0000867038 2026-01-01 2026-06-30 0000867038 2026-08-19 0000867038 2026-06-30 0000867038 2025-12-31 0000867038 2025-01-01 2025-06-30 0000867038 2026-04-01 2026-06-30 0000867038 2025-04-01 2025-06-30 0000867038 us-gaap:CommonStockMember 2025-12-31 0000867038 us-gaap:AdditionalPaidInCapitalMember 2025-12-31 0000867038 us-gaap:TreasuryStockCommonMember 2025-12-31 0000867038 us-gaap:RetainedEarningsMember 2025-12-31 0000867038 us-gaap:CommonStockMember 2026-03-31 0000867038 us-gaap:AdditionalPaidInCapitalMember 2026-03-31 0000867038 us-gaap:TreasuryStockCommonMember 2026-03-31 0000867038 us-gaap:RetainedEarningsMember 2026-03-31 0000867038 us-gaap:CommonStockMember 2024-12-31 0000867038 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0000867038 us-gaap:TreasuryStockCommonMember 2024-12-31 0000867038 us-gaap:RetainedEarningsMember 2024-12-31 0000867038 us-gaap:CommonStockMember 2025-03-31 0000867038 us-gaap:AdditionalPaidInCapitalMember 2025-03-31 0000867038 us-gaap:TreasuryStockCommonMember 2025-03-31 0000867038 us-gaap:RetainedEarningsMember 2025-03-31 0000867038 us-gaap:CommonStockMember 2026-01-01 2026-03-31 0000867038 us-gaap:AdditionalPaidInCapitalMember 2026-01-01 2026-03-31 0000867038 us-gaap:TreasuryStockCommonMember 2026-01-01 2026-03-31 0000867038 us-gaap:RetainedEarningsMember 2026-01-01 2026-03-31 0000867038 us-gaap:CommonStockMember 2026-04-01 2026-06-30 0000867038 us-gaap:AdditionalPaidInCapitalMember 2026-04-01 2026-06-30 0000867038 us-gaap:TreasuryStockCommonMember 2026-04-01 2026-06-30 0000867038 us-gaap:RetainedEarningsMember 2026-04-01 2026-06-30 0000867038 us-gaap:CommonStockMember 2025-01-01 2025-03-31 0000867038 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-03-31 0000867038 us-gaap:TreasuryStockCommonMember 2025-01-01 2025-03-31 0000867038 us-gaap:RetainedEarningsMember 2025-01-01 2025-03-31 0000867038 us-gaap:CommonStockMember 2025-04-01 2025-06-30 0000867038 us-gaap:AdditionalPaidInCapitalMember 2025-04-01 2025-06-30 0000867038 us-gaap:TreasuryStockCommonMember 2025-04-01 2025-06-30 0000867038 us-gaap:RetainedEarningsMember 2025-04-01 2025-06-30 0000867038 us-gaap:CommonStockMember 2026-06-30 0000867038 us-gaap:AdditionalPaidInCapitalMember 2026-06-30 0000867038 us-gaap:TreasuryStockCommonMember 2026-06-30 0000867038 us-gaap:RetainedEarningsMember 2026-06-30 0000867038 us-gaap:CommonStockMember 2025-06-30 0000867038 us-gaap:AdditionalPaidInCapitalMember 2025-06-30 0000867038 us-gaap:TreasuryStockCommonMember 2025-06-30 0000867038 us-gaap:RetainedEarningsMember 2025-06-30 0000867038 2024-12-31 0000867038 2025-06-30 0000867038 us-gaap:TreasuryStockCommonMember 2025-01-01 2025-06-10 0000867038 us-gaap:TreasuryStockCommonMember 2025-06-10 0000867038 us-gaap:TreasuryStockCommonMember 2026-01-01 2026-03-02 0000867038 us-gaap:TreasuryStockCommonMember 2026-03-02 iso4217:USD shares iso4217:USD shares false 2026 Q2 --12-31 0000867038 10-Q true 2026-06-30 false 000-18774 SPINDLETOP OIL & GAS CO. TX 75-2063001 12850 Spurling Rd. Suite 200 Dallas TX 75230 (972) 644-2581 Yes Yes Non-accelerated Filer true false false 6598303 5127000 3641000 270000 270000 2231000 2041000 54000 132000 752000 252000 8434000 6336000 27231000 27568000 465000 465000 115000 115000 479000 479000 28290000 28627000 27031000 26916000 1259000 1711000 688000 688000 1925000 1925000 1404000 1371000 1209000 1242000 473000 569000 16651000 17590000 3000 3000 17127000 18162000 28029000 27451000 6220000 6740000 6220000 6740000 593000 500000 5883000 5883000 6476000 6383000 12696000 13123000 0.01 0.01 100000000 100000000 7677471 7677471 6598303 6598370 77000 77000 943000 943000 2270000 2270000 16583000 15578000 15333000 14328000 28029000 27451000 2987000 1928000 1806000 876000 82000 91000 41000 48000 43000 44000 19000 26000 131000 142000 67000 71000 22000 30000 11000 19000 3265000 2235000 1944000 1040000 557000 587000 353000 297000 345000 281000 187000 140000 7000 26000 4000 13000 48000 49000 21000 24000 148000 188000 52000 142000 1310000 1413000 598000 692000 2415000 2544000 1215000 1308000 850000 -309000 729000 -268000 329000 420000 161000 212000 329000 420000 161000 212000 1179000 111000 890000 -56000 78000 14000 78000 1000 96000 17000 65000 13000 174000 31000 143000 14000 1005000 80000 747000 -70000 0.15 0.01 0.11 -0.01 6598325 6716478 6598303 6693271 7677471 77000 943000 1079101 -2270000 15578000 67 258000 7677471 77000 943000 -2270000 15836000 747000 7677471 77000 943000 -2270000 16583000 7677471 77000 943000 937528 -1919000 17460000 150000 7677471 77000 943000 937528 -1919000 17610000 141573 -351000 -70000 7677471 77000 943000 1079101 -2270000 17540000 1005000 80000 148000 188000 190000 -248000 78000 15000 -520000 -210000 93000 -96000 -17000 710000 338000 418000 318000 500000 -939000 -1025000 -755000 776000 707000 -351000 -351000 1486000 694000 3911000 6742000 5397000 7436000 <p id="xdx_80C_eus-gaap--BusinessDescriptionAndBasisOfPresentationTextBlock_zhPOvoP8E09f" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>1. BASIS OF PRESENTATION AND ORGANIZATION</b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The accompanying financial statements are presented in accordance with the requirements of Form 10-Q and consequently do not include all of the disclosures normally required by generally accepted accounting principles or those normally made in the Company's annual Form 10-K filing. Accordingly, the reader of this Form 10-Q may wish to refer to the Company's Form 10-K for the year ended December 31, 2025, for further information.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The consolidated financial statements presented herein include the accounts of Spindletop Oil &amp; Gas Co., a Texas corporation ("the Company") and its wholly owned subsidiaries, Prairie Pipeline Co., a Texas corporation and Spindletop Drilling Company, a Texas corporation. All significant inter-company transactions and accounts have been eliminated.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In the opinion of management, the accompanying unaudited interim financial statements contain all material adjustments, consisting only of normal recurring adjustments necessary to present fairly the financial condition, the results of operations and changes in cash flows of the Company and its consolidated subsidiaries for the interim periods presented. Although the Company believes that the disclosures are adequate to make the information presented not misleading, certain information and footnote disclosures, including a description of significant accounting policies normally included in financial statements prepared in accordance with generally accepted accounting principles generally accepted in the United States of America, have been condensed or omitted pursuant to such rules and regulations.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <p id="xdx_805_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zscGe0uvwzE9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>2. COMMON STOCK</b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b> </b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Effective June 10, 2025, the Company repurchased <span id="xdx_909_eus-gaap--StockRepurchasedDuringPeriodValue_pp0p0_c20250101__20250610__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember_zDEyIpV13Bsi">141,573</span> shares of its common stock from a non-controlling, unaffiliated shareholder for a negotiated purchase price of <span id="xdx_90F_eus-gaap--StockRepurchasedDuringPeriodShares_c20250101__20250610__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember_zMQdnK7gOfpb">$351,101</span> or <span id="xdx_901_eus-gaap--SharesIssuedPricePerShare_iI_c20250610__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember_zGaa8GH55wK3">$2.48</span> per share. The repurchased shares are held as Treasury Stock.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Effective March 2, 2026, the Company repurchased <span id="xdx_90C_eus-gaap--StockRepurchasedDuringPeriodValue_pp0p0_c20260101__20260302__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember_zXosraZw9JD7">67</span> shares of its common stock from a non-controlling, unaffiliated shareholder for a negotiated purchase price of <span id="xdx_90E_eus-gaap--StockRepurchasedDuringPeriodShares_c20260101__20260302__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember_zHBzr9pEdTt2">$166.16</span> or <span id="xdx_90E_eus-gaap--SharesIssuedPricePerShare_iI_c20260302__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember_ziHuhAg7K3ag">$2.48</span> per share. The repurchased shares are held as Treasury Stock.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Company has not approved nor authorized any standing purchase program for its common stock.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b> </b></p> 141573 351101 2.48 67 166.16 2.48 <p id="xdx_800_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zho7WBQ5Uaqc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>3. CONTINGENCIES</b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On July 23, 2020, a subsidiary of the Company received notice of a lawsuit filed in Claiborne Parish, Louisiana against the Company’s subsidiary and numerous other oil and gas companies alleging a pollution claim for properties operated by the defendants in Louisiana, and the Company’s subsidiary filed an answer. The Plaintiffs filed a First Supplemental and Amending Petition for Damages on January 21, 2021. This litigation was dismissed without prejudice as to the Company’s subsidiary on the plaintiff’s motion, by Order of Dismissal dated February 20, 2025.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On December 11, 2024, a subsidiary of the Company received notice of a new lawsuit filed in LaFourche Parish, Louisiana against one of the Company’s subsidiaries and numerous other oil and gas companies alleging pollution claims for properties operated by defendants in Louisiana and the Company’s subsidiary filed an answer. The litigation is in the early stages. Management is assessing the lawsuit, and it will have regular litigation reviews, including updates from corporate and outside counsel, to assess the need for accounting recognition or disclosure of contingencies for litigation. The Company plans to defend its subsidiary vigorously in this matter.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <p id="xdx_80C_eus-gaap--SubsequentEventsTextBlock_ztudH1lZHkIc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b><span style="text-decoration: underline">Subsequent Events</span></b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Company has evaluated subsequent events through August 19, 2026, the date on which the financial statements were available to be issued.</p>