Barnwell Industries, Inc. Reports Financial Results for Fiscal Year Ended September 30, 2024

Barnwell Industries, Inc. (NYSE: BRN) recently disclosed its financial outcomes for the fiscal year ending on September 30, 2024. In a press release dated December 16, 2024, the company revealed that it generated $4,268,000 in revenue with a net loss of $1,883,000 or $0.19 per share for the fourth quarter. Over the full year, revenue amounted to $21,724,000 with a net loss of $5,565,000 or $0.56 per share. Despite the losses, Barnwell Industries remains debt-free and wrapped up the fiscal year with $4,505,000 in cash and cash equivalents, alongside $1,071,000 in working capital.

Throughout the year ending on September 30, 2024, Barnwell Industries observed a 6% and 23% rise in natural gas and natural gas liquids production, respectively. However, natural gas revenues faced a decline owing to lower prices, while oil production held steady in comparison to the previous year. The company also successfully reduced production operating costs by $585,000, primarily through its optimization program and cost-cutting efforts.

Barnwell Industries highlighted the accomplishments of its Twining Drilling Program during the reported period, including the drilling and commencement of production of a development oil well in the Twining area. The well showed an average output of approximately 107 barrels per day in its initial two months of operation. Additionally, the company’s oil and gas assets in Texas and Oklahoma demonstrated robust performance, although Texas cash flows were impacted by lower realized gas prices.

The financial report also outlined a non-cash impairment incurred by the company on its oil and natural gas properties during the year. Barnwell Industries reported a non-cash impairment of $609,000 and $2,885,000 for the three months and year ending September 30, 2024, respectively, mainly due to a decline in historical pricing based on a 12-month rolling average.

Furthermore, Barnwell Industries reported a 20% reduction in general and administrative expenses for the year ending September 30, 2024, compared to the previous year, driven by lowered stockholder and proxy costs and professional fees. Looking ahead, the company intends to explore strategic, business, and financial options for its Contract Drilling Segment that may involve a sale of stocks or assets, or the orderly cessation of operations and equipment liquidation.

CEO Craig D. Hopkins expressed optimism for Barnwell’s future growth, emphasizing the success of the Twining program and the company’s ongoing efforts to streamline operations and reduce administrative costs. The statement contained in Barnwell Industries’ press release includes forward-looking statements and notifications about associated risks and uncertainties, advising investors to make informed decisions based on these factors.

The tables provided within the press release summarize the company’s net production and comparative operating results for the last two fiscal years, presenting a comprehensive overview of Barnwell Industries’ performance.

For more details and a comprehensive financial breakdown, readers are encouraged to refer to the official press release dated December 16, 2024, available on the company’s website.

This article summarizes the key financial findings of Barnwell Industries, Inc. as per the recent 8-K SEC filing.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Barnwell Industries’s 8K filing here.

About Barnwell Industries

Barnwell Industries, Inc acquires, develops, produces, and sells oil and natural gas in Canada. The company operates through three segments: Oil and Natural Gas, Land Investment, and Contract Drilling. It also acquires and develops crude oil and natural gas assets in the province of Alberta, as well as invests in land interests in Hawaii.