,787,000 | 191,704,000 | 204,391,000 | 217,123,000 | 289,381,000 | 259,451,000 | 168,224,000 | 154,860,000 | 151,113,000 | 122,155,000 | 85,991,000 | 76,407,000 | 83,410,000 | 78,245,000 | 147,851,000 |
current portion of finance lease obligations | 5,843,000 | 6,075,000 | 6,251,000 | 6,206,000 | 6,863,000 | 6,444,000 | 5,221,000 | 4,382,000 | 4,263,000 | 4,308,000 | 3,293,000 | 3,663,000 | 4,028,000 | 4,333,000 | 4,494,000 | 4,112,000 | 2,505,000 | 2,482,000 | 2,193,000 | 2,167,000 |
current portion of operating lease liabilities | 1,688,000 | 2,096,000 | 2,508,000 | 2,829,000 | 2,769,000 | 2,802,000 | 2,821,000 | 2,712,000 | 2,724,000 | 2,228,000 | 2,258,000 | 2,178,000 | 2,201,000 | 2,184,000 | 2,172,000 | 2,050,000 | 2,137,000 | 2,159,000 | 2,203,000 | 2,252,000 |
current portion of long-term debt | 2,500,000 | 2,500,000 | 2,500,000 | 2,500,000 | 2,500,000 | 2,500,000 | 2,500,000 | |||||||||||||
other current liabilities | 16,720,000 | 16,484,000 | 15,492,000 | 16,150,000 | 13,856,000 | 14,011,000 | 16,627,000 | 19,214,000 | 20,972,000 | 14,207,000 | 10,828,000 | 11,622,000 | 13,084,000 | 13,556,000 | 19,888,000 | 22,343,000 | 11,687,000 | 11,167,000 | 8,808,000 | 7,302,000 |
total current liabilities | 205,368,000 | 230,988,000 | 246,172,000 | 210,787,000 | 252,601,000 | 188,574,000 | 218,873,000 | 231,060,000 | 245,231,000 | 310,972,000 | 276,979,000 | 186,011,000 | 175,137,000 | 172,407,000 | 149,255,000 | 114,548,000 | 92,894,000 | 99,238,000 | 91,981,000 | 159,577,000 |
other long-term liabilities: | ||||||||||||||||||||
long-term debt | 12,500,000 | 13,125,000 | 16,750,000 | 19,375,000 | 20,000,000 | 20,625,000 | 21,250,000 | 24,375,000 | 15,000,000 | 8,000,000 | 8,000,000 | |||||||||
asset retirement obligations | 2,551,000 | 2,545,000 | 2,529,000 | 2,514,000 | 2,499,000 | 2,650,000 | 2,434,000 | 2,459,000 | 2,474,000 | 2,406,000 | 2,391,000 | 2,376,000 | 2,359,000 | 2,342,000 | 2,325,000 | 2,308,000 | 1,610,000 | 1,598,000 | 1,585,000 | 1,573,000 |
finance lease obligations | 15,248,000 | 16,567,000 | 18,087,000 | 19,685,000 | 22,292,000 | 20,693,000 | 18,677,000 | 12,085,000 | 9,934,000 | 8,609,000 | 8,903,000 | 9,672,000 | 10,434,000 | 11,246,000 | 12,202,000 | 11,507,000 | 4,011,000 | 4,647,000 | 3,818,000 | 4,376,000 |
operating lease liabilities | 2,293,000 | 2,617,000 | 2,883,000 | 3,006,000 | 3,446,000 | 3,986,000 | 4,595,000 | 5,007,000 | 5,179,000 | 4,205,000 | 4,445,000 | 4,938,000 | 5,353,000 | 5,067,000 | 5,603,000 | 6,000,000 | 6,314,000 | 6,442,000 | 6,887,000 | 7,323,000 |
deferred taxes and other liabilities | 10,254,000 | 11,637,000 | 12,756,000 | 13,251,000 | 15,696,000 | 15,233,000 | 14,579,000 | 15,996,000 | 15,054,000 | 10,979,000 | 11,878,000 | 11,320,000 | 11,060,000 | 11,093,000 | 11,900,000 | 12,732,000 | 7,547,000 | 7,519,000 | 10,059,000 | 6,352,000 |
total liabilities | 248,214,000 | 277,479,000 | 299,177,000 | 268,618,000 | 316,534,000 | 251,761,000 | 280,408,000 | 290,982,000 | 292,872,000 | 337,171,000 | 304,596,000 | 214,317,000 | 212,343,000 | 210,155,000 | 181,285,000 | 147,095,000 | 112,376,000 | 119,444,000 | 114,330,000 | 179,201,000 |
commitments and contingencies | ||||||||||||||||||||
shareholders’ equity: | ||||||||||||||||||||
preferred stock – 1.00 par value, 960,000 shares | ||||||||||||||||||||
authorized, none outstanding | ||||||||||||||||||||
common stock – 0.10 par value, 7,500,000 shares | ||||||||||||||||||||
authorized, 2,577,872 and 2,547,154 shares outstanding, respectively | 256,000 | |||||||||||||||||||
contributed capital | 23,066,000 | 22,330,000 | 21,879,000 | 21,802,000 | 21,653,000 | 20,943,000 | 20,571,000 | 19,965,000 | 18,218,000 | 17,541,000 | 17,020,000 | 16,913,000 | 16,375,000 | 13,655,000 | 13,494,000 | 13,340,000 | 13,150,000 | 13,001,000 | 12,912,000 | 12,778,000 |
retained earnings | 61,458,000 | 66,645,000 | 69,520,000 | 70,661,000 | 72,155,000 | 70,526,000 | 70,332,000 | 72,964,000 | 150,595,000 | 149,475,000 | 148,066,000 | 143,040,000 | 141,275,000 | 140,772,000 | 137,100,000 | 135,329,000 | 130,511,000 | 128,466,000 | 125,991,000 | 138,440,000 |
total shareholders’ equity | 84,780,000 | 89,230,000 | 91,654,000 | 92,716,000 | 94,061,000 | 91,721,000 | 91,155,000 | 93,177,000 | 169,251,000 | 167,452,000 | 165,521,000 | 160,386,000 | 158,082,000 | 154,851,000 | 151,017,000 | 149,092,000 | 144,084,000 | 141,890,000 | 139,326,000 | 151,641,000 |
total liabilities and shareholders’ equity | 332,994,000 | 366,709,000 | 390,831,000 | 361,334,000 | 410,595,000 | 343,482,000 | 371,563,000 | 384,159,000 | 462,123,000 | 504,623,000 | 470,117,000 | 374,703,000 | 370,425,000 | 365,006,000 | 332,302,000 | 296,187,000 | 256,460,000 | 261,334,000 | 253,656,000 | 330,842,000 |
authorized, 2,567,700 and 2,547,154 shares outstanding, respectively | 255,000 | |||||||||||||||||||
losses of 94 and 117, respectively | 185,296,000 | |||||||||||||||||||
authorized, 2,566,649 and 2,547,154 shares outstanding, respectively | 255,000 | |||||||||||||||||||
accounts payable – related party | 31,000 | 20,000 | 47,000 | 158,000 | 6,000 | 6,000 | 5,000 | |||||||||||||
derivative liabilities | 30,000 | 330,000 | 129,000 | 848,000 | 1,102,000 | 324,000 | 964,000 | 1,221,000 | 546,000 | 52,000 | 14,000 | 526,000 | ||||||||
preferred stock – 1.00 par value, 960,000 shares authorized, none outstanding | ||||||||||||||||||||
common stock – 0.10 par value, 7,500,000 shares authorized, 2,547,154 and 2,495,484 shares outstanding, respectively | 253,000 | |||||||||||||||||||
accounts of 117 and 88, respectively | 219,263,000 | |||||||||||||||||||
derivative assets | 5,000 | 157,000 | 2,036,000 | 1,501,000 | 1,145,000 | 347,000 | 1,005,000 | 1,255,000 | 576,000 | 61,000 | 3,000 | 26,000 | 545,000 | |||||||
authorized, 2,546,441 and 2,495,484 shares outstanding, respectively | 253,000 | |||||||||||||||||||
accounts of 78 and 88, respectively | 158,433,000 | |||||||||||||||||||
authorized, 2,534,685 and 2,495,484 shares outstanding, respectively | 252,000 | 252,000 | ||||||||||||||||||
accounts of 85 and 88, respectively | 158,126,000 | |||||||||||||||||||
accounts receivable – related party | 5,000 | 2,000 | 1,000 | 2,000 | 5,000 | 4,000 | 13,000 | |||||||||||||
common stock – 0.10 par value, 7,500,000 shares authorized, 2,495,484 and 4,355,001 shares outstanding, respectively | 248,000 | |||||||||||||||||||
accounts of 88 and 108, respectively | 198,790,000 | |||||||||||||||||||
authorized, 4,394,837 and 4,355,001 shares outstanding, respectively | 438,000 | |||||||||||||||||||
accounts of 100 and 108, respectively | 267,634,000 | |||||||||||||||||||
authorized, 4,378,316 and 4,355,001 shares outstanding, respectively | 436,000 | |||||||||||||||||||
accounts of 103 and 108, respectively | 212,454,000 | |||||||||||||||||||
authorized, 4,367,866 and 4,355,001 shares outstanding, respectively | 435,000 | |||||||||||||||||||
common stock – 0.10 par value, 7,500,000 shares authorized, 4,355,001 and 4,243,716 shares outstanding, respectively | 433,000 | |||||||||||||||||||
accounts of 111 and 114, respectively | 130,169,000 | |||||||||||||||||||
authorized, 4,343,701 and 4,243,716 shares outstanding, respectively | 432,000 | |||||||||||||||||||
accounts of 112 and 114, respectively | 125,910,000 | |||||||||||||||||||
authorized, 4,257,378 and 4,243,716 shares outstanding, respectively | 424,000 | |||||||||||||||||||
accounts of 113 and 114, respectively | 111,068,000 | |||||||||||||||||||
authorized, 4,251,015 and 4,243,716 shares outstanding, respectively | 423,000 | |||||||||||||||||||
common stock – 0.10 par value, 7,500,000 shares authorized, 4,243,716 and 4,235,533 shares outstanding, respectively | 423,000 | |||||||||||||||||||
accounts of 114 and 141, respectively | 94,654,000 | |||||||||||||||||||
cash deposits and other assets | 2,193,000 | 2,147,000 | 2,187,000 | 3,299,000 | ||||||||||||||||
authorized, 4,242,284 and 4,235,533 shares outstanding, respectively | 423,000 | 423,000 | ||||||||||||||||||
accounts of 117 and 141, respectively | 67,455,000 | 52,941,000 | ||||||||||||||||||
authorized, 4,235,750 and 4,235,533 shares outstanding, respectively | 423,000 | |||||||||||||||||||
common stock – 0.10 par value, 7,500,000 shares authorized, 4,235,533 and 4,217,596 shares outstanding, respectively | 423,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating activities: | |||||||||||||||||||
net earnings | -874,000 | 2,258,000 | 827,000 | -1,999,000 | -7,269,000 | 2,190,000 | 2,476,000 | 6,090,000 | 2,825,000 | 1,546,000 | 4,709,000 | 2,808,000 | 5,846,000 | 3,073,000 | 3,503,000 | -11,427,000 | |||
adjustments to reconcile net earnings to net cash from | |||||||||||||||||||
depreciation and amortization | 5,752,000 | 6,180,000 | 6,355,000 | 6,574,000 | 6,936,000 | 7,303,000 | 7,050,000 | 6,598,000 | 6,008,000 | 5,088,000 | 5,013,000 | 5,094,000 | 4,849,000 | 4,801,000 | 5,053,000 | 4,963,000 | 4,859,000 | 4,278,000 | 4,473,000 |
gains on sales of property | -57,000 | -518,000 | -337,000 | -2,607,000 | -663,000 | -735,000 | -31,000 | -803,000 | -771,000 | -447,000 | -491,000 | -201,000 | -267,000 | -182,000 | -83,000 | -874,000 | -845,000 | 0 | -140,000 |
provision for credit losses | 0 | -52,000 | -23,000 | ||||||||||||||||
stock-based compensation expense | 423,000 | 451,000 | 307,000 | 149,000 | 389,000 | 372,000 | 283,000 | 310,000 | 254,000 | 263,000 | 195,000 | 213,000 | 224,000 | 232,000 | 185,000 | 190,000 | 149,000 | 170,000 | 134,000 |
change in contingent consideration liability | 0 | 0 | |||||||||||||||||
deferred income taxes | -1,086,000 | -1,119,000 | -504,000 | -2,419,000 | 773,000 | 654,000 | -1,424,000 | -375,000 | -1,429,000 | -893,000 | 561,000 | 263,000 | -28,000 | -807,000 | -829,000 | 7,892,000 | 31,000 | 1,155,000 | -2,689,000 |
net change in fair value contracts | 5,000 | -35,000 | 187,000 | -487,000 | 2,237,000 | -1,254,000 | -610,000 | -20,000 | 18,000 | -7,000 | -4,000 | -21,000 | -6,000 | 9,000 | 7,000 | -19,000 | |||
changes in assets and liabilities: | |||||||||||||||||||
accounts receivable | 27,537,000 | 13,613,000 | -20,978,000 | 54,968,000 | -60,869,000 | -300,000 | 30,916,000 | 9,483,000 | 73,777,000 | -55,177,000 | -74,660,000 | -7,617,000 | -4,258,000 | -14,841,000 | -11,268,000 | -5,069,000 | -27,196,000 | -14,514,000 | 41,617,000 |
accounts receivable/payable, affiliates | 0 | 0 | 0 | -31,000 | 16,000 | 48,000 | 3,000 | -1,000 | 9,000 | -13,000 | -158,000 | 152,000 | 0 | 1,000 | |||||
inventories | -10,133,000 | 7,431,000 | -7,499,000 | 7,823,000 | -1,127,000 | -4,248,000 | 4,644,000 | 2,925,000 | 32,080,000 | -18,899,000 | -23,440,000 | 5,420,000 | 5,350,000 | -489,000 | -9,887,000 | -5,714,000 | 3,895,000 | -9,816,000 | 16,386,000 |
income tax receivable/payable | |||||||||||||||||||
prepayments and other current assets | 1,006,000 | -790,000 | 565,000 | -633,000 | 138,000 | 420,000 | 90,000 | -1,060,000 | 86,000 | -302,000 | 684,000 | -880,000 | 613,000 | 1,499,000 | -657,000 | -1,543,000 | -120,000 | 9,000 | 253,000 |
accounts payable | -25,246,000 | -15,619,000 | 36,291,000 | -43,509,000 | 63,845,000 | -28,953,000 | -12,653,000 | -12,163,000 | -74,219,000 | 29,933,000 | 91,211,000 | 13,404,000 | 4,935,000 | 27,704,000 | 36,127,000 | 8,966,000 | -7,069,000 | 5,371,000 | -68,384,000 |
accrued liabilities | 256,000 | 992,000 | -599,000 | 2,294,000 | -145,000 | -50,000 | -2,514,000 | -2,162,000 | 3,875,000 | 3,389,000 | -775,000 | -1,462,000 | -465,000 | 1,184,000 | 51,000 | 656,000 | 521,000 | 2,369,000 | 1,506,000 |
other | 127,000 | 84,000 | -17,000 | 156,000 | -52,000 | 250,000 | -134,000 | 208,000 | -592,000 | 39,000 | 178,000 | -48,000 | -22,000 | -500,000 | -114,000 | -121,000 | -38,000 | 58,000 | -3,000 |
net cash from operating activities | -6,675,000 | 8,315,000 | 13,063,000 | 22,437,000 | 11,446,000 | -27,315,000 | 23,707,000 | -2,055,000 | 40,010,000 | -30,051,000 | 5,873,000 | 12,125,000 | 29,106,000 | 23,001,000 | 6,091,000 | -19,631,000 | -6,613,000 | -23,846,000 | |
capital expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
free cash flows | -6,675,000 | 8,315,000 | 13,063,000 | 22,437,000 | 11,446,000 | -27,315,000 | 23,707,000 | -2,055,000 | 40,010,000 | -30,051,000 | 5,873,000 | 12,125,000 | 29,106,000 | 23,001,000 | 6,091,000 | -19,631,000 | -6,613,000 | -23,846,000 | |
investing activities: | |||||||||||||||||||
property and equipment additions | -4,806,000 | -2,358,000 | -6,152,000 | -2,980,000 | -3,009,000 | -4,008,000 | -1,900,000 | -694,000 | -2,014,000 | -1,089,000 | -3,694,000 | -2,453,000 | -6,327,000 | -3,432,000 | -170,000 | -1,419,000 | -709,000 | -668,000 | -2,212,000 |
proceeds from property sales | 196,000 | 1,348,000 | 962,000 | 5,707,000 | 1,634,000 | 1,003,000 | 441,000 | 893,000 | 835,000 | 518,000 | 856,000 | 400,000 | 570,000 | 311,000 | 1,005,000 | 2,233,000 | 1,768,000 | 12,000 | 502,000 |
net cash from investing activities | -4,610,000 | -1,010,000 | -5,190,000 | 2,727,000 | -1,375,000 | -3,005,000 | -1,459,000 | 1,844,000 | -34,438,000 | -571,000 | -2,838,000 | -2,053,000 | -5,757,000 | -3,121,000 | 835,000 | -10,320,000 | 1,031,000 | -9,792,000 | -582,000 |
financing activities: | |||||||||||||||||||
borrowings under credit agreement | 0 | 38,000,000 | 20,000,000 | 18,000,000 | 72,000,000 | 15,000,000 | 0 | 0 | |||||||||||
repayments under credit agreement | -625,000 | -3,625,000 | -2,625,000 | -625,000 | -38,625,000 | -20,625,000 | -18,625,000 | -62,625,000 | 0 | ||||||||||
principal repayments of finance lease obligations | -1,551,000 | -1,696,000 | -1,553,000 | -3,572,000 | -1,697,000 | -1,671,000 | -1,576,000 | -1,250,000 | -1,185,000 | -1,167,000 | -1,139,000 | -1,127,000 | -1,117,000 | -1,109,000 | -1,014,000 | -659,000 | -607,000 | -538,000 | -532,000 |
net proceeds from sale of equity | 0 | 0 | 0 | 549,000 | 1,441,000 | 0 | 326,000 | ||||||||||||
dividends paid on common stock | -638,000 | -615,000 | -674,000 | -609,000 | -619,000 | -608,000 | -681,000 | -595,000 | -1,054,000 | -1,058,000 | -1,068,000 | -1,045,000 | -1,034,000 | -1,037,000 | -1,025,000 | -1,018,000 | -1,019,000 | -1,028,000 | -1,016,000 |
net cash from financing activities | -2,814,000 | -5,936,000 | -4,852,000 | -4,806,000 | -2,941,000 | -2,904,000 | -2,333,000 | -62,636,000 | 12,761,000 | -1,942,000 | -2,207,000 | -9,846,000 | 353,000 | -1,646,000 | -4,539,000 | -1,677,000 | -1,626,000 | -1,623,000 | -1,602,000 |
decrease in cash and cash equivalents, including restricted cash | |||||||||||||||||||
cash and cash equivalents, including restricted cash, at beginning of period | 0 | 0 | 45,246,000 | 0 | 0 | 0 | 31,067,000 | 0 | 0 | 0 | 107,317,000 | 0 | 0 | 0 | 52,065,000 | 0 | 0 | 0 | 122,255,000 |
cash and cash equivalents, including restricted cash, at end of period | -14,099,000 | 1,369,000 | 48,267,000 | 20,358,000 | 7,130,000 | -33,224,000 | 50,982,000 | -62,847,000 | 18,333,000 | -32,564,000 | 108,145,000 | 4,895,000 | 6,721,000 | 24,339,000 | 71,362,000 | -5,906,000 | -20,226,000 | -18,028,000 | 96,225,000 |
net losses | -2,229,000 | -498,000 | |||||||||||||||||
adjustments to reconcile net losses to net cash from | |||||||||||||||||||
(used in) operating activities: | |||||||||||||||||||
income tax receivable | -41,000 | 0 | 0 | 5,140,000 | 1,284,000 | -235,000 | -343,000 | 5,792,000 | 1,650,000 | -8,937,000 | 2,951,000 | 797,000 | -5,530,000 | ||||||
increase in cash and cash equivalents, including restricted cash | 1,369,000 | 3,021,000 | 20,358,000 | 19,915,000 | -62,847,000 | 18,333,000 | -32,564,000 | 828,000 | 4,895,000 | 6,721,000 | 24,339,000 | 19,297,000 | -5,906,000 | -20,226,000 | -18,028,000 | -26,030,000 | |||
adjustments to reconcile net losses to net cash | |||||||||||||||||||
provided by operating activities: | |||||||||||||||||||
adjustments to reconcile net earnings to net cash | |||||||||||||||||||
provision for doubtful accounts | 0 | 39,000 | -7,000 | -3,000 | 0 | -12,000 | -3,000 | -5,000 | -3,000 | -1,000 | -1,000 | -1,000 | 0 | -3,000 | 0 | -24,000 | |||
acquisition of firebird and phoenix, net of cash acquired | 443,000 | ||||||||||||||||||
insurance and state collateral refunds | 1,202,000 | ||||||||||||||||||
cash paid for debt issuance costs | |||||||||||||||||||
payment for financed portion of vex acquisition | 0 | 0 | -7,500,000 | -2,500,000 | |||||||||||||||
repurchase of common shares from ksa | |||||||||||||||||||
used in operating activities: | |||||||||||||||||||
from operating activities: | |||||||||||||||||||
asset acquisitions | |||||||||||||||||||
payment of contingent consideration liability | 0 | 0 | -57,000 | -54,000 | |||||||||||||||
gain on dissolution of arec | |||||||||||||||||||
net cash provided (used in) by operating activities | |||||||||||||||||||
acquisitions | |||||||||||||||||||
proceeds from dissolution of arec | |||||||||||||||||||
insurance and state collateral (deposits) refunds | -97,000 | -2,000 | 1,000 | 1,128,000 | |||||||||||||||
asset acquisition | -26,000 | ||||||||||||||||||
depreciation, depletion and amortization | |||||||||||||||||||
impairment of oil and natural gas properties | |||||||||||||||||||
impairment of investments in unconsolidated affiliates | |||||||||||||||||||
loss on deconsolidation of subsidiary | |||||||||||||||||||
proceeds from sales of arec assets |