Barnwell Industries Q1 net loss $664K vs prior-year profit; production up, prices down

BARNWELL INDUSTRIES INC

2024-Q1 EPS reported -$0.07 revenue$6,155,000

Revenue $6.155M (down 18% YoY); net loss $0.07/share vs net earnings $0.11/share.
Oil, gas, NGL production rose 21%, 26%, 80% but prices fell 7%, 57%, 34% YoY.
G&A expenses decreased 38% ($845K) YoY due to lower professional fees and bonus.
Water Resources sale agreement terminated; company evaluating strategic alternatives including wind-down.
Hedged ~30% of Canadian oil and gas at fixed prices through mid-2024; planning 1-2 Twining wells.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

BARNWELL INDUSTRIES INC reported the first quarter ended December 31, 2023 results: revenue $6,155,000, net income $664,000, EPS $0.07 per share.

Period: the first quarter ended December 31, 2023
Revenue: $6,155,000
Net income: $664,000
EPS: $0.07 per share
Result: reported results

Exact text from the filing

The Company posted quarterly revenue of $6,155,000 and a net loss of $664,000, or $0.07 per share.

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Source: SEC EDGAR

accession 0001140361-24-007029

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