Barnwell Industries, Inc. Reports Results for its Third Quarter Ended June 30, 2024
Barnwell Industries (NYSE American: BRN) reported financial results for Q3 ending June 30, 2024. The company posted revenue of $5.53 million and a net loss of $1.25 million or $0.12 per share, compared to Q3 2023's revenue of $5.68 million and a net loss of $717,000 or $0.07 per share.
Despite no new drilling or acquisitions, production remained steady and operating costs dropped by 26% to $2.23 million. The Twining drilling program commenced in July 2024, with completion expected by early September. The company ended the quarter debt-free with $3.29 million in working capital and $4.39 million in cash.
A non-cash impairment of $599,000 affected the net loss, along with a $61,000 foreign currency loss. The Texas and Oklahoma assets performed well, although Texas faced low gas prices. Strategic options for Water Resources are being considered, including potential sales or liquidation.
Barnwell Industries (NYSE American: BRN) ha riportato i risultati finanziari per il terzo trimestre che si è concluso il 30 giugno 2024. L'azienda ha registrato un fatturato di 5,53 milioni di dollari e una perdita netta di 1,25 milioni di dollari, pari a 0,12 dollari per azione, rispetto al fatturato del terzo trimestre 2023 di 5,68 milioni di dollari e una perdita netta di 717.000 dollari, pari a 0,07 dollari per azione.
Nonostante l'assenza di nuove trivellazioni o acquisizioni, la produzione è rimasta stabile e i costi operativi sono diminuiti del 26%, raggiungendo 2,23 milioni di dollari. Il programma di perforazione Twining è iniziato a luglio 2024, con completamento previsto per inizio settembre. L'azienda ha concluso il trimestre senza debiti, con un capitale circolante di 3,29 milioni di dollari e 4,39 milioni di dollari in contante.
Un'imparment non monetario di 599.000 dollari ha influito sulla perdita netta, insieme a una perdita di cambio di 61.000 dollari. Gli asset in Texas e Oklahoma hanno performato bene, anche se il Texas ha affrontato prezzi bassi del gas. Si stanno considerando opzioni strategiche per le Risorse Idriche, inclusa la possibilità di vendite o liquidazioni.
Barnwell Industries (NYSE American: BRN) reportó resultados financieros para el tercer trimestre que finalizó el 30 de junio de 2024. La compañía registró ingresos de 5.53 millones de dólares y una Pérdida neta de 1.25 millones de dólares, o 0.12 dólares por acción, en comparación con los ingresos del tercer trimestre de 2023 de 5.68 millones de dólares y una pérdida neta de 717,000 dólares, o 0.07 dólares por acción.
A pesar de no haber nuevas perforaciones o adquisiciones, la producción se mantuvo estable y los costos operativos disminuyeron un 26%, alcanzando 2.23 millones de dólares. El programa de perforación Twining comenzó en julio de 2024, con finalización prevista para principios de septiembre. La empresa terminó el trimestre libre de deuda, con 3.29 millones de dólares en capital de trabajo y 4.39 millones de dólares en efectivo.
Una pérdida por deterioro no monetaria de 599,000 dólares afectó la pérdida neta, junto con una pérdida de cambio de 61,000 dólares. Los activos en Texas y Oklahoma tuvieron un buen desempeño, aunque Texas enfrentó precios bajos del gas. Se están considerando opciones estratégicas para Recursos Hídricos, incluyendo posibles ventas o liquidaciones.
바른웰 인더스트리 (NYSE American: BRN)는 2024년 6월 30일로 끝나는 3분기 재무 결과를 보고했습니다. 회사는 553만 달러의 수익와 125만 달러의 순손실을 기록했으며, 이는 주당 0.12달러에 해당합니다. 이는 2023년 3분기의 수익이 568만 달러, 순손실이 71만 7천 달러(주당 0.07달러)에 비해 감소한 수치입니다.
새로운 시추나 인수가 없었음에도 불구하고 생산은 안정적으로 유지되었고 운영비는 26% 감소하여 223만 달러에 달했습니다. 트윈닝 시추 프로그램은 2024년 7월에 시작되었으며, 9월 초에 완료될 것으로 예상됩니다. 회사는 부채 없이 분기를 마감했으며, 운전 자본이 329만 달러, 현금이 439만 달러입니다.
599,000 달러의 비현금 손상과 61,000 달러의 외환 손실이 순손실에 영향을 미쳤습니다. 텍사스와 오클라호마 자산은 양호한 성과를 냈지만, 텍사스는 낮은 가스 가격에 직면했습니다. 수자원에 대한 전략적 옵션이 고려되고 있으며, 잠재적인 판매 또는 청산 가능성이 포함됩니다.
Barnwell Industries (NYSE American: BRN) a annoncé ses résultats financiers pour le troisième trimestre se terminant le 30 juin 2024. L'entreprise a affiché un chiffre d'affaires de 5,53 millions de dollars et une perte nette de 1,25 million de dollars, soit 0,12 dollar par action, contre un chiffre d'affaires de 5,68 millions de dollars au troisième trimestre 2023 et une perte nette de 717 000 dollars, soit 0,07 dollar par action.
Bien qu'il n'y ait eu aucune nouvelle opération de forage ou d'acquisition, la production est restée stable et les coûts d'exploitation ont chuté de 26 % à 2,23 millions de dollars. Le programme de forage Twining a commencé en juillet 2024, avec un achèvement prévu pour début septembre. L'entreprise a terminé le trimestre sans dettes, avec 3,29 millions de dollars de fonds de roulement et 4,39 millions de dollars en espèces.
Une dépréciation non monétaire de 599 000 dollars a affecté la perte nette, ainsi qu'une perte de change de 61 000 dollars. Les actifs du Texas et de l'Oklahoma ont bien performé, bien que le Texas ait fait face à des prix bas du gaz. Des options stratégiques pour les ressources en eau sont à l'étude, y compris d'éventuelles ventes ou liquidations.
Barnwell Industries (NYSE American: BRN) hat die Finanzergebnisse für das dritte Quartal, das am 30. Juni 2024 endete, bekannt gegeben. Das Unternehmen erzielte einen Umsatz von 5,53 Millionen USD und einen Nettoverlust von 1,25 Millionen USD oder 0,12 USD pro Aktie, verglichen mit einem Umsatz von 5,68 Millionen USD im dritten Quartal 2023 und einem Nettoverlust von 717.000 USD oder 0,07 USD pro Aktie.
Trotz fehlender neuer Bohrungen oder Akquisitionen blieb die Produktion stabil und die Betriebskosten sanken um 26 % auf 2,23 Millionen USD. Das Bohrprogramm Twining begann im Juli 2024, mit Abschluss der Arbeiten wird Anfang September gerechnet. Das Unternehmen schloss das Quartal schuldenfrei mit 3,29 Millionen USD an Umlaufvermögen und 4,39 Millionen USD in bar ab.
Eine nicht zahlungswirksame Wertminderung von 599.000 USD wirkte sich auf den Nettoverlust aus, ebenso wie ein Währungsverlust von 61.000 USD. Die Vermögenswerte in Texas und Oklahoma schnitten gut ab, obwohl Texas mit niedrigen Gaspreisen konfrontiert war. Strategische Optionen für Wasserressourcen werden in Betracht gezogen, einschließlich möglicher Verkäufe oder Liquidationen.
- Revenue for Q3 2024: $5.53 million.
- Operating costs decreased by 26% to $2.23 million.
- Company remains debt-free with $3.29 million in working capital and $4.39 million in cash.
- Net loss for Q3 2024: $1.25 million or $0.12 per share.
- Non-cash impairment of $599,000.
- Adverse impact from low gas prices in Texas.
- Foreign currency loss of $61,000.
Insights
Barnwell Industries' Q3 2024 results reveal a widening net loss of
Key positives include a
Barnwell's strategy focuses on optimizing existing assets while exploring growth opportunities. The Twining drilling program is a positive step, with a new well expected to be operational by September 2024. This could enhance production and cash flows in the coming quarters.
The company's ability to maintain production levels without new drilling or acquisitions demonstrates the quality of its Twining assets. However, low gas prices in Texas are affecting cash flows, which is a concern. The non-cash impairment, while not affecting operations, signals potential challenges in asset valuation due to pricing volatility in the oil and gas sector.
Barnwell's focus on simplifying its business structure and reducing administrative costs is a prudent move. This strategy could free up capital for core operations like drilling in Twining and potential acquisitions, which may help achieve economies of scale and improve profitability.
The company's consideration of strategic alternatives for its Water Resources segment, including a potential sale or wind-down, indicates a shift towards core competencies. While this may result in short-term costs, it could lead to a more streamlined and focused operation in the long run, potentially improving overall financial performance and shareholder value.
Twining Drilling Program is Underway While Optimization Investments
Maintain Production and Reduce Operating Costs
HONOLULU, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Barnwell Industries, Inc. (NYSE American: BRN) today reported financial results for its third fiscal quarter ended June 30, 2024. For the quarter, the Company had revenue of
Continuing Optimization Program is Showing Positive Results
Corporate oil and gas production for the current quarter has remained level to the quarter a year ago without any new drilling activity or acquisitions. Production operating costs declined by
Twining Drilling Program is Underway
In July 2024, the Company commenced drilling one
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, but production declines are moderating.
Non-Cash Impairment
The net loss (GAAP) for the three months ended June 30, 2024, was primarily due to a
Contract Drilling Segment
As previously reported, the Company continues to investigate the 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, “We continue to be pleased with the operating performance of our oil and gas assets. The impairment related to pricing does not alter our enthusiasm for the long-term potential of Twining. We are excited to bring our new Twining development well online to further improve results. We continue to work to simplify Barnwell’s businesses and reduce the corresponding administrative costs. This should free up cash for additional drilling in Twining and acquisition opportunities to increase our corporate scale and further dilute fixed costs.”
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 | Nine months ended | ||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Revenues | $ | 5,527,000 | $ | 5,675,000 | $ | 17,456,000 | $ | 18,425,000 | |||||||||||
| Net loss attributable to Barnwell Industries, Inc. | $ | (1,246,000 | ) | $ | (717,000 | ) | $ | (3,682,000 | ) | $ | (865,000 | ) | |||||||
| Net loss per | |||||||||||||||||||
| share – basic and diluted | $ | (0.12 | ) | $ | (0.07 | ) | $ | (0.37 | ) | $ | (0.09 | ) | |||||||
| Weighted-average shares and equivalent shares outstanding: | |||||||||||||||||||
| Basic and diluted | 10,028,090 | 9,975,044 | 10,014,609 | 9,962,806 | |||||||||||||||
| CONTACT: | Craig D. Hopkins Chief Executive Officer and President Phone: (403) 531-1560 Email: info@bocl.ca |
This press release was published by a CLEAR® Verified individual.
FAQ
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