Barnwell Industries Q3 net loss widens to $1.25M on $5.53M revenue; drilling underway

BARNWELL INDUSTRIES INC

2024-Q3 EPS reported -$0.37 revenue$17,456,000

Net loss of $1.246M ($0.12/sh) vs $0.717M loss ($0.07/sh) in year-ago quarter; revenue down 2.6% to $5.527M.
Non-cash impairment of $599K on oil & gas properties due to backward-looking pricing and optimization capex.
Production operating costs fell 26% YoY to $2.234M; company remains debt-free with $4.393M cash.
Drilling of one 100%-owned Twining development well commenced July 2024; expected on production early September.
Strategic review of Water Resources contract drilling segment (sale or wind-down) continues.

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