Transactions with Affiliates

6 Months Ended

Jun. 30, 2015

Transactions with Affiliates [Abstract]

Transactions with Affiliates

Note 4 - Transactions with Affiliates

The late Mr. K. S. Adams, Jr., former Chairman of the Board of the Company, and certain of his family partnerships and affiliates have participated as working interest owners with the Company’s subsidiary, Adams Resources Exploration Corporation (‟AREC”)  Mr. Adams and the affiliates participated on terms similar to those afforded other non-affiliated working interest owners.  While the affiliates have generally maintained their existing property interest, they have not participated in any such transactions originating after the death of Mr. Adams in October 2013.  As of June 30, 2015 and December 31, 2014, the Company owed a combined net total of $1,000 and $51,000, respectively, to these related parties.  In connection with the operation of certain oil and gas properties, the Company also charges such related parties for administrative overhead primarily as prescribed by the Council of Petroleum Accountants Society Bulletin 5. Such overhead recoveries totaled $50,000 and $82,000 for the six-month periods ended June 30, 2015 and 2014, respectively and $24,000 and $41,000 for the three-month periods ended June 30, 2015 and 2014, respectively.

The Company also enters into certain transactions in the normal course of business with other affiliated entities including direct cost reimbursement for shared phone and administrative services.  For the six-month periods ended June 30, 2015 and 2014, the affiliated entities charged the Company $46,000 and $34,000, respectively, for expense reimbursement and the Company charged the affiliates $22,000 and $21,000, respectively, for such expense reimbursements.  For the three months ended June 30, 2015 and 2014 the affiliates entities charged the Company $29,000 and $26,000, respectively, for expense reimbursement and the Company charged the affiliates $10,000 and $10,000, respectively, for such expense reimbursements.  In addition, the Company leases office space from an affiliated entity based on a lease rental rate determined by an independent appraisal.  Rental expense paid to such related party for the six months ended June 30, 2015 and 2014 totaled $286,000 and $302,000, respectively, and $143,000 and $182,000 for the three-month periods ended June 30, 2015 and 2014, respectively.