Barnwell Industries, Inc. Reports Results for its First Quarter Ended December 31, 2024
Barnwell Industries (NYSE American: BRN) reported financial results for Q1 ended December 31, 2024, showing revenue of $4,477,000 and a net loss of $1,917,000 ($0.19 per share), compared to revenue of $6,155,000 and a net loss of $664,000 ($0.07 per share) in the same period last year.
The company remains debt-free with $642,000 in working capital, including $1,957,000 in cash. Oil, gas, and natural gas liquids prices decreased by 2%, 40%, and 8% respectively, while production declined by 17%, 21%, and 17%. A new Canadian well contributed approximately 107 net barrels per day.
The increased net loss was partially due to a $613,000 non-cash impairment of US oil properties and a $351,000 foreign currency loss. The company plans to sell a drilling rig for $585,000 and is considering strategic alternatives for its Water Resources division, including potential sale or wind-down.
Barnwell Industries (NYSE American: BRN) ha riportato i risultati finanziari per il primo trimestre conclusosi il 31 dicembre 2024, mostrando ricavi di $4,477,000 e una perdita netta di $1,917,000 ($0.19 per azione), rispetto a ricavi di $6,155,000 e una perdita netta di $664,000 ($0.07 per azione) nello stesso periodo dell'anno scorso.
L'azienda rimane senza debiti con $642,000 di capitale circolante, compresi $1,957,000 in contante. I prezzi del petrolio, del gas e dei liquidi di gas naturale sono diminuiti rispettivamente del 2%, 40% e 8%, mentre la produzione è calata del 17%, 21% e 17%. Un nuovo pozzo canadese ha contribuito con circa 107 barili netti al giorno.
La maggiore perdita netta è stata parzialmente dovuta a un'imputazione non monetaria di $613,000 per le proprietà petrolifere statunitensi e a una perdita di valuta estera di $351,000. L'azienda prevede di vendere una piattaforma di perforazione per $585,000 e sta considerando alternative strategiche per la sua divisione Risorse Idriche, inclusa una potenziale vendita o chiusura.
Barnwell Industries (NYSE American: BRN) informó los resultados financieros del primer trimestre que terminó el 31 de diciembre de 2024, mostrando ingresos de $4,477,000 y una pérdida neta de $1,917,000 ($0.19 por acción), en comparación con ingresos de $6,155,000 y una pérdida neta de $664,000 ($0.07 por acción) en el mismo período del año pasado.
La empresa sigue sin deudas con $642,000 en capital de trabajo, incluidos $1,957,000 en efectivo. Los precios del petróleo, gas y líquidos de gas natural disminuyeron un 2%, 40% y 8% respectivamente, mientras que la producción cayó un 17%, 21% y 17%. Un nuevo pozo canadiense contribuyó con aproximadamente 107 barriles netos por día.
El aumento en la pérdida neta se debió en parte a un deterioro no monetario de $613,000 en propiedades petroleras estadounidenses y a una pérdida por cambio de divisas de $351,000. La empresa planea vender una plataforma de perforación por $585,000 y está considerando alternativas estratégicas para su división de Recursos Hídricos, incluida una posible venta o cierre.
반웰 인더스트리 (NYSE American: BRN)는 2024년 12월 31일 종료된 1분기 재무 결과를 보고하며, 수익이 $4,477,000, 순손실이 $1,917,000($0.19 주당)으로 지난해 같은 기간의 수익 $6,155,000, 순손실 $664,000($0.07 주당)과 비교되었다고 발표했습니다.
회사는 $642,000의 운영 자본을 보유하고 있으며, 이 중 $1,957,000이 현금입니다. 석유, 가스 및 천연가스 액체의 가격은 각각 2%, 40%, 8% 감소했으며, 생산량은 17%, 21%, 17% 감소했습니다. 새로운 캐나다 유정이 하루 약 107배럴의 순 생산량에 기여했습니다.
증가한 순손실은 미국 석유 자산의 비현금 손상으로 $613,000과 외환 손실로 $351,000이 부분적으로 기인했습니다. 회사는 $585,000에 시추 장비를 판매할 계획이며, 수자원 부서에 대한 전략적 대안, 즉 판매 또는 종료 가능성을 고려하고 있습니다.
Barnwell Industries (NYSE American: BRN) a annoncé ses résultats financiers pour le premier trimestre se terminant le 31 décembre 2024, affichant des revenus de 4 477 000 $ et une perte nette de 1 917 000 $ (0,19 $ par action), par rapport à des revenus de 6 155 000 $ et une perte nette de 664 000 $ (0,07 $ par action) au cours de la même période l'année précédente.
L'entreprise reste sans dettes avec 642 000 $ en fonds de roulement, dont 1 957 000 $ en liquidités. Les prix du pétrole, du gaz et des liquides de gaz naturel ont diminué de 2 %, 40 % et 8 % respectivement, tandis que la production a chuté de 17 %, 21 % et 17 %. Un nouveau puits canadien a contribué environ 107 barils nets par jour.
La perte nette accrue était en partie due à une dépréciation non monétaire des propriétés pétrolières américaines de 613 000 $ et à une perte de change de 351 000 $. L'entreprise prévoit de vendre une plate-forme de forage pour 585 000 $ et envisage des alternatives stratégiques pour sa division des ressources en eau, y compris une vente potentielle ou une liquidation.
Barnwell Industries (NYSE American: BRN) hat die finanziellen Ergebnisse für das am 31. Dezember 2024 endende erste Quartal veröffentlicht, mit einem Umsatz von $4,477,000 und einem Nettoverlust von $1,917,000 ($0.19 pro Aktie), verglichen mit einem Umsatz von $6,155,000 und einem Nettoverlust von $664,000 ($0.07 pro Aktie) im gleichen Zeitraum des Vorjahres.
Das Unternehmen bleibt schuldenfrei mit $642,000 an Betriebsvermögen, einschließlich $1,957,000 in Bar. Die Preise für Öl, Gas und Erdgasflüssigkeiten sanken um 2%, 40% und 8%, während die Produktion um 17%, 21% und 17% zurückging. Ein neuer kanadischer Brunnen trug mit etwa 107 Nettobarrel pro Tag bei.
Der erhöhte Nettoverlust war teilweise auf eine nicht liquiditätswirksame Wertminderung der US-Ölreserven in Höhe von $613,000 und einen Währungsverlust von $351,000 zurückzuführen. Das Unternehmen plant den Verkauf einer Bohranlage für $585,000 und zieht strategische Alternativen für seine Wasserressourcenabteilung in Betracht, einschließlich eines möglichen Verkaufs oder einer Schließung.
- Debt-free status with $1,957,000 in cash and cash equivalents
- New Canadian well contributing 107 net barrels per day
- Reduction in general and administrative expenses by 9% ($123,000)
- Secured sale agreement for drilling rig at $585,000
- Revenue declined 27% year-over-year to $4,477,000
- Net loss increased to $1,917,000 from $664,000 year-over-year
- Oil, gas, and natural gas liquids production decreased 17-21%
- Natural gas prices dropped 40% compared to prior year
- $613,000 non-cash impairment of US oil properties
- $351,000 foreign currency loss due to weakening Canadian dollar
Insights
Barnwell Industries' Q1 FY2025 results reveal significant operational and strategic challenges, with revenue declining
The company's operational metrics paint a concerning picture. Production declines of 17-21% across all hydrocarbon categories, while partially attributable to temporary factors like workovers, primarily reflect natural reservoir depletion. The bright spot is the new 100%-owned Canadian well, contributing 107 barrels of equivalent per day or approximately 10,000 net barrels during the quarter - demonstrating the company's ability to offset declines through targeted development.
Strategically, Barnwell is executing a focused transformation:
- Divesting non-core assets through the
$585K drilling rig sale - Exploring strategic alternatives for the Water Resources division
- Reducing G&A expenses by
9% through professional fee reductions - Planning two additional wells from an existing pad to optimize capital efficiency
However, the company's tight liquidity position (
HONOLULU, Feb. 14, 2025 (GLOBE NEWSWIRE) -- Barnwell Industries, Inc. (NYSE American: BRN) today reported financial results for its first quarter ended December 31, 2024. For the quarter, the Company had revenue of
Oil and Gas Prices and Production
During the three months ended December 31, 2024, oil, gas and natural gas liquids prices decreased
Non-Cash Impairment, foreign currency loss
The net loss for the three months ended December 31, 2024, was due in part to a
Reduction in General and Administrative Expenses
General and administrative expenses decreased
Contract Drilling Segment
Our contract drilling segment entered into an agreement during the quarter to sell a drilling rig and related ancillary equipment for proceeds of
In the coming months, the Company will move forward with appropriate strategic, business and financial alternatives for Water Resources which may include, among other things, a sale of its stock or assets, or an orderly wind-down of its operations and liquidation of equipment.
Summary and Outlook
Craig D. Hopkins, CEO, stated, “A potential proxy contest in the near term could harm the company’s liquidity and hinder investment and growth opportunities. This is particularly concerning, as we have valuable oil and gas assets with significant potential. Our new well is performing as anticipated, and we are well-positioned to drill two additional wells from the same pad once sufficient capital is secured. The planned wind-down of our contract drilling business will help refocus our efforts and reduce fixed costs in the coming quarters. We are also actively seeking ways to further reduce costs and enhance profitability. With a streamlined cost structure, Barnwell will be positioned to invest more aggressively in operations and deliver the growth our shareholders deserve.
“Regarding the potential proxy contest and board operations, I have found all current board members to be collaborative and constructive in supporting my efforts to improve Barnwell’s financial performance. Given the forgoing, I am surprised by the prospect of a contested election.”
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 RESULTS | |||||||
| (Unaudited) | |||||||
| Three months ended December 31, | |||||||
| 2024 | 2023 | ||||||
| Revenues | $ | 4,477,000 | $ | 6,155,000 | |||
| Net loss attributable to Barnwell Industries, Inc. | $ | (1,917,000 | ) | $ | (664,000 | ) | |
| Net loss per share – basic and diluted | $ | (0.19 | ) | $ | (0.07 | ) | |
| Weighted-average shares and | |||||||
| equivalent shares outstanding: | |||||||
| Basic and diluted | 10,047,173 | 9,996,760 | |||||
| CONTACT: | Craig D. Hopkins Chief Executive Officer and President Phone: (403) 531-1560 Email: info@bocl.ca |
FAQ
What was BRN's revenue and net loss for Q1 2024?
How much did BRN's oil and gas production decline in Q1 2024?
What is the value of the drilling rig sale agreement announced by BRN?
How much cash and working capital does BRN have as of December 31, 2024?
What caused BRN's increased net loss in Q1 2024?
