Company: NC
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000789933-25-000102
Chunk: 44

Company: NACCO INDUSTRIES INC
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 44
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 2024GrossNetGrossNetOil and Natural Gas Wells2,40623.52,12822.8

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.

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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 nine months ended September 30:

THREE MONTHSNINE MONTHS 2025 202420252024West Texas Intermediate Average Crude Oil Price$65.74  $76.24 $67.40 $78.50 Henry Hub Average Natural Gas Price$3.03  $2.11 $3.45 $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.

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

THREE MONTHSNINE MONTHS 2025 20242025 2024Oil and natural gas revenues$7,516 $7,116 $22,614 $19,347 Other revenues1,797 1,733 4,869 5,496 Total Revenues$9,313 $8,849 $27,483 $24,843 Total Revenues $9,313  $8,849 $27,483 $24,843 Cost of sales1,121 1,286 4,351 4,151 Gross profit 8,192 7,563 23,132 20,692 Earnings from unconsolidated operations1,111 213 1,916 286 Selling, general and administrative expenses1,335 1,588 3,968 3,781 Gain on sale of assets— — — (4,512)Operating profit $7,968  $6,188 $21,080