SPNDOTCCrude Petroleum & Natural GasUS GAAP · USD

Spindletop Oil & Gas Co

Spindletop Oil & Gas Co is a U.S.-based independent oil and natural gas company engaged in the exploration, development, and production of crude oil and natural gas. Its business also includes lease operations tied to operated properties and field supervision activities.

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Revenue4.4m USD
+4.4 %y/y
Operating profit (EBIT)-3.3m USD
−84.8 %y/y
EBIT margin-73.9%
−32.1 ppy/y
Net income-1.9m USD
−199.2 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-5.0-2.50.02.55.07.510.0m USD2020: 4.2 m USD2020: EBIT -1.9 m USD20202021: 6.1 m USD2021: EBIT 0.40 m USD20212022: 8.4 m USD2022: EBIT -0.04 m USD20222023: 5.1 m USD2023: EBIT -0.99 m USD20232024: 4.3 m USD2024: EBIT -1.8 m USD20242025: 4.4 m USD2025: EBIT -3.3 m USD20254.4-3.3
RevenueOperating profit (EBIT)
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Business

Share of revenue
Oil sales49 %

Production and sale of crude oil from operated and non-operated properties.

Natural gas sales50 %

Production and sale of natural gas from producing wells and related acreage.

Lease operations1 %

Field supervision and operator overhead charged to operated leases.

Customers

The company sells produced hydrocarbons into commodity markets rather than to a narrow set of end customers, so revenue is driven by prevailing oil and gas prices and production volumes. Its lease operations revenue comes from charges associated with operated leases, which are tied to properties it manages. Demand is therefore shaped by energy market conditions, drilling activity, and the availability of transportation and processing infrastructure.

Crude oil buyers

Refiners, marketers, or aggregators purchasing produced crude oil at market-linked prices.

Natural gas buyers

Pipeline, utility, or marketing counterparties buying produced natural gas volumes.

Lease operation counterparties

Parties charged field supervision and operator overhead on operated leases.

Strategy

The company’s operating model is centered on funding capital spending from cash flow generated by oil and natural gas operations. It also seeks to maintain exploration and development activity while monitoring whether internal cash generation is sufficient to support that program. Because production volumes and realized commodity prices can vary materially, access to outside financing remains an important strategic backstop.

Self-fund capital spending from operationsShort term

Reduces dependence on external capital and supports ongoing field activity.

Sustain exploration and development programsMedium term

Future reserve replacement and production depend on continued drilling and development.

Maintain financing flexibilityMedium term

Commodity volatility can leave internal cash flow below capital requirements.

Geography

Spindletop Oil & Gas Co is a United States company, and the available disclosures do not provide a country-level revenue split. Its operating exposure is primarily tied to domestic oil and gas markets, including U.S. drilling activity, transportation capacity, and federal and state regulation. Because commodity pricing is set in broader markets, the company’s results are also indirectly exposed to international supply-demand conditions and OPEC-related production decisions.

Risks

The company is exposed to commodity-price volatility, since oil and natural gas prices directly affect revenue, cash flow, and the ability to fund drilling and development. It also faces regulatory, environmental, and infrastructure risks typical of upstream producers, along with financing and market-access risk given its limited public market status. Because production is tied to reserve estimates and depletion accounting, changes in reserve assumptions can also affect reported results.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Capital access and liquidity constraints1Commodity price volatility2Market liquidity and trading risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Capital access and liquidity constraintsImpact: HighLikelihood: High

    The company may need external financing if operating cash flow does not cover capital spending.

    Exposure: Exploration and development funding

  2. Commodity price volatilityImpact: HighLikelihood: Medium

    Revenue depends on realized oil and natural gas prices, which can move sharply with supply-demand conditions.

    Exposure: Oil and natural gas sales

  3. Reserve and production uncertaintyImpact: High

    Reserve revisions and production declines affect depletion, future output, and asset carrying values.

    Exposure: Proved oil and gas reserves

  4. Market liquidity and trading riskImpact: MediumLikelihood: High

    The stock’s limited market status can reduce trading liquidity and increase volatility.

    Exposure: Common stock trading

  5. Regulatory and environmental complianceImpact: Medium

    Upstream operations are subject to environmental, tax, hedging, and energy-related regulation.

    ExposureDrillingProductionLease operations
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Accounting

Judgemental items
Proved reserve estimates

Reserve revisions change depletion rates and can affect the carrying value of oil and gas properties.

Impact: Reported depreciation, depletion, and amortization

Full-cost pool depletion

The company applies depletion to capitalized oil and gas properties based on reserve quantities and production.

Impact: DD&A expense and asset carrying values

Asset retirement obligations

Estimated future well plugging and abandonment costs require judgment and discounting.

Impact: ARO expense and liability balance

Commodity-driven quarterly volatility

Oil and gas prices and volumes vary by period, affecting revenue and margin comparability.

Impact: Quarterly earnings trend analysis

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Last updated: 24/09/2026