CKX(CKX) - 2023 Q4 - Annual Report

Revenue Changes - Oil revenues decreased by $152,705 for the year ended December 31, 2023, compared to 2022, due to a decrease in net oil produced and average oil sales price per barrel [75]. - Gas revenues decreased by$76,809 for the year ended December 31, 2023, attributed to a decrease in average price per MCF and net gas produced [75]. - Timber revenues accounted for 10% of total revenues in 2023, down from 20% in 2022, with a decrease of $65,827 year-over-year, primarily due to timber harvest timing [78]. - Surface revenues increased by$662,039 for the year ended December 31, 2023, representing 64% of total revenues, up from 26% in 2022, driven by robust economic activity in the region [79]. Financial Performance - Net cash provided by operating activities increased by $463,262 to$876,953 for the year ended December 31, 2023, compared to $413,691 in 2022, mainly due to increased revenue [86]. - Gain on sale of land was$149,992 for the year ended December 31, 2023, compared to $18,972 in 2022, resulting from the sale of two parcels of land [85]. Assets and Liabilities - The Company had current assets of$9,388,882 and current liabilities of $495,348 as of December 31, 2023 [74]. - The Company has no outstanding debt as of December 31, 2023, and management believes cash and cash equivalents are adequate for projected operations and possible land acquisitions [92]. Strategic Initiatives - The Company is evaluating strategic alternatives to enhance shareholder value, including potential acquisitions and divestitures, as announced on August 21, 2023 [100]. - The Company expects that direct land management and ongoing economic activity in southwest Louisiana may lead to increased surface revenue in fiscal year 2024 [98].