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Barnwell Industries reported a net loss of $1.772 million ($0.18 per share) on revenue of $5.774 million for its second fiscal quarter ended March 31, 2024. Despite a revenue increase from $5.239 million in the same quarter of 2023, the net loss widened due to a $1.677 million non-cash impairment of oil and natural gas properties. Production of oil, gas, and natural gas liquids rose by 16%, 47%, and 100%, respectively. General and administrative expenses decreased by 33%, saving $669,000. The company received $1.453 million from land sales and real estate transactions. Despite operating losses in its contract drilling segment, Barnwell ended the quarter with $3.332 million in working capital and remains debt-free, focusing on investment in its Twining property.
