Barnwell Industries, Inc. Reports Results for its Fourth Quarter and Year Ended September 30, 2024
Barnwell Industries (NYSE American: BRN) reported financial results for Q4 and FY2024 ended September 30. Key highlights include:
Revenue was $4.27M in Q4 with a net loss of $1.88M ($0.19/share), while full-year revenue reached $21.72M with a net loss of $5.57M ($0.56/share). The company remains debt-free with $4.51M in cash and $1.07M in working capital.
Natural gas and natural gas liquids production increased by 6% and 23% respectively, though revenues decreased due to lower prices. Oil production remained flat. Operating costs declined by $585,000 (6%) to $9.85M. A new Twining development well began production in September 2024, averaging 107 barrels per day. The company recorded non-cash impairments of $2.89M for the year due to declining prices.
Barnwell Industries (NYSE American: BRN) ha riportato i risultati finanziari per il quarto trimestre e l'anno fiscale 2024 terminato il 30 settembre. I punti salienti includono:
I ricavi sono stati di $4.27M nel quarto trimestre, con una perdita netta di $1.88M ($0.19/azione), mentre i ricavi totali per l'anno hanno raggiunto $21.72M con una perdita netta di $5.57M ($0.56/azione). L'azienda rimane senza debiti con $4.51M in contante e $1.07M in capitale circolante.
La produzione di gas naturale e dei liquidi derivati è aumentata del 6% e del 23% rispettivamente, sebbene i ricavi siano diminuiti a causa dei prezzi più bassi. La produzione di petrolio è rimasta stabile. I costi operativi sono diminuiti di $585.000 (6%) a $9.85M. Un nuovo pozzo di sviluppo Twining ha iniziato la produzione a settembre 2024, con una media di 107 barili al giorno. L'azienda ha registrato svalutazioni non monetarie di $2.89M per l'anno a causa della diminuzione dei prezzi.
Barnwell Industries (NYSE American: BRN) reportó los resultados financieros del cuarto trimestre y del año fiscal 2024 que finalizó el 30 de septiembre. Los aspectos destacados incluyen:
Los ingresos fueron de $4.27M en el cuarto trimestre con una pérdida neta de $1.88M ($0.19/acción), mientras que los ingresos anuales alcanzaron $21.72M con una pérdida neta de $5.57M ($0.56/acción). La empresa sigue sin deudas, con $4.51M en efectivo y $1.07M en capital de trabajo.
La producción de gas natural y líquidos de gas natural aumentó un 6% y un 23% respectivamente, aunque los ingresos disminuyeron debido a precios más bajos. La producción de petróleo se mantuvo estable. Los costos operativos disminuyeron en $585,000 (6%) a $9.85M. Un nuevo pozo de desarrollo Twining comenzó a producir en septiembre de 2024, promediando 107 barriles por día. La empresa registró deterioros no monetarios de $2.89M para el año debido a la caída de precios.
바너웰 인더스트리즈 (NYSE American: BRN)는 9월 30일에 종료된 2024 회계연도 4분기 재무 결과를 발표했습니다. 주요 사항은 다음과 같습니다:
4분기 수익은 $4.27M, 순손실은 $1.88M ($0.19/주)였으며, 연간 수익은 $21.72M, 순손실은 $5.57M ($0.56/주)에 달했습니다. 회사는 $4.51M의 현금과 $1.07M의 운영 자본을 보유한 무부채 상태를 유지하고 있습니다.
자연 가스 및 자연 가스 액체 생산량은 각각 6%와 23% 증가했지만, 가격 하락으로 인해 매출은 감소했습니다. 석유 생산은 변동이 없었습니다. 운영 비용은 $585,000(6%) 감소하여 $9.85M에 달했습니다. 새로운 트위닝 개발 유정이 2024년 9월에 생산을 시작했으며, 하루 평균 107배럴을 생산하고 있습니다. 회사는 가격 하락으로 인해 올 한 해 동안 $2.89M의 비현금 손상을 기록했습니다.
Barnwell Industries (NYSE American: BRN) a publié ses résultats financiers pour le quatrième trimestre et l'exercice 2024 se terminant le 30 septembre. Les points clés incluent :
Le chiffre d'affaires s'élevait à 4,27 millions de dollars au quatrième trimestre avec une perte nette de 1,88 million de dollars (0,19 $/action), tandis que le chiffre d'affaires annuel a atteint 21,72 millions de dollars avec une perte nette de 5,57 millions de dollars (0,56 $/action). L'entreprise reste sans dettes avec 4,51 millions de dollars en liquidités et 1,07 million de dollars en fonds de roulement.
La production de gaz naturel et de liquides de gaz naturel a augmenté de 6 % et 23 % respectivement, bien que les revenus aient diminué en raison de prix plus bas. La production de pétrole est restée stable. Les coûts d'exploitation ont baissé de 585 000 dollars (6 %) pour atteindre 9,85 millions de dollars. Un nouveau puits de développement Twining a commencé sa production en septembre 2024, avec une moyenne de 107 barils par jour. L'entreprise a enregistré des amortissements non monétaires de 2,89 millions de dollars pour l'année en raison de la baisse des prix.
Barnwell Industries (NYSE American: BRN) hat die Finanzergebnisse für das vierte Quartal und das Geschäftsjahr 2024, das am 30. September endete, veröffentlicht. Zu den wichtigsten Punkten gehören:
Der Umsatz betrug im vierten Quartal $4.27M bei einem Nettverlust von $1.88M ($0.19/Aktie), während der Gesamtumsatz für das Jahr $21.72M mit einem Nettverlust von $5.57M ($0.56/Aktie) erreichte. Das Unternehmen bleibt schuldenfrei mit $4.51M in बारें und $1.07M im Umlaufvermögen.
Die Produktion von Erdgas und Erdgasflüssigkeiten stieg um 6% bzw. 23%, obwohl die Einnahmen aufgrund niedrigerer Preise zurückgingen. Die Erdölproduktion blieb stabil. Die Betriebskosten sanken um $585.000 (6%) auf $9.85M. Ein neuer Entwicklungsbohrloch in Twining begann im September 2024 mit der Produktion und erreichte durchschnittlich 107 Barrel pro Tag. Das Unternehmen verbuchte im Laufe des Jahres aufgrund rückläufiger Preise nicht liquiditätswirksame Wertminderungen in Höhe von $2.89M.
- Natural gas and natural gas liquids production increased 6% and 23% respectively
- Operating costs reduced by $585,000 (6%) to $9.85M
- New Twining well producing 107 barrels per day
- General and administrative expenses decreased by $1.36M (20%)
- Company remains debt-free with $4.51M cash position
- Q4 net loss of $1.88M ($0.19 per share)
- Full-year net loss of $5.57M ($0.56 per share)
- Natural gas revenues declined due to lower prices
- Non-cash impairment charges of $2.89M for the year
- Texas cash flows adversely affected by low gas prices
Insights
The financial results paint a challenging picture with a
The
The operational metrics reveal a mixed performance. While production volumes increased for natural gas and NGLs, lower commodity prices offset these gains. The new Twining well's initial production rate of 107 barrels per day is promising, though modest by industry standards. The optimization program's success in reducing operating costs demonstrates good field management.
The Matterhorn Express Pipeline's commissioning could provide relief to the pricing constraints in Texas operations, potentially improving regional gas price realizations. The strategic review of the Water Resources division signals a focus on core oil and gas operations, which could improve capital allocation efficiency. However, the impairment charge, while non-cash, reflects the challenging commodity price environment facing the sector.
Success of Twining Drilling Program Continues While Optimization
Projects Maintain Production Levels and Reduce Operating Costs
HONOLULU, Dec. 16, 2024 (GLOBE NEWSWIRE) -- Barnwell Industries, Inc. (NYSE American: BRN) today reported financial results for its fourth quarter and year ended September 30, 2024. The Company had revenue of
Continuing Optimization Program is Showing Positive Results
For the year ended September 30, 2024, production of natural gas and natural gas liquids increased by
Production operating costs declined by
Twining Drilling Program
During the year ended September 30, 2024, the Company drilled one gross
US Oil and Gas Assets
The Company’s oil and gas assets in Texas and Oklahoma continue to perform well. The Texas cash flows have been adversely affected by the low realized gas prices in the area in 2024, but the commissioning of the Matterhorn Express Pipeline increases egress from the area and is expected to improve pricing.
Non-Cash Impairment
During the three months and year ended September 30, 2024, the Company incurred a non-cash impairment of our oil and natural gas properties of
Reduction in General and Administrative Expenses
General and administrative expenses decreased
Contract Drilling Segment
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, commented, “Twining continues to be the engine for our future growth. We were able to hold production steady for most of 2024 without drilling, and we are now pleased that our new development well is online and producing as expected. We continue to work to simplify Barnwell’s other businesses and reduce the corresponding administrative costs to improve our returns and increase our cash available for investment.”
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.
The following table summarizes Barnwell’s net production for the last two fiscal years, based on sales of natural gas, oil and natural gas liquids, from all wells in which Barnwell has or had an interest.
| Year ended September 30, | |||
| 2024 | 2023 | ||
| Annual net production: | |||
| Natural gas (Mcf) | 1,344,000 | 1,263,000 | |
| Oil (Bbls) | 203,000 | 204,000 | |
| Natural gas liquids (Bbls) | 64,000 | 52,000 | |
| Total (Boe) | 491,000 | 467,000 | |
Mcf - one thousand cubic feet of natural gas
Bbls - stock tank barrels of oil equivalent to 42 U.S. gallons
Boe - barrel of oil equivalent at the rate of 6 Mcf per Bbl of oil or natural gas liquid
| COMPARATIVE OPERATING RESULTS | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| Year ended | Three months ended | |||||||||||||||||
| September 30, | September 30, | |||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Revenues | $ | 21,724,000 | $ | 25,269,000 | $ | 4,268,000 | $ | 6,844,000 | ||||||||||
| Net loss attributable to Barnwell Industries, Inc. | $ | (5,565,000 | ) | $ | (961,000 | ) | $ | (1,883,000 | ) | $ | (96,000 | ) | ||||||
| Net loss per share – basic and diluted | $ | (0.56 | ) | $ | (0.10 | ) | $ | (0.19 | ) | $ | ( 0.01) | |||||||
| Weighted-average shares and equivalent shares outstanding: | ||||||||||||||||||
| Basic and diluted | 10,017,997 | 9,969,856 | 10,028,090 | 9,990,778 | ||||||||||||||
| CONTACT: | Craig D. Hopkins Chief Executive Officer and President Phone: (403) 531-1560 Email: info@bocl.ca |
FAQ
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