Barnwell Industries to terminate pension plan; ~$3.7M surplus expected to revert in December 2026

BARNWELL INDUSTRIES INC

Board approved termination of the Barnwell Employees' Pension Plan effective on or about November 30, 2026, with reversion anticipated in December 2026.
Plan held ~$12.8M in assets as of September 30, 2026 versus an estimated termination liability of $7.3M, plus a ~$1.8M SERP obligation.
Surplus of ~$3.7M over estimated retirement obligations is before administrative and transaction costs, excise and other taxes, and any participant benefit increase.
CFO Philip Patman, Jr. said the reversion would free capital historically held in the pension plan, reduce complexity and ongoing costs, and add financial flexibility.
Barnwell said it is evaluating strategic investments and acquisitions that could materially transform its scale and earnings profile.

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