Barnwell Industries reports FY 2024 net loss of $5.6M; revenue $21.7M

BARNWELL INDUSTRIES INC

Net loss of $1.88M in Q4 and $5.57M ($0.56/share) for FY 2024; revenue $4.27M Q4, $21.72M full year.
Non-cash impairment of oil and gas properties totaled $2.89M for the year, driven by lower 12-month rolling pricing.
Natural gas production up 6%, NGLs up 23% YoY; oil production flat. Operating costs down 6% to $9.85M.
New Twining development well averaged ~107 barrels/day in first two months; Matterhorn Pipeline expected to improve gas pricing.
Company exploring strategic alternatives for contract drilling subsidiary Water Resources, including possible sale or wind-down.

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