Company: NC
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0000789933-25-000041
Chunk: 81

Company: NACCO INDUSTRIES INC
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 81
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-related costs. 

MINERALS AND ROYALTIES SEGMENT

FINANCIAL REVIEW

The following table sets forth our estimate of the number of gross and net productive wells: 

June 30, 2025June 30, 2024GrossNetGrossNetOil and Natural Gas Wells2,37723.31,98622.2

Gross wells are the total wells in which an interest is owned. Net wells are calculated based on our net royalty interest, factoring in both ownership percentage of gross wells and royalty rate.

Oil and natural gas prices have been historically volatile and may continue to be volatile in the future. The table below demonstrates such volatility and shows the average prices as reported by the United States Energy Information Administration for the three and six months ended June 30:

THREE MONTHSSIX MONTHS 2025 202420252024West Texas Intermediate Average Crude Oil Price$64.63  $81.71 $68.23 $79.64 Henry Hub Average Natural Gas Price$3.19  $2.08 $3.67 $2.11 

These indicated prices do not necessarily reflect the contract terms for our sales. 

As an owner of royalty and mineral interests, our access to information concerning activity and operations of our royalty and mineral interests is limited. We do not have information that would be available to a company with working interests in oil and natural gas operations because detailed information is not generally available to owners of royalty and mineral interests. 

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The results of operations for the Minerals and Royalties segment were as follows for the three and six months ended June 30:

THREE MONTHSSIX MONTHS 2025 20242025 2024Oil and natural gas revenues$5,981 $3,995 $15,098 $12,231 Other revenues1,287 1,598 3,072 3,763 Total Revenues$7,268 $5,593 $18,170 $15,994 Total Revenues $7,268  $5,593 $18,170 $15,994 Cost of sales986 1,501 3,230 2,865 Gross profit 6,282 4,092 14,940 13,129 Earnings from unconsolidated operations251 138 805 73 Selling, general and administrative expenses1,328 1