Barnwell Industries, Inc. Reports Earnings for the Second Quarter and Six Months Ended March 31, 2022
Barnwell Industries, Inc. (NYSE American: BRN) reported a net profit of $2,052,000 ($0.21 per share) for the three months ended March 31, 2022, a significant improvement from a net loss of $856,000 ($0.10 per share) in the same period last year. For the six months, net earnings increased to $3,125,000 ($0.33 per share) from a loss of $272,000. This growth was driven by more than doubled oil and natural gas revenues along with land segment revenues, with oil prices up 75%. The company maintained strong liquidity with $11,026,000 in working capital, including $9,626,000 in cash.
- Quarterly oil and natural gas revenues more than doubled.
- Significant increase in land segment revenues, contributing to earnings growth.
- Oil prices increased by 75%, natural gas by 53%, and natural gas liquids by 95%.
- Strong liquidity with $11,026,000 in working capital.
- Contract drilling operating results decreased by $897,000 due to the completion of a significant drilling contract.
HONOLULU, May 13, 2022 (GLOBE NEWSWIRE) -- Barnwell Industries, Inc. (NYSE American: BRN) today reported net earnings of
Mr. Alexander C. Kinzler, Chief Executive Officer of Barnwell, commented, “We are pleased to report that our quarterly oil and natural gas revenues more than doubled as well as a significant increase in land segment revenues, which contributed to our increase in earnings as compared to last year’s three months ended March 31, 2021.
“Our oil and natural gas operating margins improved as prices increased for all products; oil, natural gas, and natural gas liquids increasing
“While our oil and natural gas segment improved the most this quarter, our land investment segment also performed well as three lots were sold within Phase II of Increment I by the Kukio Resort Development Partnerships at Kaupulehu, North Kona, Hawaii, with the Company receiving
“For the six months ended March 31, 2022 as compared to last year’s six months ended March 31, 2021, the increase in earnings was also largely due to oil and natural gas segment operating results which reported a
“Our Oklahoma operations generated
“The Company participated in the drilling of one operated and two non-operated wells for a total of three gross (1.6 net) wells in the Twining area of Alberta, Canada. The wells were completed and began producing in the three months ended March 31, 2022 and are currently producing approximately 400 barrel of oil equivalents before royalties per day on an aggregate basis. We anticipate these wells will continue to increase our production in the third quarter. Capital expenditures incurred for the drilling of these wells in the six months ended March 31, 2022 totaled approximately
“The Company’s liquidity remains strong as a result of our operations and the Company’s sale of 509,467 shares of common stock, resulting in net proceeds of
The information contained in this press release contains “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. A forward-looking statement is one which is based on current expectations of future events or conditions and does not relate to historical or current facts. These statements include various estimates, forecasts, projections of Barnwell’s future performance, statements of Barnwell’s plans and objectives, and other similar statements. Forward-looking statements include phrases such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates,” “assumes,” “projects,” “may,” “will,” “will be,” “should,” or similar expressions. Although Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved. Forward-looking statements involve risks, uncertainties and assumptions which could cause actual results to differ materially from those contained in such statements. The risks, uncertainties and other factors that might cause actual results to differ materially from Barnwell’s expectations are set forth in the “Forward-Looking Statements,” “Risk Factors” and other sections of Barnwell’s annual report on Form 10-K for the last fiscal year and Barnwell’s other filings with the Securities and Exchange Commission. Investors should not place undue reliance on the forward-looking statements contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein.
| COMPARATIVE OPERATING RESULTS | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Three months ended | Six months ended | ||||||||||||||
| March 31, | March 31, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Revenues | $ | 6,679,000 | $ | 3,998,000 | $ | 12,133,000 | $ | 8,385,000 | |||||||
| Net earnings (loss) attributable to Barnwell Industries, Inc. | $ | 2,052,000 | $ | (856,000) | $ | 3,125,000 | $ | (272,000) | |||||||
| Net earnings (loss) per | |||||||||||||||
| share – basic and diluted | $ | 0.21 | $ | (0.10) | $ | 0.33 | $ | (0.03) | |||||||
| Weighted-average shares and | |||||||||||||||
| equivalent shares outstanding: | |||||||||||||||
| Basic and diluted | 9,570,989 | 8,277,160 | 9,507,955 | 8,277,160 | |||||||||||
| CONTACT: | Alexander C. Kinzler Chief Executive Officer and President Russell M. Gifford Executive Vice President and Chief Financial Officer Tel: (808) 531-8400 |
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